Data Mining is never ignored by the marketing department of a company because only they know the value of information. It’s usually the marketing department of the company that is always on their toes, and they are ever trying to increase the market share, increase sales, plan promotions, improve market presence, meet targets etc. This is because in today’s world, competition is fierce in most business sectors. It is always the stronger one who survives and succeeds in the long run.
The data is very important in any data mining process. However quite often the data is known to be not of good quality, meaning it is not up to date. When updated good data is not available, using the best of data mining software may not turn out to be helpful. There are many types of data mining software and it is essential that the right procedures be followed with careful planning preceded by accumulation of relevant data.
Once we have the data warehouse ready, selecting the right algorithm is the key factor to solve any problem. One of the oldest statistical techniques used by the data mining professionals is called regression which uses all the data and comes up with a mathematical formula that can be applied and used for future predictions. A more popular and successful technique is based on classification. This is ideal when one is working with huge volumes of numerical/categorical data. Other data mining methods include:
- OLAP- On-Line Analytic Processing
- Exploratory Data Analysis (EDA)-statistical or multivariate techniques
- Neural network technique
- Graphical EDA technique
Managed Outsource Solutions is US based BPO pioneer and data mining service provider with specializations in various global services including data entry, KDD, data conversion, data cleaning and data processing.