Real-time data warehousing is the process of storing and analyzing data immediately as it becomes available to predict changes in customer demand and develop new marketing strategies. It allows for automatic generation of customized reports and on-demand reporting, providing information at your fingertips to make decisions that increase profits. Many companies are integrating real-time software into their business intelligence storage and retrieval processes.
Also known as active data warehousing, real-time data warehousing is the process of storing and analyzing data in some type of storage system. Companies tend to use this approach in an ongoing effort to maximize the utility of various forms of business intelligence, especially in terms of positioning the company for growth through sales. By capturing information as it becomes available and assimilating data with historical information, you can predict changes in customer demand, as well as develop new marketing strategies that will attract new customers.
The basic process of real-time data warehousing requires that data added to a transactional database, such as an order entry or billing system, be immediately analyzed, classified, and correlated with information already stored from previous transactions. Ideally, the additional information will provide additional information that helps indicate trends in the purchase of goods or services offered by the company, the generation of profits or losses.
By digesting and evaluating transactions and other data as they occur, the business can move faster to take advantage of an uptrend that has the potential to earn a significant return to the business. Since the real-time data warehousing process is automatic, there is no need for anyone to trigger this data flow from various transactional databases into the central real-time database. This way you can access the up-to-date information bank at any time and use this data to plan future projects or actions that will be in the best interest of the company.
This real-time data mining process can also include the automatic generation of customized reports based on the needs of the end user. Data warehouse design often allows users to choose from a number of pre-programmed report formats or to use tools built into the software package to create specialized reports that organize data in different ways. This versatile data warehouse architecture makes it easy for companies of different sizes and in different fields to use the same core software, but tailor the use of that software to their individual needs.
Most real-time data warehousing packages also allow for on-demand and scheduled reporting. This can be extremely useful, as you can send a query on the spur of the moment and have it answered within seconds or minutes. For example, if a sales executive is asked a question about the current day’s sales of a certain product line, they can simply frame the query, ask the software to pull the updated data, and have a report that provides the information with ease. More conventional methods would take up to half an hour or more to handle what real-time warehouse can handle in less than three minutes.
In an age where even a few minutes can mean the difference between success and failure, the use of real-time data warehousing provides more than just a simple means of storing all relevant data in a common repository. This approach also means having information at your fingertips at all times to make decisions with the potential to increase profits for any business. For this reason, many companies, large and small, are integrating real-time software into their overall business intelligence storage and retrieval processes.
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