It’s easy to see the potential of a strong data strategy, but it’s not so easy to measurably achieve it. Determining the value of an Enterprise Data Warehouse (EDW) is difficult. In a world filled with a seemingly infinite amount of data, businesses now more than ever need concrete evidence that they’re spending their money in the right places. Implementing an EDW can help any business devise the right data strategy for moving forward within their industry and how they can translate that into revenue.
Unfortunately, there is not a cookie cutter strategy to implementing an EDW. Before a business decides to implement an EDW there is a key question that they need to ask themselves. This question can often be related to their mission, but in short, you need to ask yourself what are you trying to accomplish?
- Predict Supply and Demand Trends
- Discover hidden overhead or business costs
- Drive Innovation
- Align customers with potential profits
Different Strategies for EDW
Once a business has decided that they want to implement an EDW and they have figured out the business questions they are trying to answer, they will need to determine which strategy they want to use to implement their EDW. Each strategy has strengths and weaknesses, but ultimately as soon as a well built and scalable EDW is in place the business will begin to see value.
When taking a holistic approach to EDW strategy the business is attempting to look at the big picture. Determining trends and patterns is something that EDW does extremely well. Looking at the long term and attempting to forecast the patterns is a proven method to stay relevant across almost every industry. Companies who implement this strategy often lose out on maneuverability, but they build a strong and scalable foundation for years to come in order to compete.
Many Corporations follow the thinking that an EDW approach is only quantifiable by the business cases it can solve. While this can be affective in the short term, it is lost on true innovative possibilities that the data can provide. Strategies surrounding EDW must provide value and even though when using this approach, the bigger picture is missing, a business will have concrete evidence to take back to stakeholders showing exactly what value they provide to their company.
Adopting a flexible approach allows companies to be nimble with EDW. IT strategies and concepts are constantly changing. Being on the lookout and ready to adapt quickly to a surging methodology is a convincing way to implement an EDW. Data strategies cannot be taken up immediately. They must be incrementally done and in doing so this will cause more strain on one area and less strain on another while the implementation completes. Allowing for a flexible design will be advantageous to businesses by letting data flow through multiple points and give better allowances for redundancy.
The Bottom Line
The value that an EDW brings to a business depends entirely on what they are using the EDW for, and how they are implementing it. Any of these data strategies would be an effective way to implement a EDW as long they build it with stability and scalability in mind. A company looking to implement an EDW should think through two main points. What are you trying to accomplish? And is that solution going to scale to an ever-adapting marketplace? Only then will they be able to call their Enterprise Data Warehouse a success.