Importance Of Data Mining In Today’s Business World

[ad_1]

What is Data Mining? Well, it can be defined as the process of getting hidden information from the piles of databases for analysis purposes. Data Mining is also known as Knowledge Discovery in Databases (KDD). It is nothing but extraction of data from large databases for some specialized work.

Data Mining is largely used in several applications such as understanding consumer research marketing, product analysis, demand and supply analysis, e-commerce, investment trend in stocks & real estates, telecommunications and so on. Data Mining is based on mathematical algorithm and analytical skills to drive the desired results from the huge database collection.

Data Mining has great importance in today’s highly competitive business environment. A new concept of Business Intelligence data mining has evolved now, which is widely used by leading corporate houses to stay ahead of their competitors. Business Intelligence (BI) can help in providing latest information and used for competition analysis, market research, economical trends, consume behavior, industry research, geographical information analysis and so on. Business Intelligence Data Mining helps in decision-making.

Data Mining applications are widely used in direct marketing, health industry, e-commerce, customer relationship management (CRM), FMCG industry, telecommunication industry and financial sector. Data mining is available in various forms like text mining, web mining, audio & video data mining, pictorial data mining, relational databases, and social networks data mining.

Data mining, however, is a crucial process and requires lots of time and patience in collecting desired data due to complexity and of the databases. This could also be possible that you need to look for help from outsourcing companies. These outsourcing companies are specialized in extracting or mining the data, filtering it and then keeping them in order for analysis. Data Mining has been used in different context but is being commonly used for business and organizational needs for analytical purposes

Usually data mining requires lots of manual job such as collecting information, assessing data, using internet to look for more details etc. The second option is to make software that will scan the internet to find relevant details and information. Software option could be the best for data mining as this will save tremendous amount of time and labor. Some of the popular data mining software programs available are Connexor Machines, Free Text Software Technologies, Megaputer Text Analyst, SAS Text Miner, LexiQuest, WordStat, Lextek Profiling Engine.

However, this could be possible that you won’t get appropriate software which will be suitable for your work or finding the suitable programmer would also be difficult or they may charge hefty amount for their services. Even if you are using the best software, you will still need human help in completion of projects. In that case, outsourcing data mining job will be advisable.

[ad_2]

Why Medical Transcription Business Owners Should Join a Trade Association

[ad_1]

After purchasing equipment, hiring medical transcriptionists, and obtaining clients, there is still one more important step in completing the process of starting up a brand new medical transcription service-locating and joining the appropriate trade association.

Joining a trade association can be an incredibly valuable resource to a new business owner because it immediately connects him/her with other business professionals within the medical transcription industry in addition to providing a multitude of other benefits.

Wealth of information-One of the greatest benefits medical transcription service owners (MTSOs) can gain from an industry specific trade organization is the opportunity to take advantage of education within the industry at a discounted price or in many cases for free. Most trade organizations have regional meetings and/or national annual conferences. During these meetings, members have the opportunity to rub elbows with industry executives in the exhibit hall, learn about the latest medical transcription industry developments from vendors and earn continuing education credits. Most importantly, conferences give the entrepreneur the unique opportunity to exchange challenges, solutions and opportunities with other business owners in similar situations. Paying membership dues often provides discounted admission, reduced hotel rates and in some cases, deals on flights. Also included with the price of membership is access to newsletters, e-newsletters, trade journals, industry guidebooks and online discussion forums, which offer immediate up-to-date industry information and business advice for free.

Ability to speak up-A membership also comes with a voice. As an active member of a trade organization, MTSOs can help shape industry policies and regulations by voting on key issues. Furthermore, members are encouraged to join discussion groups, policy councils and local chapters to influence industry standards, vendor relations and have a say in annual conference details.

Model behavior-Consumers and other industry professionals view members of trade organizations in a more positive light than their non-member counterparts. Those who belong to an industry-specific association are perceived as businesses that have a strict code of ethics, high standards and stay up-to-date with the latest industry tools. Most members tout their association membership by including the organization’s logo on their marketing materials to show their clients that they are serious about their business practices.

Save money-Most trade organizations offer their members professional discounts on goods and services offered by vendor affiliates or programs presented by the association. Membership benefits can range from discounts on office equipment, shipping and trade show admissions to reduced insurance rates and price cuts on flights and hotels affiliated with the organization.

Mingling capabilities-Membership directories, local chapter meetings, webinars, conference calls and annual trade shows are all great ways to gain new contacts within the medical transcription industry. Exchanging success stories or talking about specific business challenges among other medical transcription businesses keeps well-rounded and prepared when similar challenges arise in their own workplace.

In order to cash in on all of the above mentioned benefits, there are different places an MTSO can go to find out more about medical transcription trade organizations. The Medical Transcription Industry Association (MTIA) www.mtia.com and the Association for Healthcare Documentation Integrity (AHDI), formerly the American Association of Medical Transcription (AAMT) www.ahdionline.org are two of the more familiar medical transcription trade associations. However, MT entrepreneurs might also check The Encyclopedia of Associations, published by The Gale Group or The American Society of Association Executives for additional organizations.

