1) Why do companies need both internal and external databases in a data warehouse?

2. How is a digital dashboard different from a financial report?

Answer :1

Data Warehouse :  

A data warehouse, also called an enterprise data warehouse (EDW), is simply a system designed to support data analysis and reporting. An EDW serves as an organization’s central storehouse for integrated data (i.e., data combined from multiple sources so end users may easily source a single, comprehensible, usable view of important company data).

Data warehouses are intended to house an organization’s complete and unified repository of information. From one, you can pull key business data to make informed decisions. Data warehouses do nothing less than modernize corporate data usage through robust and scalable infrastructure.

Need of Data Warehouse :

Data warehouses offer the most reliable and accurate way for businesses to store and access structured data; this in turn improves cross-organizational data access via reports, dashboards, and analytics tools. These help businesses better monitor performance and improve decision-making because they know their data is trustworthy.

Need of Internal & External Databases :

Using internal and external data is an essential element in good decision-making. Companies that use more internal and external data sources possess a greater range of possibilities for data analysis.

However, more data sources may lead to problems with data quality and governance, especially when the sources are external. Good data governance, data quality, as well as accessibility and usability of information, become more important as the number of data sources increases.

Best-in-class, average and laggard companies access similar numbers of data sources to support decision-making.

There’s a natural correlation between company size and the number of data sources used, which is stronger for internal data sources than for external.

Answer : 2.

Dashboards are more visual and use a variety of chart types. Reports tend to be mainly tabular, but they may contain additional charts or chart components. Dashboards tend to focus on Key Performance Indicators (KPIs). Reports tend to focus on underlying data.

Difference between Financial Report and Digital dashboard :

First, a financial report contains much more detailed information. Where a digital dashboard might only provide a CEO with information on how the entire company’s sales are progressing, a corresponding report will give the CFO or VP of Sales the ability to see how each sales region, or even sales person is performing and make leadership decisions. Just like responsibility, data will get more granular and more into the minutiae as the organizational hierarchy goes down The C Suite might be interested in the detailed data, but for seeing a snapshot of high level information, the dashboard is the desired mode.

Second, a Financial Report is much longer than a Digital dashboard. Not only in the amount of detail, but also visually. Tables and charts that live within a report can take up many pages of a printed medium, and can even be books or many volumes of books. In the electronic mediums, a report will likely require the reader to scroll through many screens or click from page to page.