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The concept is correct but the actual extract needs to be created in Tableau Desktop first and then published to Tableau server. Once published you can schedule a refresh at any interval (minute/hourly/daily/monthly).
See this guide on creating an extract:
To publish your data source to your tableau server see this guide:
Then schedule a refresh on Tableau Server you will need to look through a few sections of the help guide:
That will show you how to create a schedule and how to add your extract to that schedule so it refreshes.
Hope that helps!
Thank You Very Much Anoop... Will go through all this links and will get back to you if i get stuck in between. Thank very much once again.
No problem Harshal.
If they are useful can you mark the question as answered and the response as helpful please?
Thank you very much Anoop... This is really helpful...Everything is sorted now...