Data mining: a new weapon for small scale businesses
Data mining can actually take a business at its potential high. The process surrounds the fact that company possesses lot of crude fats which are still to be used resourcefully. Mining process digs out information from these sources, analyses it and turns it into data which a company can effectively use to attain its marked efficiencies. It can be either for company’s own performance orientation or about the competitors market status. But should it only employed be market biggies? No.
Data mining goes beyond simple analysis. Suppose you are small business concern trying fight cut-throat competition in the market. The process can actually help you draw out comparison among market players; forms patterns and analyze trends by developing relevant relationship between two dependent variables.
One quick service restaurant chain, provisioning the supply of hygienic food, used this business intelligence method opting for its business data to be effectively analyzedfor predicting price rise and changes in customer behavior, thereby making appropriate menu adjustments.
In Canada among companies seeking to identify sales opportunity, 97% are small business trying to put their target in place, by using mining operations.
Apart from the above examples, there is news that across North America, people presently tend to use the method to gain insights. Police personnel in Santa Cruz and Florida are using past data to predict perpetual crime rate and where crime may occur.
Data mining services in India seems to flourishing at a rapid pace. Not just in India, but universally all scale businesses are using data mining more and more and their policies decisions are normally driven by the results of the information analysis.