A data warehouse is a cloud-based central repository that displays an overall view of the clients and customers, allowing businesses to recognize patterns and identify efficiencies.
A data warehouse enables businesses to process data of huge datasets from various sources, prepare cross-channel data for reporting and run advanced analytics and ML algorithms across all the business data. Here are a few reasons why a data warehouse is beneficial for marketers.
Warrants Automation and Saves Time
Automation and analytics are a boon for businesses in an extensive data-driven discipline. Therefore, with emerging technologies, companies need to enable data automation solutions and advanced analytics capabilities to achieve marketing goals. Data warehouse automation tools display a wide range of advantages, like real-time data extraction, analysis of cloud data, and web application services. Traditional analytics tools were not built to access vast amounts of data and might fall short, affecting the profitability of companies. Data warehouse minimizes time on manual and repetitive tasks and allows businesses to focus on strategy and creativity. This reduces the costs per client and opens up spaces for innovative solutions.
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Enhances Data Quality and Allows Cross-Channel Reporting
Data acquired is often unstructured, siloed, and incomplete, making it challenging for businesses to ensure consistency and limits them from winning against more innovative competitors. Data warehouse allows businesses to process a vast amount of data to develop and invest in successful niches within the client base with minimal time and effort. Companies can save time and deliver robust insights by replacing tedious and error-prone copy-and-paste procedures. Effective cross-channel plays a crucial role in account optimization, conversion attribution, agency-level insights, and client reporting.
With the help of a data warehouse, businesses can procure data from various marketing channels into a purpose-built advertising repository allowing the non-technical staff to raise a query, interpret, and communicate the data.
As a result, a data warehouse serves as the agency’s single, trusted source of truth.
Gives Insights into Historical Data
One of the benefits of having a data warehouse is accessing historical data. Since businesses utilize standard databases to store information on all customers, a data warehouse allows businesses to access every customer’s information. This gives marketers valuable insight into customer behavior, allowing them to uncover trends over time. Therefore, a data warehouse enables the analysis of current and historical data to identify efficiencies and patterns quickly.
Improves Businesses Intelligence and Generates Higher ROI
Most businesses manage the data manually by actively acting on business intelligence, losing valuable time. A fully automated data warehouse enables and supports business intelligence activities such as machine learning, analytics, and reporting software. At the same time, it helps marketers to get a higher return on investment (ROI) by incorporating data in a centralized database. By utilizing ROI formulas and unlocking strategies for the campaigns requiring advanced insights, businesses justify and quantify the positive impact of data warehousing technologies on clients. Hence, once the business harnesses the warehouse’s data higher ROI is generated, more than spending hours on tedious and manual reporting.
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As per a recent report by Imarc, “Data Warehousing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global data warehousing market size is expected to reach US$ 47.2 Billion by 2027 with a CAGR of 10.76%.
A data warehouse is a powerful technology that allows businesses to stay on the curve with unique insights. At the same time, it will enable analyzing historical data and optimizing the clients’ campaigns with effective strategies.
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