Answer to Question #79979 in Finance for Hugh Heron

Question #79979
Question-Explain how data might be consolidated or converted to allow it to be analysed

Answer-The first stage for the consolidation of data is the application of any analytical tasks or projects. The main part of the consolidation when the data is collected and the organisation of data storage in the form that is the best holding point for their processing on a specific analytical platform or when it is solving a analytical task.

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Expert's answer
2018-08-21T10:41:08-0400
Consolidation is a set of methods and procedures aimed at extracting data from various sources, providing the necessary level of information and quality, converting them into a single format, in which they can be uploaded to a data warehouse or analytical system.
The consolidation process is based on the ETL process (extraction, transformation, loading). The ETL process solves the problems of extracting data from different sources, converting them to a form suitable for storage in a certain structure, and also loading into the appropriate database or data warehouse. If the analyst has doubts about the quality and informativeness of the initial data, then, if necessary, he can use the procedures for assessing their quality, purification or enrichment, which are also part of the data consolidation process.

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