What is caching?
Caching your results means that your query results are stored in the canvas. How often do you need to refresh your data? Once an hour? Once a day? You can enable caching for a specified duration which will reduce the query load on your database.
And scheduling?
Setting up scheduled runs can ensure your data is refreshed at quieter times of usage, for example in the early hours of the morning so it is ready in time for morning reports to be reviewed.
The following video demonstrates how caching and scheduling can be applied in your canvas.