We can simply define data mining as a process that involves searching, collecting, filtering and analyzing the data. It is important to understand that this is not the standard or accepted definition. But the above definition caters for the whole process.
A large amount of data can be retrieved from various websites and databases. It can be retrieved in form of data relationships, co-relations, and patterns. With the advent of computers, internet, and large databases it is possible to collect large amounts of data. The data collected may be analyzed steadily and help identify relationships and find solutions to the existing problems.
Data mining services can be used for the following function
- Research and surveys. Data mining can be used for product research, surveys, market research, and analysis. Information can be gathered that is quite useful in driving new marketing campaigns and promotions.
- Information collection. Through the web scraping process, it is possible to collect information regarding investors, investments, and funds by scraping through related websites and databases.
- Customer opinions. Customer views and suggestions play an important role in the way a company operates. The information can be readily be found on forums, blogs and other resources where customers freely provide their views.
- Data scanning. Data collected and stored will not be important unless scanned. Scanning is important to identify patterns and similarities contained in the data.
- Extraction of information. This is the processing of identifying the useful patterns in data that can be used in decision-making process. This is so because decision making must be based on sound information and facts.
- Pre-processing of data. Usually, the data collected is stored in the data warehouse. This data needs to be pre-processed.by pre-processing it means some data that may be deemed unimportant may therefore removed manually be data mining experts.
- Web data. Web data usually poses many challenges in mining. This is so because of its nature. For instance, web data can be deemed as dynamic meaning it keeps changing from time to time. Therefore it means the process of data mining should be repeated at regular intervals.
- Competitor analysis. There is a need to understand how your competitors are fairing on in the business market. You need to know both their weaknesses and strengths. Their methods of marketing and distribution can be mined. How they reduce their overall costs is also quite important.
- Online research. The internet is highly regarded for its huge information. It is evident that it is the largest source of information. It is possible to gather a lot of information regarding different companies, customers, and your business clients. It is possible to detect frauds through online means.
- News. Nowadays with almost all major newspapers and news sources posting their news online, it is possible to gather information regarding trends and other critical areas. In this way, it is possible to be in the better position of competing in the market.
- Updating data. This is quite important. Data collected will be useless unless it is updated. This is to ensure that the information is relevant so as to make decisions from it.
After the application of data mining process, it is possible to extract information that has been filtered through the processes of filtering and refining. Usually, the process of data mining is majorly divided into three sections; pre-processing of data, mining data and then validation of the data. Generally, this process involves the conversion of data into valid information.
It is important to note that time is spent in getting valid information from the data. Therefore if you are after making your business grow rapidly, there is a need to make accurate and quick decisions that can take advantage of grabbing the available opportunities in a timely manner.
Loginworks Softwares is one of the best data mining outsourcing organizations that employ high qualified and experienced staff in the market research industry.