Data provides the resources needed to fuel companies’ processes in several industries, ranging from financial services and technology to healthcare and advertising. As a result, it can be one of the most used elements required to facilitate operations. However, accessing this data may be challenging due to data silos and the inability of people in your business to access the same source or set of data. Having this challenge can be restrictive, slow down efficiency and create difficulty when decisions need to be made fast. Trying to use legacy systems for data capture and analysis is one of the main obstacles causing this problem. Snowflake software streamlines capturing and using data from multiple sources, as opposed to having data silos.
Data silos can occur due to these factors:
Structure: If your business has separate management layers or specialized staff, data silos can form due to a hierarchy in access.
Technical: Legacy systems being used may not be designed as cross-reference tools. Unfortunately, this is where many companies still hold their data. Another challenge can stem from separate departments not being able to access applications from one another.
Culture: Competition may cause data to be kept from other departments.
What Is Snowflake Software Used For?
Answering the question, “What is Snowflake software?” can be answered by first looking at the problems created by using data silos at your business, as Snowflake overcomes the problems associated with data silos. Using a data silo only allows one of your business departments to access a single set of data.
The problem with data silos is the inefficiency and lack of access they create. Multiple departments in your business may store the same data, which is a waste of resources and slows down productivity. Utilizing Snowflake software remedies this situation and makes it more efficient for all departments in your business to access. It also aids in helping your business analyze and use your data securely.
Using a single data repository allows you to eliminate the wait times and resource limitations you’ll often find with a legacy system.
Using the Sharing Power of Snowflake Data Exchange
Tapping into Snowflake’s cloud-based architecture offers the opportunity to seamlessly use your data. It also allows a consistent experience for everyone in your business. Its data sharing capabilities are backed up by high-level encryption and access that is both auditable and revocable. The software also helps ensure compliance when you have regulations to follow with your data. Being able to securely share current financial information, such as revenues, expenses, sales or current depreciated assets should make it much more efficient to be productive.
Adding Continuity and Eliminating Downtime
Using a data storage system that’s susceptible to outages can severely impact your ability to stay productive. The effects of downtime can immediately hinder your bottom line. Attempting to implement a multi-cloud strategy may not be cost-effective. Obtaining your data from a system, like Snowflake, that’s designed to provide a higher level of resiliency should help eliminate outages and a halt in production.
Snowflake software is designed with Snowflake Database Fallover and Failback, which lets your business continue operations without being disrupted. If a massive outage occurs, a secondary database becomes available as a new primary database that also becomes writable. The risk of experiencing downtime increases as architectures become more sophisticated and complex. Having access to the availability of the Snowflake Database Failover and Fallback feature helps safeguard against unproductive downtime and insurers both data durability and availability.
Hardening the Security of Your Data
Using this cloud data platform can also help harden the security of your data. The platform offers detection rules, advanced analytics and enhanced visualizations to help analyze data and prepare for threats. The result of these capabilities is earlier detection and higher data security. Obtaining these benefits will likely translate into higher confidence from clients and should help lower the cost for cybersecurity.
Beneficial for Several Industries
Having the ability to access live data with no delays by using this software should be highly beneficial when you’re operating a technology, media or retail company. Diving deep into a plethora of data can offer new insights on ways to increase revenues.
– Retail: Forecasting demand and optimizing inventory should be more straightforward to handle when you’ve got access to live data. It can help provide valuable insights that allow you to optimize your supply chain. Using data modeling and advanced analytics can help predict demand, making it more efficient to make better decisions with your supply chain. Pricing optimization is usually a high priority for retail businesses. Running pricing models by using granular bits of data may provide insights for both promotional and base pricing activities.
– Advertising, Media and Entertainment: Advertising and marketing companies can use their own data exchange to improve transparency and gain deeper insights into campaign results. Conducting analytics with live data also provides an opportunity to understand which mix of media and engagements are creating the most significant impact. Using data to improve personalization, optimize ad spend and initiate more timely engagement should help improve results.
– Technology: Effectively managing your data is critical to the success of a technology company. Using a scalable data infrastructure is usually required to manage dynamic workloads. Eliminating data silos and using live data eliminates the problems that occur when an IT team has to manage infrastructure or you have to work with stale data obtained from last night’s batch load. Using this Snowflake data platform allows your tech company to scale up or down to satisfy your current and future requirements. Not having to worry about copying and moving data makes this process much more secure.
Organizing and Analyzing Your Financial Data for Accounting Requirements
Working with in-depth analysis or discovering trends may be more effective when you get help from our experienced CPA’s. Integrating this robust data storage and analysis system into your business should provide these opportunities. Our knowledgeable accountants here at Fusion CPA can help you take advantage of this software’s ability to provide live data updates and granular analysis.
We understand the challenges you might face when implementing new software into your business. Incorporating all of the features and benefits you can receive from utilizing Snowflake’s solution for data storage and access may be easier to streamline when you receive our help. We invite you to contact us today. We’d be happy to answer any questions and steer you in the right direction. Click here to book a free discovery call with Fusion CPA today.
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.
