How to Use Data Mining to Gain A Competitive Edge in the Market

In the modern world, organizations around the world have to work with enormous amounts of data on a daily basis. Raw data in this form needs a lot of time and effort to sift through, but is critical to maintaining and improving a business.  Delegating such tasks to a data entry outsourcing company that has adequate experience and knowledge data mining, can be regarded as the best solution in this case.

Data mining refers to a sophisticated and organized methodology that aims to identify major information from the strands of data, which is otherwise invisible to the naked eye.  They are entrusted with filtering out arbitrary factors, transforming all sorts of data into valid, understandable information that can be readily analyzed to make critical business decisions.

Data mining thus serves as a filtration process for data leaving out the unwanted information to unlock hidden profitability, reduce client loss to expand the business exponentially. Below are certain ways you can use Data mining to your organization’s advantage.

  1. Sales Prediction: Data mining facilitates sales predications where organizations can easily track the number of customers in a particular market and pick out the prospective ones. Analysis also helps to determine a strategy for planned obsolescence or developing newer product ideas to sell.
  2. Database Marketing: Data mining is a process which automatically enhances and extends the database. The collection of information depends on crucial data received from sales, subscriptions, surveys and questionnaires. This information is analyzed for creating more customer friendly products and turning customers into advocates for the brand.
  3. Guarantees: This is an important aspect of data mining, as it allows the management to foresee the exact amount of customers that can cash in on the guarantee of the product. One way of doing this, is to study the data of past guarantees and sales and profits. This allows the management to effectively frame their guarantee policies to get an edge over rest of the competition.
  4. Affinity Analysis: Affinity analysis refers to the assumptions by which the management can predict future customer behaviours by studying past performance data, like purchases and preferences. It is extremely helpful for evaluating patterns of telephone use in an office, or to identify fraudulent insurance claims.

Data mining has thus become an almost primordial function for a business, which helps marketers better serve their customers on a regular basis. The principle here is simple; the more information the marketer has about customers, the more value they can deliver to them, resulting in a higher return on investment.

Different Types of Data Mining and Its Uses

The process of sifting through a database such as files, records or the internet, in order to find data that would be helpful in identifying the purchase-related behavioural patterns of the consumers, who belong to a certain company, is known as data mining. In short, there are a lot of things that are involved in data mining, such as drawing up patterns in information variables as well as units, drawing inferences from them and also organising them into coherent forms. Companies tend to outsource work such as data entry services and data mining. If you are to ask about the techniques of data mining, then let me tell you that it ranges from complex to simple. Of course, all the techniques are not meant for realising or discovering similar things. With the help of data mining, you can not only analyse but also process a large amount of data and develop them into patterns with regard to demographics and groups. From this post, you will get to know the different types of data mining:

1. Anomaly detection

Anomaly detection is a type of data mining which is mainly used to discover if there is any irregularity or abnormality in data. It is most commonly used in fields that are related to weather forecasting and forensics.

2. Cluster mining

This is the most common type of data mining. In big data supersets, if you want to detect the hidden patterns, then you can make use of cluster mining, which is a kind of pattern-recognition tool. Using this technique, common data characteristics emerge. Then they are used in order to group the data into both cross-categories and categories.

3. Regression

People make use of this data mining technique so that they can accurately focus on the outcomes of certain sets of analyses. For this purpose, large sets of existing variables are generally used. Using this technique, you can not only predict the prices of property but also predict the future patterns of user engagement.
Now that you know the different types of data mining, here are discussed some of its benefits.
• In the field of marketing, people use data mining so that they can use it to assist in conversions, create smart and well-researched advertising campaigns and maximise consumer satisfaction. In short, data mining is all about studying the needs of customers, depending on demographics. And this is achieved in two steps – recalling past data and then looking at the irregularity of records over time.

• You can see the use of data mining in almost all types of industry including consumer service, forensic, banking and finance related industries. In these places, data mining is used so that people can create risk models for loans and mortgages.

• In the field of manufacturing, the main use of data mining is to improve and enhance the comfort quotient of the products.

So these are some of the main use of data mining.

Top 4 Advantages of Outsourcing Data Entry Services

Throughout the operation, businesses generate a bulk of data. This data plays a significant role in the decision making process. So, it is highly important to make this data digitalised so that it can facilitate the decision making process. In today’s world of digitisation, where everything is digital, data also needs to be converted from handwritten form to digital form. This process is necessary but really a time-consuming one. It is not recommended to hire staff for data entry services, since an additional data entry team can be stressful for the management as well. The reason is it puts a lot of pressure unnecessarily on management. So outsourcing data entry services is a logical choice for organisations.

