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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Why Use Electronic Data Processing?

Electronic data processing or EDP is a fast, secure and error-free data processing system that can process any amount of data. 

Does your organization collect and manage every tiny bit of information that is generated every day or just a selected set of data? Whether your company is small or big or whether your data processing needs are immense or less, you can benefit from an Electronic Data Processing or EDP system. EDP refers to a digital management of your database, which would be stored on a shared server with access to all the involved parties. Almost any type of data like invoices, phone conversations, documents or minutes of a meeting can be collected and managed through an effective EDP strategy.

Top 4 benefits of using electronic data processing

Here are some top advantages that your company can leverage by using electronic data processing:

  • Faster speed and access to data, as the information which is stored can be instantly retrieved through the internet or an internal network
  • Better efficiency as any document like statements, reports or invoices can be automatically generated through an EDP system
  • Reduce costs, as once an EDP is developed and implemented, it can minimize the cost of managing data over a period of time
  • Reduction in resources as there are no repeated entries or mistakes ( common in manual data processing)

How to setup an EDP?

For an efficient electronic data processing system, you would require the following:

  • Desktops, servers and terminals to enter and store your data
  • Applications, spreadsheets, codes or databases to collate and manage your data
  • A system to enter and manipulate your data. The procedure should also eliminate any duplication of data or data corruption
  • Specially trained resources who have the ability to work with the EDP system

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How To Hire A Top Quality Data Entry Team?

Businesses of today are moving at a frantic pace and accumulating plenty of data along the way. Without finding out a way to enter, manage and organize your data, your company can be left with piles of data that is unused, disorganized and from which you cannot base your decisions. This is where hiring a competent data entry team can help. But how do you choose the right data management team for your company? Here are top three qualities that you would need to look out for while outsourcing data entry:

1. Accurate data entry

Since data entry is a process that needs to be 100% accurate, ensure that the team you hire is capable of delivering top-notch data entry services, in terms of accuracy. Set up a meeting with the team and find out more about their way of working. Do they enter data late at night? Is the workplace equipped with good quality computers? Are they well-versed in English? Such factors can have an impact on the quality level of the data entry team. Do take time off to ask questions and check the quality assurance process of the data entry service provider. Finally, do not hurry into engaging a data entry team, but take time in hiring a team who can assure you of accurate services.

2. Fast turnaround time

While accurate data is vital, many businesses also require their data to be entered quickly, so that is can be processed on time. This is why you will need to check the turnaround time of a data entry team before you hire them. Find out about their record and counter check if the claims made on their website is correct. Another thing to do, would be evaluate your project and get a realistic expectation of the turnaround time. Before you make assumptions about the service provider, you must try to find out their limitations. Do the data entry operators work on shifts? Is the company working on a time zone that is different from yours? What does the company promise if they fail to meet your deadline? Asking such questions can help you decipher if the data entry team can compile by your timeline. 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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Looking for Answers to Complex Business Problems? Try Data Analytics

Did you know that your data can be integral in providing you with useful business insights and in helping you solve your business dilemmas? Yes, by evaluating the data about your customers, finances, employees or suppliers, you can find out a significant pattern that can aid you in making informed decisions about your company’s future.

With expert data analytics services from an experienced service provider like Outsource2india, you can stop taking chances and start making decisions that are backed up with evidence from your data.

What is data analytics?

The intricate process of cleaning, examining, modelling and altering the data of a business, so that useful information can be gleaned out is referred as data analytics. By segregating useful information from a huge pile of data, companies can arrive at the right conclusions for complex business ordeals. Data analytics can also reveal information on the trends within your data and its significance in relation to your competitors.

Data analytics can be used for any type of industry

Here are some examples of how data analytics can be used in accordance to the specific needs of different industries:

  • Banking and Finance Industry: Data analytics can help your bank with customer acquisition, cross-selling strategies, delinquency, recovery campaigns and customer segmentation.
  • Telecom Industry: With the use of data analytics you can analyze every area of the telecom lifecycle, starting with customer segmentation, customer affinity analysis, churning and retention and credit risk management.
  • Retail Industry: Data analytics is a handy tool to use if you are from the retail industry. It can help you with your sales analysis, out of stock analysis, lifetime value analysis, brand dynamics and category trends. Continue reading