Data Mining is an essential process by which organizations are able to benefit from the loads of information already available on the internet and from various other sources. The idea is to extract the relevant information, categorize and summarize them and present it in such a way that it benefits your organization in improving the ROI. Because this involves a lot of time and effort, most of the organizations seek the services of an outsourcing company to perform data mining efficiently.
While there are different stages involved in data mining, the entire process can be classified as understanding the requirements, extracting relevant information, undertaking validations and processing of the extracted information, categorizing and summarizing the information and presenting it in a comprehensive format which can be easily understood. This is a repetitive process, which provides the much-required information to the organizations which helps their forecasting and decision making.
Understand the Requirements
The very basic of any process is to understand the requirements of performing it. Since the data to be mined for each industry and purpose may differ considerably, it is important that the BPO outsourcing company analyzes the requirements thoroughly. A competent outsourcing company with ample experience in different industries will be able to complete the requirement analysis quite efficiently.
Extracting Relevant Information
Data extraction requires a lot of experience and technique. This is where the true essence of outsource data mining is delivered by the company. A competent outsourcing company will have ample resources experienced in different industries to extract the relevant information required as per the requirement analysis performed. Adequate use of technology is also a must to make this extraction complete and accurate.
Data Validations and Processing
Once the information is extracted, it has to be validated and processed to make ensure its accuracy and completeness. Validations make the data accurate and processing makes it more understandable.
Categorizing and Summarizing
Since there is a huge volume of data being extracted, it is important to categorize the information properly and then to summarize it so that it is more useful to the organization. Categorization requires an industry expert since only a person familiar with the industry’s specifications will be able to categorize the data efficiently. When dealing with the healthcare industry, the information has to be categorized based on the different criteria commonly used in the industry such as sex, location, age-group, disease etc. Summarizing is also important or else, the information will take a lot of time to comprehend. The main details only need to be presented in the summary and the unnecessary detailing can be avoided, which makes the information more easily readable.
Presenting the Information
Ultimately, the offshore data mining services have to present the extracted, validated, processed, categorized and summarized information that is in alignment with the organization’s requirement in an easily understandable format. Sometimes the organization provides the details or format in which the data needs to be presented. Otherwise, they have to come up with an interesting format which makes sense of the information extracted. Drill down reports with detailing will be a great way to present the entire information in a nutshell.