Data Warehouses and Data Mining
This article gives a detailed summary of the role of data warehouses and data mining, and their relationship to organizational databases. As you read, pay attention to how data warehouses are used to improve decision-making in organizations. Keep a summary in your notes of how an organization you are involved with could benefit from data mining and data warehousing.
Applications of Data Warehouses
A data warehouse helps business executives to organize, analyze and use their data for decision making. Data warehouses are widely used in the following fields:
- Financial services: They are the economic services provides by the finance industry which encompasses a broad range of businesses that manage money and some government sponsored enterprises.
- Banking services: We combine global capabilities with deep local knowledge to provide innovative products and services to meet the needs of our customers and clients.
- Consumer goods: Consumer goods are goods that are ultimately consumed rather than used in the production of another good. For example, a microwave oven or a bicycle which is sold to a consumer is a final good or consumer good, whereas the components which are sold to be used in those goods are called intermediate goods.
- Retail sectors: Retail is the process of selling consumer goods and/or services to customers through multiple channels of distribution to earn a profit.
- Controlled manufacturing: Quality Controlled Manufacturing Inc. specializes in the precision machining of complex components and assemblies in all metals, including exotic alloys using Six Sigma methodology and lean manufacturing principles.