Data Warehousing
Data warehousing is the concept of taking specific data sets and analyzing it to tell the story of the company. For instance, taking the data set for sales, you are able to see which product is the best seller, which is the worse seller, even which customers bought the most, and which customers have potential in the future.
From this data, a company is then able to see where they have opportunity to grow. In the above example, you can take the customers that are not buying as much product and nurture them, and potentially increase their purchases from you, and in turn, increase your sales.
It is critical to know that the data presented in this type of warehousing is nonvolatile. This is data that has already occurred, and therefore cannot be changed. Data warehousing is the analysis of past information, to discover trends, to help the business grow for the future.
How to Interpret Data
There are several means of interpreting the data that is collected. The first is to understand lot location and traceability. This is essential for both the food industries as well as any medical industries. Knowing where raw product comes from, which finish good it went into and which customer received the final product is crucial if there is ever a recall.
From a marketing perspective, data warehousing comes in handy in understanding who to market to. One of the many data points that is produced is the total number of items shipped, including who purchased it. From this, the marketing team is able to see if it was sold straight to a customer or to a distribution channel. With that information, it is possible for the marketing team to understand where to spend their resources.
Making Data Actionable
Data warehousing is updated automatically, either on a nightly or weekly basis. This is typically done through a warehouse management system using barcode scanners to track inventory as it comes and goes through a warehouse. It is with that data that a company is able to make decisions regarding marketing strategies and growth opportunities for products.
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