The disclosed embodiments provide a method and system for processing data. During operation, the system obtains a set of records, wherein each of the records comprises one or more metrics and at least one dimension associated with the one or more metrics. Next, the system creates a data segment comprising at least one of a forward index and an inverted index for a column in the records. The system then stores the data segment in network-accessible storage and assigns the data segment to a partition. Finally, the system enables querying of the data segment through a query node associated with the partition.