Importance of Outsourcing Data Mining Services in Various Industries
In the present scenario, every business enterprise is looking for new ways to optimize their business potential. Data mining services have assumed an important role in the business world. These services are aimed at finding relevant data which can help in future business planning. It involves services like data extraction, web scraping services, business intelligence for achieving the desired results. The data mining process involves downloading data into a spreadsheet for conducting analysis and comparison. Mostly the analysis is conducted on factors like competitors’ data, product pricing information, profile data, mailing database, sales leads etc.
Professional data mining services can play a pivotal role in making important business decisions in a prompt manner. The data produced by using this method can be used for various purposes like e-commerce, customer relationship management, direct marketing, healthcare, financial utilities etc.
This technique is not only utilized by business entrepreneurs but also by sports teams for assessing the strengths and weaknesses of the opposition. The key factor is ensuring that data produced is in a refined state and can be easily understood by the concerned parties.
Many business enterprises find it difficult to perform their data mining functions themselves and hence utilize data mining outsourcing services.
The various types of data mining services are:
• Web Data Mining
• Social Media Data Mining (LinkedIn etc.)
• eCommerce Data Mining (Products & Prices)
• SQL Database Mining
• Image Data Mining
• Excel Data Mining
• Financial Data Mining
• Healthcare Data Mining
• E-book Data Mining
• Data Mining for Fraud Detection
• Multimedia or Text Data Mining
• Stock Market Data Mining
• Data Mining for Customer Segmentation
• Competitor growth analysis and tracking
• Data Extraction Services
• Meta-data Extraction from Websites
• News Stories Extraction
• Analysis, Capturing and Interpretation of Data
• Market Trend Monitoring
• Service, Product and Brand Feedback Search
The importance of data mining services in various industries has been discussed below:
• Real Estate- Agents, brokers and financial institutions require various types of information like employment history, marital status, values of properties and recent homes sales etc.
• Financial Services- The financial data mining services include the mining of the stock market data in the excel structure.
• Healthcare- The healthcare experts can obtain useful data from the clinical and healthcare supervisors for gaining information about com competitors. This type of data mining is important for the profitable functioning of today’s healthcare industry.
• Manufacturing- The applications of data mining in manufacturing engineering includes production processes, operations, fault detection, maintenance, decision support, and product quality improvement. This increases the accuracy in manufacturing business accounting, as there are number of products to be maintained to run the business successfully
• Shipping and Logistics- Data mining extracts knowledge from large volumes of data for identifying journals, papers, authors and events related to logistics and supply chain management.
• Retail and Wholesale- Data mining helps in predictive analytics for distribution for improving different functions of a retail or wholesale business.
• Restaurant and Hospitality- Restaurant data mining is simply the process used to grow useful information from transactional data that a restaurant has captured and stored about its clientele.
• Technology- Data Mining offers automated learning from historical data and aids in developing models for predicting outcomes of future scenarios.
• Telecom- Data mining helps in evaluating factors that influence customers to call more at certain times, products and services yielding maximum profit, knowing about customers and detecting frauds.
The benefits of using outsource data mining services have been discussed below:
Cost-effective prices - If you are a business owner based in US, UK etc, then hiring the services of an outsourcing firm for data mining services can help in saving a lot of costs. The wage rates in India or China, where most of the outsourcing firms are based are quite less in comparison to wage rates in developed countries. Moreover the cost of infrastructure will also be saved. You will also not have to constantly monitor the performance of the in-house data mining staff.
Quick turnaround time - There is a difference of about 10-12 hours in the time zones of nations like India and US. So the business firms based in US can take advantage of this time difference and get their tasks done in turnaround time. The tasks assigned in the evening can be completed by the commencement of next day's working hours.
Access to latest technology - The outsourcing data mining firms has access to highly proficient staff and the latest technology for performing the data mining operations effectively. The results offered by the outsourcing companies are much more accurate and can help in better business planning.
Opportunity to focus on core business operations- Outsourcing enables business firms to concentrate on the more important tasks by allotting the less important tasks like data mining to the third party firms and giving priority to the more important tasks. This helps in enhancing the profitability of the business.