Schemaless databases offer flexibility and low cost, allowing enterprises to quickly elicit actionable insights from their data in today's data-centric world. They eliminate the need for rigid schema design, data type limitations, and pre-setting data types, reducing complexity and time spent on database design and normalization. Schemaless databases store data as key-value pairs or JSON documents, providing flexibility in data representation and allowing users to closely model entity-relationship models. Benefits include reduced time spent on database design and normalization, simplified ETL/ELT processes, ongoing change management, real-time analytics on streaming data, and on-demand scalability to meet extreme volumes, velocity, and variety of data.