Below are discussed a few advantages of outsourcing data entry services.

  1. Budget-friendly:

Perhaps one of the most important benefits of outsourcing data entry services is that it is extremely cost-effective. In comparison to the cost of hiring data entry staff, the cost of outsourcing data entry work is significantly low. The latter option also improves the business operation. Thus, by outsourcing, organisation is beneficial in two ways first, it saves on costs, and second, it enhances the profit a business earns.

  1. Focus On Core Business Activity

In case of an in-house data entry team, the attention of the management is divided to maintain it properly. Not only that, the management has to design aims and strategies for an in-house data entry team. And since, data entry is a monotonous task, it makes the employees get bored. This problem can only be solved by outsourcing data entry work. While companies outsource this monotonous work, employees become more enthusiastic and productive. It helps the management to focus on the core business activities.

  1. High Quality is always maintained

The employees of outsourcing companies are highly qualified and efficient enough to deliver work with zero error. They also have the ability to produce the output on time while maintain higher level of accuracy. They never compromise with quality. As this is their job, they never feel the monotony of it. In case of in-house data entry, you will never get 100% error-free work from your employees. These errors or mistakes always act as an obstacle to your decision making process. Outsourcing companies also use the latest technologies to bring the best results to you. So, by outsourcing data, you can accelerate your decision making process with ease.

  1. Turnaround Time

In terms of in-house data entry work, chances are that you will never be able to complete it within time, since output is not up to the mark. This is quite natural as the in-house employees are not experts in this particular field. But the outsourcing companies can handle all the work of many clients under any tricky situation, because the employees of outsourcing companies are highly skilled in this particular field.

Apart from the above discussed advantages, businesses also get several advantages and they also get saved from the tiring process of setting up the infrastructure, hiring process and training.

Top most Reasons to Outsource Data Entry Jobs to India

Since the IT boom in India in early 2000’s, it has become sort of a trend worldwide to outsource all customer-service work and minor technical jobs to India. And as the days pass, this trend is gaining more followers and becoming more pronounced. Work such as forms processing, data entry and data mining services are increasingly finding their way to outsourcing firms in India. There are a lot of benefits associated with outsourcing data entry jobs to India. Some of those are listed out below:

  • Firstly, outsourcing to India would cost any company about half (maybe even less) of what it would cost in its home country. The currency of India is far weaker compared to, say, the US Dollar or the Euro, so the fee structure would naturally be less in comparison to similar concerns in the developed world. Therefore, outsourcing to India would fit your tight budget.
  • Secondly, outsourcing is much cheaper than doing all the work yourself; especially if you’re a start-up. If you decide to do everything by yourself, then you would have to commit a huge part of your workforce to data-related work. If you fall short of employees for the job, then it means that you have to hire additional heads and hands to get all work done within time. Hiring additional employees is extremely costly. It would involve having recruitment boards, testing out the prowess of new employees, arranging for imparting adequate training (for you might be getting freshers in the industry who might not have the correct technique or speed), and also granting of monthly payments, yearly bonus, plus a few days’ worth of paid leave. Taken together, the whole process would come across as disproportionately costly. In comparison, outsourcing to a company with an adequate number of skilled workers at about half the price (of doing it yourself), would surely seem appealing to every entrepreneur.
  • Thirdly, no matter how skilled the workers (that you hire) might be, they might not be flexible to serving your every need. On the other hand, an outsourcing organisation would have the workers with the necessary skills to adapt to the unique needs and requirements of every single customer. You would not have to invest a lot of time in training the workers and then conduct ‘tests’ to see whether they’re really ‘there’ or not. You would just assign tasks and get them done in a jiffy.

When you outsource all the minor technical tasks to another concern, then you would be able to free up your own company’s workforce in order to make them concentrate on the more important areas of the business. When you do all data-related work by yourself, you tend to engage a lot of your employees to invest their energies in relatively minor tasks. As a result, more important and pressing issues/aspects of the business go overlooked. Outsourcing solves this problem.

In short, these are the greatest advantages of outsourcing data mining and other related work to an outsourcing firm in India. By engaging in outsourcing, you’d hopefully find a good and reliable business partner who you would be able to forge a smooth understanding with.

