Data Mining Software

Data mining software describes a set of tools used for the purpose of analyzing vast amounts of data in order to discover and understand specific patterns.  Data mining software originated in the scientific community where it was used to discern patterns from data related to scientific studies.  Data mining software quickly found a strong foothold in the business community as large businesses began to amass vast amounts of data.  Through data mining software, Enterprises were able to better understand several key "influencers" of their business.  The classic example of data mining software use is the insurance industry; their use of data mining software is at the core of how they operate their businesses.  Through data mining software insurance companies can understand how often seemingly unrelated factors influence the risk of an individual.  This form of 'risk analysis' can be easily extended to other areas of a business and are the basis of data mining software use for business.

Data Mining Software and the Small Business

Traditionally data mining software has not been very popular in businesses under the "enterprise" category.  The reasons for this are simple; data mining software has traditionally been very difficult to use and has required data mining software experts who could use the product at its best.  Additionally, data mining software deployments have typically been very expensive and required budgets well in excess of $100,000.  This, coupled with the smaller data sizes of typical small businesses have meant that data mining software has only been used in the Enterprise.  Things, however, are changing. 

Growth of Data in Small Business

As small and mid-sized businesses have had access to more affordable CRM and ERP systems the amount of data these businesses have stored has soared exponentially.  This added data, coupled with an increased desire to understand their business, has meant that data mining software has become a more viable option for sub-enterprise businesses.  The challenge of using data mining software for the small business now has focused to ease of use and expertise.  Specifically, to use data mining software the business needs a data mining software expert - an individual who is familiar with data mining software and can use it to the benefit of the organization.

A New Way for Small Business

There are new solutions in data mining software for the small and mid-sized business, however.  One such solution is EMANIO Insight!  Insight! is a data mining software tool designed to be easy to use, easy to deploy and to be affordable.  Data mining software like Insight! provides small and mid-sized businesses a new tool that can help them better understand and manage their business.  The availability of data mining software like Insight! has meant that sub-enterprise businesses can now build customer profiles, discern key patterns in their financial data, sales and marketing information and other critical company areas.

Getting Started with Data Mining Software

So how does a business get started getting the most out of a data mining software tool? The simplest approach is to start with your key performance indicators (KPIs).  Think of each business KPI that you track and ask a question about it.  For example, data mining software can help you understand the factors influencing your Average Days Sales Outstanding (DSO).  You could also use data mining software to predict your sales opportunity close ratio.  These are just two simple examples of how data mining software can bring a new level of understanding to the small and mid-sized business.