For each of the domains of human action.
Your data holds a wealth of valuable information and great potential for your company's growth. Can you effectively evaluate this potential? Can you ask the right questions and get valuable answers?
Every company that operates information systems has a large database of data that is usually not fully exploited. Data mining is the process of extracting knowledge, relationships and previously unknown information from the data available. The term covers many different techniques and processes by which the input "raw" data is modified, cleaned and analyzed. Due to the undeniable benefits of data mining, especially for business processes, the popularity of these kinds of tasks and the frequency of their deployment is growing.
The advantages of data mining can be used for each of the areas of human activities. Are you a business that needs to predict your customers' behaviour so you can target them with new offers?Knowing the likelihood that a given customer will respond positively to a specific offer is extremely valuable for the optimal targeting of a direct mail campaign. Data mining methods can estimate this likelihood based on available data on the performance of previous comparable campaigns. Knowing this informationcan reduce the cost of a targeted advertising campaign by tens of percent while maintaining its effectiveness.
Do you need to better identify key customers? In many large companies, 80% of a company's turnover is accounted for by the top 20% of its most important customers. This basic form of segmentation based on selected parameters (in this case, turnover) is already possible with most analytical tools. Segmentation using data mining methods enables finding and identifying segments across dozens of attributes of customer database. Marketing work with individual sub-segments is then much more effective than working with the complete customer database.
Do you want to prevent losing customers to your competitors? By analysing the past behaviour of customers who left for a competitor in the past, it is possible to derive behavioural patterns that precede leaving for a competitor. And the cost of retaining an existing customer is significantly lower than the cost of acquiring a new customer. You can target a selected customer for whom these typical behavioural patterns have been identified in order to avoid a potential switch to a competitor.
There are many possible ways to use data mining methods and techniques. Are you interested in this area? Contact us.