For any financial institution, managing, processing, and analyzing data requires a dependable system to help you make sense of the information you’re gathering and use it to optimize operations. Finding the time and resources to sort through data can be a challenge depending on the size of your institution. Data warehousing may seem like the solution to your institution’s data problem, but it comes with its own challenges.
Financial data warehouses are centralized repositories of integrated financial data from different operational, internal, and external sources. However, despite the substantial time and financial investments dedicated to them, studies have shown that approximately 80% of data warehouse projects fall short of their intended goals.
Implementing a self-managed data warehouse is a massive undertaking that requires careful planning and execution. To gather and make sense of all the data it needs, an institution must put it into a predetermined format, and conflicting data must be reconciled (e.g., a postal code coming from one source with five digits and another with nine digits).