Outsourcing Forms Processing: A Few Words

This is the age of outsourcing. Starting from early 2000s, the IT boom in Bangalore, India prompted a slew of American companies sending their customer service-related jobs to India and other similar offshore locations. This was, however, just the beginning. Gradually, the sphere of outsourcing witnessed a slow and steady expansion. Presently, technical jobs considered menial and ‘basic’ in nature (such as data entry, data mining, forms processing etc.) are being outsourced to India at a high rate. Outsourcing data entry services to India has always been popular; and now, outsourcing forms processing is catching up fast.

And here, we’re going to discuss the concept of form processing and why it is necessary to outsource it. So, what exactly is the term ‘form processing’ all about? Form processing, to define it succinctly, is a definite kind of data processing which assists in storing huge volumes of data which is absolutely critical to the core functioning of a business. It helps in reducing paper work to a great degree and contributes to a greener office. It also helps in procuring accurate reports and other details. In the function of form processing, there are a variety of processes involved. There are various kinds of structured forms in existence which pertain to it; such as questionnaires, membership forms and legal documents of different kinds. This also involves the systematic and organised data extraction from a plethora of customised forms and database.

The formats of form processing are quite varied and huge in number. The appearances and formats vary a lot from one company to other, and they are tailored according to the needs and functions of the company in question. A whopping majority of big companies are currently using online form processing services, in order to take care of all their data processing needs. The documentation which is provided by outsourcing companies after form processing, is normally quite useful where the various institutions are concerned. This effectively converts the office into a completely digitised, paper-less space.

Below are listed some of the most effective and profitable benefits of outsourcing form processing:

  • When you outsource jobs such as data entry and forms processing, you’re normally assured of total and complete confidentiality. Therefore, your data will be worked upon in a completely secure environment and manner.
  • If you decide to do all the work yourself, then it would cost you a lot of time and money; since extra workforce would be needed. However, at an outsourcing unit, they hire an army of experts who carry out the task in a nimble and efficient manner; and present before you the competed task within the deadline. Therefore, you get to hire the services of a lot of people at a cost which is about half the expenses of hiring them yourself.
  • Outsourcing companies are normally extremely flexible towards the needs and demands of the client. They would tailor their services and modes of operation exactly the way you require.
  • A firm, which is made up of professionals, is seen to harbour talent and expertise in every type of form processing. It assists in saving up a lot of time, enhances the efficiency and keeps the data stored in a secured form.

Thus, it is clear from all the above points that it is necessary to hire a suitable outsourcing firm whose work ethics and functions are compatible with the needs and demands of the client. This is necessary in order to strengthen the efficiency of the company and enhance its productivity.

Data Mining: Types and Uses

“Data mining” is the term commonly used for sifting through a database (internet, records or files) to find data which would be useful in identifying the purchase-related behavioural patterns of the consumers of a particular company. To make it even simpler, data mining involves drawing up patterns in information variables and units, organising them into coherent forms, analysing and drawing inferences from them. Sometimes, tasks such as data mining and data entry services are outsourced. Data entry services, especially, are sent to India. Anyway, to get back to the topic at hand, the techniques of data mining can vastly vary from complex to simple. And, not all the techniques are uniformly geared towards discovering or realising similar things. Through data mining, it is possible for people to analyse and process huge amounts of data and establish them into patterns with respect to groups and demographics. Types of data mining are as follows:

1. Cluster mining: Cluster-style data mining or data detection is a kind of pattern-recognition tool which can be used to detect patterns hidden in big data supersets. With the help of this technique, common data characteristics emerge, which are then used to group the data into categories and cross-categories.

2. Anomaly Detection: The second one in the list is “anomaly detection”. This one mainly aims to discover any abnormalities or irregularities in data. It is mostly heavily used in fields related to forensics or weather forecasting.

3. Regression: This one is a technique which chiefly aims to accurately forecast the outcomes of particular sets of analyses. Huge sets of existing variables are mostly used for this purpose. Future patterns of user engagement and prices of property can be predicted using this technique.

Reading up to this point, the benefits of data mining would be more or less clear to the reader. But to sum them up in clear-cut points, below is the list:

Data mining is used in almost every kind of industry, and especially in the banking, forensic, consumer service and finance-related industries. In these places, data mining is put to use in order to create risk models for mortgages and loans.

