Over the past ten years BI (Business Intelligence) applications has become popular in the digital world. “Data mining,” this was the word link to it as it was known for that term decade ago.
In the past analyst predicted the boom of this application in the market. Today marks the day of it, in which the boom in the past has been materialized. Amazingly, many industries are now utilizing the use of data mining or the installation of BI systems on their data services. Around sixty percent of the total big company is now doing it.
Not just that, around twelve percent of those big companies said that they are using the software at least once every thirty minutes, while the other thirty six percent said that they are using it at least once every 12 hours or two times a day, the information that we stated was based on a data mining research conducted by Ventana.
It’s no surprise for those who already maximize data mining applications and install it on their system in order to run their databases and not getting the expected outcome. The situation that we have just stated could happen to any of the organization who installed data mining application.
In data mining, the main foundation of it is about deeper understanding and wide view on market movements. But wait, we are not there yet. The probability on how people do things like doing wrong instead of just doing it right.
In doing the shifting to what things people are now used to may need much work in the start, this is similar to mining gold. So in data mining, when the data is collected the important details will be extracted in the treasure trove. So with that we have created twelve effective tips that experts say in order to generate your rich data or shall we say, effective ways to uncover precious data on the information.
1. Sharing Data With Caution
Every single data, whether it came from external or even internal sources should be treated like gold. Let us say, data from your clients has sensitive and valuable things to offer. Once these data’s leaked, your business might be at risk as data by your clients suffers.
One good example for this is when a Master Card company found out that around 50 million accounts of their client are exposed to leakage. They have to redo all together in order to protect the data.
Aside from that scenario, building a strong security feature embedded on the database and enabling clients create their secure connection by using a trusted internet protocol address, this will also prevent potential problems and also by crating customer limits in accessing the system, so that those who can access the systems are those who will pass the security walls, knowing what they want to access and why.
2. Looking Beyond Data Transaction
It is assumed that the analytics and CRM applications you have will make use of the data collected from the operational data or transaction data and the application systems, but on the other hand, you need to consider the overwhelming data’s on it.
The non-traditional data can even bring added information to the company employees in creating an effective marketing in your product. A psychographic and demographic data can be purchased outside company and you can integrate your data on it making it effective in its process. The Data includes customer surveys, market research and group focus.
Another data that can be sourced out is the full text of the conversation both company and clients, we have seen many business owners hiring transcriptionist working for company conversation with the clients.
In the present day, life becomes easier as the availability of software’s in the community can be utilized like, CallMiner, Nexidia and Utopy. These applications can translate digital dialogue into a quantitative data that is more reliable than manual conversion.
The data will be used for future prediction of the business in line with customer service. Not just that, it will also help the company create a guidelines in helping agents convince clients by using the generated techniques.
3. Cleaning Data Regularly
As what we have said, there are many data available that can be collected and processed. But this does not mean that all of them are safe. Remember that there are also dirty data, so what does this implicate? In order to give you a deeper understanding regarding dirty data, this is about error related information like the misspelling of your clients.
If it continues to flow in the system, it can be a labor cost when removing it in the future. There are cleansing issues that will be run in the organization in case of data problems.
In order to set things right, the marketing department of the business should classify these data by verifying the identification, while the sales department will make use of it. But everything will depend on polices that will require user to enter and clean these data often, by simply deleting duplicates and mistakes.
4. Leveling Data Distribution
Any data has its level, and we think that as business owner you know that your sales and marketing staff can make use and benefit from the CRM data, but the realization on how useful those data can’t be experienced on other departments.
People don’t just distribute these useful data immediately. You need to gather the needed information before a certain department will be created for the benefit of the company. For instance, customer service might not be necessary if all clients are satisfied and happy. In which we believed that the scenario is impossible. If a customer complains with something in the company and do some follow –up. The next staff who will entertain the client should go with the details so he or she can do the right approach to be done based on the data base suggestion.
5. Relearning And Fund Training
When you spend thousand and even millions of funds for the implementation of your CRM, but in the long run your staff or employees don’t have the right knowledge and skills for them to take advantage or utilize the technology. Everything will be wasted.
According to survey on big companies, around sixty to eighty percent of company’s employees don’t have the sufficient budget for training. Most companies are not really optimizing their spending on effectively running CRM programs. The importance of training directly those employees who are directly involve in the software operations together with those people that will be using the generated result. In fact, many software vendors offer free training which will be done offline or online in which will guide the company for them to maximize the potentials of the application.
6. Balancing Server Space
The importance of understanding and analysis on the needed data for your database to run smoothly, the need to forecast possible upgrades in the next four months? Eight months? But the recommended goal is thirteen months, and three years of stored data information. The data should be accessible right away.
People with too much data undergo categorizing thru collection, but during the collection process there are data cannot be recovered due to some reasons. You need to keep in mind that the data should be accessible all the time, so when your customer come back, you will have an idea to the things that you are going to offer.
7. Don’t Just Delete, Collect It
According to information experts and company Information technology analyst, the data you have should be at least three years old kept on your archived files before disposing it, but it is best way to keep it somewhere that you can access it when need arise.
How will you work with your client if you don’t have the necessary data connected with their previous transactions? It is a rule that you need to carefully analyze the information before aggregating it, don’t just press the delete button or throw them away.
