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Generally, mathematical algorithms and statistical techniques
coupled with software tools are required in the process of data
mining. The output is the easy to use software that is further used by
non-mathematicians to efficiently evaluate the data. The process of
data mining is used in numerous applications like analyzing
consumer attributes, market research, direct marketing, genetics,
text evaluation, fraud determination, e-commerce industry,
designing warranty products, financial services, customer
management etc.
Role of data mining with business intelligence However, business
intelligence is a wider arena of decision making. Business intelligence
uses data mining as one of the most prominent tools to make the
data more relevant in various applications. The data mining is
coupled with business intelligence and is used in text mining,
relational databases, audio data mining etc. to make the data useful
for future works. In recent years, business intelligence has come up as
a solution helping enterprises reach their goals of profit
optimization.
It is no longer just a smart support system. Since, managers are required to
take various critical decisions every day in an organization so reasonable and
timely decisions are mandatory. Organizations have to focus on customers
and competitors aspects as well with focusing on internal situations.’
To collect the information from multiple systems, data mining is clubbed
with business • intelligence to meet all those needs. Business intelligence has
been established as an optimal solution in enterprises helping thousands
reach the goals of profit optimization. Business intelligence offers host of
benefits in designing warranty products in an organization.
Cutting down costs in organizations
In most cases, managers are required to retrieve information from various
sources as to why the business results of some particular months are low. It
consumes a lot of time and cost. However, with BI solutions, data is fetched
from multiple sources and helping managers analyze the results. It cut down
the overall costs since investing in BI solution is all one organization needs.
Besides this, BI solutions also cut down the consumption of time. In other
words, extracting data in no time is an effective solution to cut costs and
enhance efficiency of the organization.
AMT Warranty Corp- Removing Low-quality products
BI solutions help managers know about the ineffective products consuming cost by
data mining and eliminate those as soon as possible. The key performance indicators
or KPIs are measured and thus, low quality products are wiped out.
Examine the efficiency of promotion programs with AMT Service Corp
BI solutions helps in releasing an evaluation report of the promotion campaigns by
collecting data of sales, expense, customers, products and turnover. This helps
managers track the programs that have been effective in past and can be implemented
again, if required.
Evaluate competitors, expand market share the Amtrust Warranty way
The most imperative of any business is to know about the competitor’s capacity.
Therefore, BI solutions help the mangers evaluate competitors list and prepare a
checklist of potential customers.
It helps in measuring sales, customers, reports of promotion campaigns, thereby
aiding managers with expanding strategies. The use of business intelligence and data
mining has greatly aided organizations in designing effective techniques to expand the
business. It has been bringing out smart and quick ways to help organizations
considerably. Though every small or large scale company is deploying effective BI
solutions but there are many such evaluations expected in years to come.
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