It’s a typical sentiment among companies—so much data, not enough time. There are two common scenarios when data usability and accessibility come up:
When the organizational structure exists, but there’s an inability or lack of skill to analyze and interpret it.
When there’s no established data storage system and/or a poor process for using it.
Both situations can hinder your ability to make informed decisions, improve productivity and maintain operational efficiency.
The first step to increasing data accessibility and visibility is to capture and process files into an electronic database. Without an effective indexing strategy, data isn’t truly usable. Go beyond that by creating a customized data entry solution for your specific needs and you’ll be rewarded with optimum data accessibility. Many companies stop at setting up the database, without establishing strategies to take advantage of the information. That’s where data mining comes into play.
What is data mining?
Data mining is the practice of automating the search and investigation of large, specific volumes of data to uncover business patterns, trends, statistics and much more. Data mining strategies follow a specific set of instructions and segmentation tactics to collect information from a variety of sources such as:
Any other data collection method.
Depending on the type of data and analytical objectives, there are several core techniques that can be applied.
Data mining techniques:
Association/Relation—Basic correlations between two or more things, often of the same kind or category to identify patterns.
Classification—The practice of assigning multiple attributes to an item to establish a category.
Clustering—Assigning one or more characteristics as the basis for locating a group of correlating results.
Prediction—Involves analyzing past and current trends, categories, patterns and relationships to make predictions about future scenarios.
Sequential patterns—This technique identifies trends or repeated instances of similar events, and commonly used on longer-term data to make larger, more detailed predictions.
Data entry, extraction and mining services can be extremely valuable, especially when paired together to form a comprehensive solution for your company. To learn more about how our customized data entry solutions make information usable and accessible, contact ILM today.
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