Both small and large businesses are facing the challenges of dealing with massive quantities of data being generated every day. IDC Market Research forecasts that the amount of data created and copied every year (that is the digital universe) will reach 180 zettabytes in 2025, which is a tenfold increase of the current annual data creation rate of 16.3 zettabytes.
In order to understand how to best use this data for specific purposes, businesses look to structured data mining, which is the initial process of examining these large data sets. This lets businesses draw conclusions that improve business processes, operations, and decision-making capabilities.
Companies need to take note that by 2025, 60% of the world's data will be created and managed by businesses. To support businesses in their initiatives to discover useful information from all of this data, Data Entry Outsourced (DEO) applies strategic data mining techniques that delivers the most organized and purposeful data for businesses.
Data is generated from sales, personal customer information, marketing data, competitor analysis, social media, videos, and many other sources. Data mining contributes to business value by sorting through massive data sets to:
Data Entry Outsourced adapts data mining applications according to industry, deploying techniques in many areas business and research such as sales and marketing, product development, client behavior, and more. Mining models are applied to various scenarios, like:
For example, those in the financial industry can utilize data mining to meet the needs surrounding client transactions, accounts, and channel preferences for increased customer loyalty. Likewise, retailers can drive consumer purchasing habits by identifying products that are frequently purchased and make predictions regarding items that are likely to sell at certain times of the year.
Mathematical analysis is used to derive the patterns and trends that exist in large datasets which generally aren't discovered via typical data exploration due to the complexity of the relationships and the amount of data.
Mining models and techniques are part of a larger process that encompasses asking questions about data, answering questions through model creation, and applying the model in a working environment.
DEO's data mining techniques goes beyond deploying effective algorithms. We analyze the business need, characterize the problem, describe the model metrics, and define objectives for the most diligent and structured data mining process. Want to know more about our offerings? Contact us today and one of our project managers will assist you in visualizing your requirements.