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.
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