1 / 11

Data Mining - Helping Startups to Sustain Their Business

Startups struggling to sustain their fledgling business can gain a lot from data mining. If applied properly as a business practice, data mining not only helps you expand your customer base rapidly, but also gives to new insights that enable you to stay ahead of competition. Read more to find out more please drop a line at info@data-entry-india.com or visit: https://www.data-entry-india.com/web-research-data-mining-services.htm.

DataEntryIndiaDEI
Download Presentation

Data Mining - Helping Startups to Sustain Their Business

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. DATAMINING-HELPINGSTARTUPSTOSUSTAIN THEIR BUSINESS

  2. PRESENT STARTUP SCENARIO More than 73% US entrepreneurs start their business athome Only 56% of small ventures started in 2014 could make it to their 5th year Lack of funds is the number one reason for Startups to shutshop Inability to turn data into knowledge is the second major reason of failure of startups Data mining services can be of great help to eliminate this stumblingblock

  3. WHATISDATAMINING? It is the process of identifying patterns within adatabase It brings valuable insights into customer behaviour, sales, customer experience etc. It helps entrepreneurs foresee challenges and make timelydecisions It involves data collection, warehousing and data processing using software and algorithms

  4. DATAMINING-AGREATENABLERFOR STARTUPS It makes data as a valuable commodity and turns raw information into insights Data mining enable startups to build customer relation strategies thatwork It enables startups allocate their resources in a better way and mitigate risks Bolsters the sales and marketing efforts by giving deep insights intobusiness

  5. HOWSTARTUPSCANEMBRACEDATAMINING Being prepared - Key to successful adoption of datamining Before taking a plunge, startupsshould:

  6. Strategize: Make a long term strategy of what exactly they want to achieve data mining Keep customers at the helm: Identify target audience and carve out a plan to enhance customerexperience Assess you competition: Make a thorough analysis of your competitors vis a vie their strengths andweaknesses Develop strong messaging: Understand customer needs and create a marketing message to addressthem Acquire technology: Acquire analytics, data mining tools and systems, if too expensive hire avendor

  7. DATAMININGTECHNIQUES:CHOOSETHEONETHAT SUITS YOUR NEEDS AND BUDGET Industries across the board rely on four different types of data mining techniques to drive growth:

  8. Non-Coupling DataMining Pros: Data processing with algorithms, Results can be stored in file systems Cons: Limited capability, Inability to usedatabase Loose Coupling DataMining Pros: Speedy processing, Cost-effective, Quick results Cons: Dependency of data sources, Delayed queryresponse Semi-Tight Coupling DataMining Pros: Ability to exploit database functionalities, Easy identification of patterns Cons: Latency in complexqueries Tight Coupling DataMining Pros: Highly scalable system, Quick query resolution Cons: Needs expensiveinfrastructure

  9. NAILDATAMININGTODRIVEBUSINESSGROWTH- USE DATA VALIDATION & DATA ENRICHMENT Data mining is not complete without data validation and dataenrichment Datavalidation: It is the processes that help you measure the performance of your data mining techniques Allows you to tweak your mining model thereby enabling you to drive the desiredresults Data validation measures data mining on three attributes - accuracy, reliability andusefulness. DataEnrichment It is the process of improving and enhancing raw data into a valuable business commodity that enables entrepreneurs to make well informeddecisions.

  10. SUMMINGUP Data mining can be a great enabler forstartups Startups should first understand the whole process of data mining before applying it They should choose the technique the suits their individualneeds If you are not an expert on data mining, outsourcing data mining servicesis your best bet Choose a vendor of repute that has the expertise and experience of delivering bespoke services

  11. CONNECTWITHTHEEXPERTsTODAY WWW.DATA-ENTRY-INDIA.COM ADDRESS 1968 S. Coast Hwy#499, Laguna Beach CA92651 PHONE +16467129814 EMAIL info@data-entry-india.com

More Related