[ad_2]

Business Hubs: Your Business Information Center

[ad_1]

Those who want to harness the power of the Internet for growing their business; a business hub is where they will find a variety of resources as well as marketing tips and strategies. The Internet has changed the way businesses operate and reach customers. Businesses have to match their strategies to this new arena. Most traditional marketing methods will not work online, so they have to learn new marketing strategies for increasing their online presence.

There are plenty of Internet marketing methods-some are niche-specific, while some work across different industries. Marketing online is relatively more affordable than traditional advertising. When approached the right way, they can give your company the boost it needs. But where is the best place to go to learn those marketing strategies?

A business hub, which also known as web hub or vertical portal, is a website dedicated to providing content, information, and services to businesses within a particular industry such as health care and IT. While some serve as meeting ground for businesses and customers, it tends to focus more on the needs of businesses than industry customers.

As a business-to-business website, a business hub can serve as your gateway to essential information on how to grow your business. They typically cover information specific to a niche, but they may also include general marketing information (e.g. Facebook marketing, article marketing). Some also offer industry analysis or business design. Here are some of the most common business marketing strategies covered by business hubs.

  • Article marketing.Article marketing is a method of promoting a business or company by publishing keyword-optimized articles in web directories. When properly done, it is an effective tool for reaching broad audience and showing them your expertise.
  • Cloud Marketing.This is the collection of different Internet-based marketing services, allowing marketing functions to operate more efficient and effectively.
  • Consumer Generated Marketing.This is a marketing method that directly involves participation of audience in marketing products or other activities of business.
  • Facebook Marketing.This looks at Facebook as a platform for marketing one’s business and reaching audience.

Summary of Benefits Business hubs share 3 common aspects:

  1. Marketing resource.Business hubs are great source of information on how a company or business can thrive online. It gives you quick access to different marketing strategies and other relevant information-tools you need to stand ahead of the pack.
  2. Niche-specific information resource.Because it caters to niche markets, you don’t have to sort through millions of web pages to find the information most relevant to your industry. If you’re new to online business and don’t know where to start or what direction to take next, you may find the answers in a business hub.
  3. It serves as a directory of different businesses in the industry. Most keep a listing of companies offering industry-specific services. All in all, business hubs function as a reference center for people who want the ins and outs of an industry in particular and the world of Internet-based business in general.

[ad_2]

Business Intelligence in the Music Industry

[ad_1]

The use of social networking and digital music technologies generate a large amount of data exploitable by machine learning, and by looking at possible patterns and developments in this information, tools can help music industry experts to gain insight into the performance of the industry. Information on listening figures, global sales, popularity levels and audience responses to advertising campaigns, can all enable the industry to make informed decisions about the impact of the digitization on the music business. This can be achieved through the use of Business Intelligence assisted with machine learning.

Machine Learning is a branch of artificial intelligence, which gives computers the ability to implement learning behaviour and change their behavioural pattern, when exposed to varying situations, without the use of explicit instructions. Machine learning applications recognise patterns as they emerge, and adjust themselves in response, to improve their functionality.

The use of real-time data plays an important role in effective Business Intelligence, which can be derived from all aspects of business activities, such as production levels, sales and customer feedback. The data can be presented to business analysts via a dashboard, a visual interface which draws data from different information-gathering applications, in real time. Having access to this information almost immediately after events have occurred, means that businesses can react immediately to changing situations, by identifying potential problems before they have a chance to develop. By being able to regularly access this information, organisations are able to monitor activities closely, providing immediate input on changes such as stock levels, sales figures and promotional activities, allowing them to make informed decisions and respond promptly.

Using Business Intelligence to monitor P2P file sharing can provide a detailed insight into both the volume and geographical distribution of illegal downloading, as well as giving the music industry with some vital insight into the actual listening habits of the music audience. By analysing patterns in data on downloads, music professionals can identify recurring trends and respond to them accordingly, for example, by providing competitive services – streaming services like Spotify are now driving traffic away from P2P filesharing, towards more monetizable routes.

Social networks can provide invaluable insight to the music industry, by giving direct input on fans’ feedback and opinions. Automated sentiment analysis is a useful method of gaining insight into these unofficial opinions, as well as gauging which blogs and networks exert the most influence over readers. Data mined from social networks is analysed using a machine learning based application, which is trained to detect keywords, labelled as positive or negative. It is necessary to ensure that the technology can adapt and evolve to changing patterns in language usage, while requiring the least amount of supervision and human intervention. The volume of data would make manual monitoring an impossible task, so machine learning is therefore ideally suited. The use of transfer learning, for example, can enable a system trained in one domain to be used in another untrained domain, allowing it to keep up when there is an overlap or change in the expression of positive and negative emotion.

After the available data is narrowed using machine learning based applications, music industry professionals can be provided with information regarding artist popularity, consumer behaviour, fan interactions and opinions. This information can then be used to make their marketing campaigns more targeted and efficient, helping in the discovery of emerging artists and trends, minimise damage from piracy and help to identify the influential “superfans” in various online communities.

[ad_2]