In the field of marketing, data mining is mainly used to assist in conversions, striving to maximise consumer satisfaction and also to create well-researched and smart advertising campaigns. Basically, studying customer needs based on demographics is what data mining is all about. This is achieved by recalling past data and looking at the consistency/irregularity of records over time.

In case of governmental organisations (for example, tax bodies), data mining is used to detect irregularities in citizen behaviour.

In fields like manufacturing, data mining is basically geared at improving and enhancing the comfort quotient of the products. For example, if you’re engaged in the furniture business, then you’re going to utilise data mining to find out what kind of padding on your sofa your customers prefer.

So these are some of the uses of data mining.

Outsourcing for Quality: The Benefits of Delegating Data Entry Work

Every firm generates a lot of data in the course of its functioning. Such data can be of a variety of types: Records of transactions, list of orders by serial number, transaction statistics, and a host of other things. These facts and figures are recorded on a daily, monthly or even (sometimes) yearly basis. They are most commonly maintained in the form of sheets, spreadsheets and charts; with the aim of reverting to these for reference in case the need arises. It’s difficult for a firm to take informed decisions unless a data-based record is maintained, regarding the details of each and every contract and transaction that were participated in by the firm. Without data entry, a firm would be lost. However, all said and done, it cannot be denied that maintaining a database and updating it from time to time, is an extremely boring and tedious task. Recording data under various heads in the database is an arduous and un-stimulating task. For one, it has no use for the intellectual capability (thereby being almost in the same category as strictly physical work). It also prevents a huge part of the firm’s staff from directing their energies towards more productive work. Therefore, the need for outsourcing to a data entry company inevitably arises.

Outsourcing the work of data entry offers a lot of benefits to a company.

• Firstly, it would save the client from wasting his or her time, such as what has been previously mentioned.

• Secondly, owing to the expertise of the staff in a data entry company and the large number of people who are employed in it, there is a greater concentration of efficiency and time management devoted to the data that is to be recorded. Thus, not only does this result in an increase in quality of the data arrangement (as regards the indexing, heading-giving, categorising and charting), but it also marks betterment of the work turnaround rate. Contrast this to hiring data entry experts with an organisation— first of all, manual data entry would be extremely expensive for a firm to bear; and due to this, there would only be a limited number of people that the firm would be able to hire.

• Going for outsourcing would solve a two-fold problem that would arise, in case any firm decided to do all the data entry work by themselves. It would greatly increase the firm’s monthly expenses. So, it would be safe to say that it would be a loss rather than gain on the firm’s part, if it hires people for the sole purpose of data entry. And that is not even considering the yearly bonuses and leaves that would have to be granted to extra staff. Combining all of that together, it sounds not too good an idea.

Two Cardinal Reasons to Outsource Data Entry

Data entry is something that every company needs to carry out in order to maintain all records in a systematic manner, in their online or offline database. All the commercial activities carried out within and by the firm, require the maintenance of records by way of testimonials.  Every transaction made, each deal completed and all orders taken, are meticulously entered into the company records. They’re either in the form of written or printed paper, or in the form of computer records.  As is easily understood, every firm would have a huge amount of data to be stored, recorded and processed every single day. The time consumed would be huge, and a considerable chunk of a company’s workforce would have to be on the job. As a result, much of the concentration would be diverted from the more demanding areas of the company’s operations. Naturally, this is a spot of bother. But there’s really no need to worry, as the option of outsourcing is always there. India emerged as a premier outsourcing destination back in the early 2000’s, especially in the field of Information Technology. Very soon, the trend was spanning across a wide spectrum of industries—from IT software development to transcription services. In such a scenario, data entry couldn’t be far behind in the race. Many companies are now considering outsourcing their data entry services abroad to India, and they have good reasons for it. Let’s have a good look at two of the most pertinent reasons which compel companies to outsource their offline or online data entry services:

  1. The Costs: The very first consideration which drives a company is of course the costs involved. Outsourcing to India would see the services completed at about half the cost of what it would have taken in the home country. Aside from having to pay in the indigenous currency, hiring new labour in the industry would mean incurring massive extra costs in lieu of salary package, casual leaves, holiday’s bonuses and all the other perks, which come along with a full-time office job. All that can be avoided by offshore outsourcing. You end up getting immensely more by paying much less—a win at both ends.
  2. Outsourcing to a reliable company would mean earning a trustworthy partner, who would understand the exact business needs and requirements of the client, and would accordingly tailor their services to suit the client’s needs. Once a firm finds that perfect match for its needs, its growth would accelerate like never before.

