Data entry usually refers to the act of converting the data from one form to another. Forms of data that people use may include handwritten documents, spreadsheets, sequences of numbers, letters and symbols that build a program or simple data like names and addresses.etc Companies require collecting and maintaining a lot of data. This need to collect and neatly present the documents has required data entry. Good typists are the most qualified for data entry positions. Companies often prefer to outsource their routine data entry operations to BPO'S specializing in the same thereby enabling them to concentrate on core activities.
Data mining is the process of analyzing the data from different perspectives and summarizing it into useful information can be used to increase revenue or to cut down or both.
Data mining is primarily used by companies with a strong consumer focus especially the retail, financial, communication, and marketing organizations. It enables the companies to determine relationships among the "internal" factors like price, product positioning, or staff skills, and other "external" factors such as economic indicators, competition, and customer demographics. This enables them to determine its impact on sales, customer satisfaction, and on corporate profits. By data mining companies can understand about historical patterns and future trends. For example, summary information on retail supermarket sales can be analyzed in the light of promotional efforts to provide knowledge of consumer buying behavior.
For example, restaurants could mine customer purchase data to determine when customers visit and what they order. This information could be used to increase the number of customers by highlighting daily specials in the menu. Data can be mined to identify market segments or consumer tastes and preferences etc.
Data mining includes the five elements:
- Extracting,transporming and loading the data onto the data warehouse system.
- Storing and managing the data in a multidimensional database system.
- Providing data access to business analysts and information technology professionals.
- Analyzing the data by application software.
- Presentation of the data in any useful format, such as a graph or table etc as required
Data Cleansing includes the following:
- Enriching the available data with product attributes, images, and manufacturer specifications etc.
- Eliminating duplicate records which might be similar looking records
- Identifying any missing or incomplete data
- Identifying and removing duplicated records, if any
- Identifying and tagging of similar records for subsequent review
- Removing Invalid records
- Carrying out Data validation in case when required. For example using a post code checker to identify that addresses are correct
- Removing any obsolete data
- The comparison of records matching third party
Data research services include the following
- Research on New markets and growth opportunities available.
- Research on Market trends
- Innovation made on basis on the the researched information.
- Research regarding the Top competitors, Majority Players, Brands available in market
- Market Analysis, Competitive Analysis etc.
- Research on the Product specifications, development and promotion strategies which would help to increase revenue.
- Research on the new products, pricing, etc
- Key people
- Key competencies
- Strength, weaknesses & best practices
- Research report writing