Data Mining - An Indispensable Face of Business Intelligence
Posted: Sep 26, 2018
New advancements in technology have forced businesses to buckle up, in order to keep pace with the changing business management scenarios. A part of the same is business data storage. With a mountain of data to store, one can easily agree on the need for devising a mechanism to handle it. This is where the concept of data mining and data validation comes into the picture. Data mining is simply the process of extracting useful information from the data. Tech savvies often refer to it as "Knowledge discovery". Data validation, on the other hand, refers to checking the quality of source data before processing it.
These processes have been persisting for more than a decade now. But do we really need to incorporate such cumbersome tasks in our business? Well, we sure do. Here’s why:
Data Mining: Advantageous to Multiple Sectors
The economic sectors have no limits, nor does data mining. Which why it is always wiser to take help from professionals offering data mining services. Here’s how these services benefit different sectors.
Historical data-based Models: Through data mining, marketing companies can develop models using historical data. This will not only help them in formulating new campaigns, but also in identifying potential respondents.
Marketing officials are able to target customers based on the knowledge extracted from data. They are then able to come up with an appropriate approach for the same.
Data mining also benefits retail companies in coming up with certain discount offers to entice their customers. They can even use market-based analysis to understand the customer behavior in a better way.
Data mining helps in building a model comprising data related to loans. Analyzing this data can yield useful information such as a good or a bad loan.
Illegal credit card transactions cannot go undetected once data mining comes into the picture.
Data mining helps in managing the operational data. This, in turn, can help in identifying defective equipment and favorable parameters.
Optimal control parameters determined from data mining add to the quality of the manufactured product.
Financial transactions can be recorded and managed, thanks to data mining. This later leads to the identification of issues such as money laundering.
Data Validation: Importance and Benefits
While we are on data management, another important aspect of the same is data validation. Checking and verifying the quality of data before processing it is important to maintain accuracy. It is crucial because no part of the data should be corrupted, and must conform to the rules of the business. This is required to avoid inconsistencies in data. The task can be time-consuming, which is why you can always avail data validation services to make things easier.
Here’s how data validation benefits businesses:
High ROI: Implementing an accurate data validation mechanism increases the ROI of a business. Email marketing campaigns can be easily set up to add to ROI as well.
Decision making: Data validation improves the decision-making process by speeding it up and maintaining the accuracy of it at the same time.
Increases efficiency: Since there is zero scope for inconsistent or inaccurate data, the overall operational efficiency of a business experiences a noticeable increase.
Mailing cost: Data validation checks the data beforehand for any persisting redundancies or errors. This decreases the mailing costs for a business.
High-quality database: As a result of validation, you are left with appropriate and accurate data. This adds to having a database that is all for quality.
Managing loads of data is a serious business. There are multiple aspects of data that need to be managed. Business intelligence relies on data mining and data validation for ensuring the quality of data and business.
Searching for data mining services to organize and manage your company’s database? Your search ends here. You can also avail our data validation services to ensure the accuracy of your data. Just write to us at email@example.com to get started.
Mike Wilson is a professional content writer and a part-time blogger. He loves writing and marketing techniques as well as non-technical articles and blogs. He writes unbiased and informative articles and reviews on the verity of categories.