Data Mining when implied smartly and correctly in your day to day business,is named Business Intelligence. According to Mr. Kevin Falconer, GM of local storage and networking distributor, Channel Data,” Most dealers and resellers are awash with valuable data that could make a significant difference to their bottom line, if used correctly.”
Data mining means extracting patterns from existing data. If this extraction process is applied to corporate industry many fruitful results can be seen. If, in a business administration or organisation, one keeps a note of the Sales, Market research, Customer’s requirements and complaints encountered and then mine this data to predict or identify patterns to understand the correct requirements of the customer and further fulfilling them. This will help boost the business and improve customer relationships.
This combination of data ming and business management is becoming cheaper as the computers and large storage disks used in this process are easily available now and at affordable prices. But, this process may also lead to the shifting of focus of providing service from the most profitable (minority) less percentage of customers to less profitable (majority) highly demanding customers. It is therefore vitally important to recognise profitable customers, and the characteristics that define them, Falconer argues. For example, changes in their purchasing behaviour can either present an opportunity to follow the trend, or a threat the company will promptly have to address. Accurate, up-to-date customer information will give sales staff many cross-sell, up-sell, and repeat-sales opportunities, he concludes. Unfortunately, this data is rarely analysed or put to productive use because many small business owners often neglect to apply core marketing principles to attract and retain clients.
As more and more data is mined and converted into knowledge historical patterns will crystalline and trend lines will become evident. Data mining, integrated into modern customer relationship management solutions are already enabling IT reseller businesses to grow the ‘lifetime value’ of their customers and so assume leadership positions in the IT industry – whether their target market is individual end users or corporate clients. Now which strategy will you choose? The good old Business Negligence or the fast developing Business Intelligence. When you have success at your door step.. Why not opening up the door instead of ignoring it?
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