Data warehousing refers to the electronic storage of huge data by companies and businesses. It is a business intelligence concept that focuses on the techniques used to analyze data. Business data is vital because it provides insight into the performance level of the organization. Historical data is stored in a data warehouse and queried to derive useful information. Data warehouse performs analysis on actions and events that have already happened. This means that data that has been added to the warehouse cannot be changed.
Data mining is the analysis of large data to find associations, correlations, and anomalies. These findings are used to forecast and predict outcomes. Data mining has a broad range of methods that are employed by businesses to curtail costs, grow revenues, mitigate risks and improve customer relations. Also, data mining allows you to sift through unorganized data, find what is relevant, and use the information to make strategic decisions about the future.
OLAP is the acronym of Online Analytical Processing Server. It is a multidimensional-based data model that provides analysts with quick, consistent, and interactive access to relevant data. OLAP allows data users to gain insight into information. There are four types of online analytical processing servers. They are multidimensional OLAP, relational OLA, Specialized SQL servers, and Hybrid OLAP.
Business intelligence reporting is used to create smart reports that improve and quickens the decision-making process. Renowned firms use modern business intelligence reporting tools to create an all-around intelligent reporting practice. Reports generated by these tools provide insights, opinions, and observations about new trends in business. BI reporting empowers managers to act and make reliable decisions.