Data Mining Outsourcing Best Practices
From time to time, to have a competitive advantage as an enterprise, you will need to find new and significant patterns in your amassed data to make knowledgeable business decisions, improve security risk posture, improve planning and forecasting, tweak processes, increase lead conversions and customer retention, enhance product features, and build stronger customer relationships. To get these business insights, you will need to do data mining.
What is Data Mining?
Data mining is the process of examining large pre-existing databases and sorting through large data sets to discover patterns and establish relationships to solve problems using machine learning, statistics, and database systems.
According to Wideskills.com, an online tutorial platform, data mining process involves four steps, namely:
- Unearthing, converting and loading data into a data warehouse
- Storing and managing data in complex databases using suitable algorithms such as classification and regression algorithms
- Providing data access to a variety of business analysts using application software
- Presenting the analyzed data in easy-to-understand forms, such as graphs.
To effectively execute the data mining process, companies need massive data warehouses, high internet speeds, technologies to support global reach and a world-class team of data mining experts. This can be out of reach for most small and mid-sized enterprises. Even for large enterprises, it will be costly to establish and maintain these independent data mining center. To manage such challenges, data mining outsourcing is the sure deal.
Data Mining Outsourcing
Data mining outsourcing, which involves contracting a data mining company to do the data mining on behalf of your company, is a practical and more efficient method because of its many benefits. These benefits include:
- Access to experienced and accomplished data mining experts: Data mining companies recruit highly competent IT experts whose sole role is to mine data. This high specialization exposes the data mining professionals to data mining industry best practices. This guarantees you of quality data mining services.
- Improved technology: Because their core business is data mining, most data mining companies can invest considerable resources in terms of software and technology which is not possible for a company that only needs data mining services to augment its core business. Improved technology and software is key to effective and timely handling of information and data.
- Cost savings: Outsourcing your data mining operations will eliminate the need to hire data mining experts, invest in expensive data mining software and technology, and acquire office floors for the data mining teams.
- Improved productivity: Outsourcing your data mining processes will enable your company to move its focus to the core business operations, thus improving your overall productivity.
The common data mining services outsourced to the professional data mining companies include:
- Web/screen scraping and data congregation: This process involves the extraction of data from different websites and web pages.
- Collection of contact data: This involves searching and collection of contact information from a number of websites.
- E-commerce data collection: This entails collection of product prices and available discount data from various online stores.
- Competitor data collection: Through this service, you will be able to get information about your business competitors that will help your company to redesign its marketing strategies.
What Software Tools can be Used to Provide Optimal Efficiency?
While outsourcing data mining services, make sure that the service provider is using data mining software that are capable of providing optimal efficiency. Some of the things to consider include:
- It is always recommended to go for data mining software that has the capacity to produce automatic insights on 100% of calls. Companies like 8x8 offer contact center technology that is able to keep up with challenging customers who expect support reps to comprehend precisely what their needs are and know how to resolve their problems. These collaboration tools are able to instantly mine answers to customers’ questions and produce analytics insights for managers to pinpoint the ‘why’ behind a customer’s pain or satisfaction. This guarantees a faultless customer experience.
- Always choose software like MatrixOneSource by 8x8 that has the ability to evaluate your contact center training program to determine if it’s using the right framework to effectively coach your support reps. The software is able to define measurable objectives and assesses whether those objectives have actually been met. This leads to higher agent productivity, quality management, and improved overall contact center effectiveness.
- Choose data mining software that has the ability to reliably and securely integrate to your contact center and CRM systems. This will provide that the outsourced data mining provider with up-to-date customer information which will, in turn, allow them to provide highly personalized service via phone, email or chat.
Your business has enough on its plate. Outsource what makes sense for your business, choose a world-class SaaS technology solution and focus on what's important: your clients. Call 1-866-879-8647 or fill out an online form to request a no-obligation quote from an 8x8 product specialist.