The What, Why and How of Data Mining Explained

Data mining can help your business improve customer services, identify high-risk clients, target marketing campaigns and accelerate processes. Read this blog post to find out more about data mining.

Have you been hearing a lot about data mining, but never really tried it for your business? Did you know that data mining has been proven to improve customer services, identify high-risk clients, target marketing campaigns and improve processes? Yes. It’s true that data mining services can help your company save on cost, while increasing your revenue. Data mining can be applied in any area of your business to help you identify and exploit predictable outcomes.

Let us explore the what, why and how of data mining to understand why your enterprise must invest in data mining services right away.

  1. What is data mining?

    Data mining refers to the process of sorting through large data sets to find and describe patterns, discover relationships and predict upcoming trends based on the relationships and patterns.

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5 Ways your Business Can Benefit from Outsourcing Data Mining

Data mining can help you make informed decisions, get better insights on your research, identify fraud, improve risk management and enhance customer relationships. Read this blog post to find out the five ways your business can benefit from data mining.

Data mining can help you make informed decisions, get better insights on your research, identify fraud, improve risk management, enhance customer relationships, ensure better quality of work and help you keep up with the latest trends in the industry.

However, data mining is a difficult and time-consuming process of sifting through large chunks of data to select relevant data items from redundant and erroneous data. This process is not only cumbersome, but also complex and will require an in-house team of experts. Instead of investing on an in-house team of data mining executives, you can consider outsourcing.

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How to get the most out of your data with data mining?

From sales forecasting to database marketing and basket analysis, find out how data mining can be used in seven unique ways.

Do you have loads of good customer data, but are not doing anything with it? Customer data, if used correctly can increase your customer loyalty, reduce your client churn and unlock the hidden profitability of your enterprise. Would you like to know how data mining can help you use your data effectively? Here are some practical ways that you can use to get the most out of your data.

  1. Basket analysis

    Also known as affinity analysis, you can find out what your customers have purchased from your website. Such data can help you improve your layout and even list out related products that customers might be interested in. This type of analysis can enable you to predict future customer behaviours from past performance. You will also get to know how credit cards are used, the patterns of telephone use and identification of fraud insurance claims.

  2. Sales forecasting

    If you know what your customers bought, you can predict what they will buy again. You can evaluate effective strategies and figure out what complimentary products to sell. The data can be used to look at a number of customers in your market and predict how many consumers will actually buy. Customer data can also help you project your cash flow in a better manner. You can accordingly plan the right amount of capital that you would require to sail over difficult situations.

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6 Must-Have Services for your E-Commerce Store

Are you a busy ecommerce retailer trying to complete with numerous online stores? If yes, then what you need are efficient, quick and affordable services that can get you ahead of the crowd.

Through outsourcing, you can get access to a team of skilled data entry experts who will maintain and update your products on an on-going basis. With ecommerce product data entry, catalog conversion, catalog indexing, catalog building, data mining, order processing and image editing out of your hands, you will finally be able to turn your online business into a successful retail business venture.

Here are 6 must-have services for your e-commerce store.

1. Catalog conversion

The easiest way to attract new customers to your store is to add new products. This can now be achieved through catalog conversion services. Since catalog experts are trained professionals, they will be able to develop a catalog, irrespective of the products/services that you sell. A cataog service provider in India will also optimize your product images, add descriptive information for each item and index the product, so that it can be easily found by the customer.

2. Catalog building and indexing

Even if your store has a great catalog, it would be difficult to find any of your products, if indexing is not done. Catalog building and indexing services can set this right, by providing you with a functional database, that makes searching extremely easy for your customers. Catalog professionals in India can apply the right product codes, write effective descriptions and tag appropriate images. When your products are organized by category, sub-category and specialized codes, your customers will find the exact product that they want, without having to hunt for it.

3. Product data entry

If your products do not have the latest information or if they are not appropriately optimized, you can lose out to your competitors. Outsourcing can give you access to trained product data entry professionals who will update product descriptions, pricing, stock information, current listings and categories to name a few.

4. Data mining

Since customers can now easily obtain pricing details and product information from different sources, it is important to invest in data mining. Your outsourcing service provider can efficiently monitor competitive sites to get insights on changing pricing dynamics. Even image files, product description and other such support information can be mined from the websites of suppliers and competitors. You can even avail data mining services from PDF files, e-books and spreadsheets. Continue reading

Take Advantage of your Data with Data Mining

Today, almost every organization complains of the same problem – Tons and tons of data, with no time to sift through it and find out the information that really matters. As you might already know, without access to the right data, you cannot make informed business decisions, improve your way of working or maintain the critical aspects of your company. What can be the solution to this problem? Data Mining is the answer and is something that your company should definitely opt for.

Data mining is the process of sifting or mining through a huge pile of data and making sense of it. If data mining is something that you have no know-how about, then it is best outsourced to a service provider in India. Moreover, if data mining is carried out in-house, it can take up a lot of your time, resources and money.  Outsourcing data mining on the other hand is fast, easy, affordable and convenient!

Data mining can help your business in 8 unique ways

With an accurate interpretation of your data, you can:

  • Make better and informed business decisions
  • Improve your current processes
  • Ensure better quality in your work
  • Satisfy your customers and improve your interaction with them
  • Increase your profitability
  • Identify fraud and improve your risk management
  • Get information on customer trending
  • Get better insights on your research

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