This should not be forgotten and should be on the guidelines. So when a company implement or install new application, the operational process should be standard. The generated reports should come from CRM with them same template. Everything should follow the time plan as scheduled. Make sure that all the data sent for analysis are from recent reports
9. Frequent User Interaction
How will you decide if the needed data or report to be measured is unknown? One of the biggest mistakes of most companies is forgetting to understand the give and take. Most companies are just looking at the one way side. Meaning they don’t create a sound partnership or relation with clients.
The significance of creating partnership as early will give an insight of what your clients want so the assigned Information technology worker can effectively deliver the right model.
10. The Business Upgrades
Your business should change from time to time, this does not mean that you are going to shift to another field but, you need to level up the business operation. As business owner, the best thing to start is to look at your board.
You can have a meeting with your executives and determine the things that they want. You need to carefully determine their goals with the business, the expectations that they want. And after determining the inputs from your executives, you ask for their opinions on how to implement those plans and the strategy that they have in mind.
11. Device A Sustainable Plan
The process of devising plan that will last long, for long lasting success the plan should not be limited to a short period of time but instead it should go with time. You can hire people and train them with the needed skills for the easy transition of the company as technology changes up to the best.
In the past a staff who have no idea of using a database format uses excel and even converted it to the new format, for sure not all data will be converted, other data will be lost. And to take note later on the new platform will be the default one on the company’s operational activities.
Unfortunately when that thing happens, the old data which are significant will be wasted. And that scenario alone bothers the company stake holders.
The plan that you have should be well protected and as long as possible it should be protected by strict guidelines on how new data will be stored, analyzed and even deleted. So to make things even stronger, data log should be added at the end of the day the data stored will be turned over and put into writing as the new staff who will take over.
12. Business Is Business
You need to treat partners as employees, in order to achieved success in the implementation of the software. Everything should be set the same. You need to set limitations on the operation of the data, in order to get a sound result. No altering of the incoming information, each and everyone should be treated the same as what the application threats its users.
Points To Remember:
Your executives focus its efforts on targeting source data in order to build an effective model. As analytics and big data climbed on the top of most corporate agenda, this is due to the amazing benefits it offers in transferring business thru delivering superb performance when the platform is properly utilized.
In our recent collaboration with big companies, we have found out that exploiting analytics and data greatly requires supportive capabilities mutually. At first, the company should identify and manage its data sources. Second, building advance analytic models that has the capability of optimizing outcomes as it predicts them.
The last one, this is the most critical among the three, the one who manage or the management should possess the needed skill in order to transform organization thru the aggregated data and execute the model in order to produce good decisions.
In battling competition, we have two features to consider, creating a clearer method or guidelines on which these data will be analyzed and used in order to effectively compete after deployment with the right technology.
The enormous data to be processed and the modeling have systematically changed over the years. As the volume of available information rapidly increases, opportunities are also increasing. With bigger data, it also enables the company to be more granular and panoramic in its view on the business environment. The capability to see the bigger picture of the company
Basically, the companies have already the data the need for them to tackle problems in the business, but the reality tells us that most mangers don’t have the skills in utilizing this significant information in order to make a sound decision for the problem. Your executives might not understand the value of daily data on the factory operations. Most companies look data comprehensively by checking the specific problem of the business and the possible opportunities they can offer in order to address the problem.
As manager or business owner, being creative on collecting data both from internal and external sources. For the record, social media platform generates nontraditional unstructured information in form of video, photos and even conversations. With the right technology that could process these data would result to the creation of the model that will address the need of the market for the business to work on.
Getting the right professional that will work on the IT support, the legacy in handling data from different sources that will go in the storage to undergo analysis. With an expert or those who know what they are doing effectively prevents unwanted data, managing data that are categorized as unstructured and experience the full capability of the application.
Resolving these critical issues might take years. On the other hand, business owners and managers can effectively address a shorter term of big data needs by simply working with the CIOs in order to prioritize certain requirements, in other words, by simply indentifying the most significant data that will be processed in the analytics and overlapping that unnecessary information.
Basically, information is significant in generating rich data, but the performance and improvement has its competitive advantage from analytic models allowing mangers to optimize and predict possible outcomes. The most important thing, is building the effective approach that stats with the simple data.
But with the sound identification of the possible opportunity in the business, it can produce an effective model that will improve the overall performance of the business. We notice that with hypothesis it leads to generating a model that could result to faster outcomes in the practical data that is easy to understand by most managers.
Always remember that any exercise in the model has its inherent risk. Though the availability of new statistical strategy enables experts to create an effective model, but there are scenarios wherein statistic experts design these models with very complex process for the organization to maximize.
Table of Contents
- 1 1. Sharing Data With Caution
- 2 2. Looking Beyond Data Transaction
- 3 3. Cleaning Data Regularly
- 4 4. Leveling Data Distribution
- 5 5. Relearning And Fund Training
- 6 6. Balancing Server Space
- 7 7. Don’t Just Delete, Collect It
- 8 8. Standardization
- 9 9. Frequent User Interaction
- 10 10. The Business Upgrades
- 11 11. Device A Sustainable Plan
- 12 12. Business Is Business
- 13 Points To Remember: