Business Data Mining
We find it interesting that when we speak to business owners of small, medium and sometimes even large organizations, that they do not mine the data the business collects from business activities. Most may not even know what data or mining means and that could be where the problem begins for most organizations. However, when a business provides a sale or service to the community, data is created that can help the business forecast or plan what the next year’s sales might look like. Simple data like this can help the business plan inventory, staffing and many other items that affect the business balance sheet and profit and loss. Of course, this is just one of the many benefits of collecting and mining the data collected. Businesses can also use that data in the product development phase by producing the products and services customers buy the most. The marketing department can also benefit from company data by creating marketing strategies that align with the demographics of the customers they served. Regardless of how big or small your company is, your goal is to create profit, but this can not be accomplished if you do not begin by looking at who your customer is and what they do or do not buy from you. At the end of the day, only the businesses that understands and use technology will be standing.
Jhoanna R. Jones has over 15 years of experience in the financial services industry with broad knowledge of commercial lending including SBA, USDA, CMBS, and commercial real estate.
Jhoanna R. Jones| firstname.lastname@example.org | (415) 902-0616