The times are changing fast, and the industrial revolution as we know it is in many ways in society’s rear view mirror. With the emergence of the Internet and wireless connectivity, we are fast moving into an Age of Data. So much of our lives revolve around our personal data, and there is an invisible war of sorts that is being waged for our data. With so much data attached to so many different aspects of our lives, there are many industries that are utilizing data warehouses to store and manage information. Here’s how and why some industries make use of data warehouses.
Data Warehouses
Data warehouses are systems that have the ability to pull together information from multiple sources within a company for the purpose of analysis and reporting. Although data warehouses and databases are similar, they have completely different purposes. Online analytical processing is at the core of every data warehouse so that organizations can make the best and most efficient use of the data being collected. Almost every business in every industry has some demand for data warehousing solutions, and the best part about them is that they’re easy and relatively inexpensive to set up.
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Financial Sector
Financial institutions are probably the most popular users of data warehouses. There’s mobile banking, online lending and day trading that goes on, not to mention cryptocurrency and foreign currencies. All of this data has heavy implications on the way we move on a global scale.
Health Care
The healthcare industry collects tons of personal data daily. There are portals that allow patients to easily manage their health care and access their healthcare providers. Diagnoses and diagnostic tools can be accessed and interpreted digitally now in real time.
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Sports and Entertainment
In the world of sports data collection is paramount. Analysts use the data collected to assess player productivity, stats, betting sites and so much more. Even creating better game plans requires a measure of data mining and storage. Concert venues, ticket sales outlets, movie and television also have uses for data that inform their choices and offerings to their markets.
Retail
Every retailer is using data to increase profits and help to streamline their processes. Inventory control is a major need for retailers that have both physical and online presences. Creating marketing strategies, end of season analyses, managing customer experiences and more are a big part of how today’s retailers of all kinds are moving data around.
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Marketing
In order to create marketing strategies that are effective and offer high ROIs, the right data needs to be collected and analyzed and put to work in a successful marketing campaign. We’ve moved past simply appealing to logic and emotion in a broad way. Businesses have to be very specific and attuned to the needs of consumers.
So much of our lives exist in our data nowadays, that it’s difficult to imagine not having immediate access to balances, shopping, complaints, stats and more. All of these industries are using data warehousing to create visualizations that have profound impacts on the way businesses conduct business. These systems have the ability to make inquiries simple and fast.