Benefits of Outsourcing Data Entry Service

Data entry is the process of entering information into electronic formats from paper documents using a keyboard, optical scanner or data recorder. The process is lengthy and requires special skills to eliminate or reduce errors while data is being entered.

A company needs to enter data into computer systems on a regular basis. Data entry is a boring and lengthy work. There is a huge scope of errors while entering the data. Data entry can put unnecessary pressure on the employees of the company. This can prove disadvantageous to the company as employees cannot focus on core business activities. Companies prefer to outsource data entry services. Outsourcing data entry services is beneficial for companies. Skilled and experienced data entry professionals help in producing error-free and high-quality work.

A good data entry service provider offers a wide range of data entry services like online data entry, offline data entry, PDF data entry, image data entry, excel data entry, etc. A good data entry service provider offers accurate and high-quality work in a cost-effective manner.

Benefits of outsourcing data entry service

Data management and cost-effective

Sometimes data can be lost, or other errors might occur during the data entry process. A company may not have the employees that are skilled in data entry work. The employees of the company may also lack the speed and accuracy needed for data entry work.
Outsourcing helps in the digitalisation of the data without any loss or damage. It also ensures systematic storage and management of the data. Data is stored across multiple platforms to ensure that your data is easily available at the time of analysis.
Outsourcing data entry work from a data entry service provider is cheaper than in-house hiring of data entry operators or training cost of present employees. Outsourcing data entry services is cost-effective.

Time saving

Data entry work done by a data entry service provider is consistent and timely. Well-trained and experienced data entry professionals of data entry service provider help produce quality data on time. Therefore, the work never stocks up. The data is always available for analysis on time. This helps a company to plan strategies on time.
High quality

Data entry service produces quality work consistently. This removes the unnecessary stress from the company. The company can focus on important business activities and strategies. Data entry services have well trained and skilled staff. The accuracy of data produced can be greater than 98% .

Security

Data security services make sure that data of a company are safe. The data entry services use the latest software to ensure the safety of the data.

Strategic advantage

Data entry work consumes a lot of time if done by regular employees of the company. Along with the scope for error, the repetitive and lengthy process of data entry also puts a pressure of workload on the employees. This can also cause them to make mistakes in the main business activities. When a company outsources data entry service the employees are free from the mundane data entry work. Company staff can take part in creative and productive business tasks. This gives the company a strategic advantage over competitors.

Top 7 Advantages of Outsourcing Your Data Entry Services

You can find a number of businesses that require data entry services, and they often tend to outsource their data entry needs. There are a many reasons behind this. First, as there are many advantages of outsourcing data entry services, there are many businesses that find it appealing. Secondly, depending on your business requirements, you can find a huge variety of data entry services. And third, in a data entry encoder, there are many qualities that are needed. Following are some of the benefits of outsourcing data entry services :

1. Efficient data management

This can be regarded as one of the top most benefits of data entry outsourcing. This helps in digitising your data. And, this outsourcing ensures that all your data are systematically stored and managed across a number of platforms. If your data are efficiently managed, it will become more logical, helpful and readily available for analysis, when you require taking any important decision.

2. Saves time

No doubt, outsourcing data entry saves a lot of time. When you see that there are dozens and dozens of work that are unfinished, then it’s time that you outsource your data entry. Generally, data entry service providers are efficient in their work and have the ability to enter all your data in the given amount of time.

3. High quality services

Data entry service providers do not compromise with the quality of their work. They strive to provide error-free data entry services in order to achieve maximum quality. This can help you in taking quick business decisions, as all the data are correct, concise and clear.

4. Data security

Most data entry outsourcing service providers make sure that all your data are 100% safe.

5. Low costs

This is one of the most important benefits. Outsourcing your data entry services is much cheaper compared to the services of a professional data entry operator who works in-house. You can save a lot of money for more important business tasks, as outsourcing is cost-effective.

6. Better than the competitors

Once your in-house resources are free from the task of data entry, you can see that they have become more proficient and productive in their work. This will give your business the opportunity to score more than your competitors.

7. Improved business

If you outsource all the data entry works of your business, you will get more time to focus on your core business. This will in turn help you to grow and improve your business to a great level.