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Leveraging Data Mining Software for Competitive Advantage

Strategy   |   Paul Warburg   |   May 9, 2022

Leveraging Data Mining Software for Competitive Advantage with Designer Cloud

It’s no secret that leveraging big data can provide competitive advantages for a company. Effective data-driven organizations use data mining software technologies that help to make data easy to capture, manage and access across the entire organization. Data mining software and techniques are usually used to pull out the value from a company’s big data investment. Analyzing data can help a business to do anything from helping to better predict supply manufacturing to improving customer service. Data mining tools are versatile, reliable and effective for businesses to pull valuable insights from large amounts of data in fast-paced environments. Learn about the importance of data mining techniques and the challenges of the process and how to overcome those challenges.

The Importance of Data Mining Techniques

Data mining provides organizations crucial and valuable insights into their respective industries. In recent years, it has become clear that data mining software is being used for a broad range of industries. Data mining techniques are used in all industries because every industry needs to extract insights from data sets. Data mining plays a crucial role in every industry. Some of the more recent growth in data mining and analysis needs are in the Financial Services, Life Sciences and Telecommunications industries.

  1. Financial Services: Data mining techniques can help financial companies pull crucial insights from large amounts of data in a fast-paced industry. With hourly transactions and high-frequency trading there is ever-changing and growing data in the financial industry. This data can be extremely effective when leveraged to detect fraud, manage risk, ensure regulatory compliance and improve investment management and portfolio valuation.
  2. Life Sciences: Today’s data-driven health companies have access to genomics, social media and research data at their fingertips and are able to use it to accelerate clinical trials, identify and reduce adverse drug reactions, and optimize supply chains. Data mining techniques pull the most valuable insights from the data to move life science research forward.
  3. Telecommunications: These providers have dealt with large quantities of data for some time, but today they have reached considerably greater volumes. With networks, devices and social media, there is vastly more data for telecommunication companies to explore to improve customer service, target market, and reduce churn. And data mining provides access to the most essential insights from the large amounts of communication data.

The Challenges of Data Mining

Data mining provides organizations with valuable insights that can then lead to new action. But data mining can fall short because traditional techniques can take weeks to glean the valuable insights that the organization is seeking. Raw data contains dirty data, misplace values, redundant data, or insufficient data. These challenges can result in inaccurate data analysis or data mining if analysts don’t spend the time working through the raw data. Then the process of data mining can take analysts extensive amounts of time because they have to sift through the raw data manually. Because of these challenges, some organizations are unable to perform the mining and analysis they wish to.

But data mining doesn’t need to take extensive amounts of time or resources. The key to successful data mining is to prepare the data for the process of data mining. Data preparation tools can sort through the challenges of raw data to prepare the data ahead of time for the process of data mining. Once the data is properly prepared with the right tools, it can then be mined and analyzed in less time with fewer resources. The data mining techniques will then be faster and more efficient because the data is prepared and ready for analysis.

The Alteryx Designer Cloud Solution

Alteryx Designer Cloud prepares data for the processes of data analysis and data mining. This data prep tool can reduce the amount of time spent in the data mining process because the data is ready to be analyzed with greater efficiency and success.

Designer Cloud offers a unique solution that works with most data mining software technologies. Try our 30 day free trial to experience Designer Cloud for yourself.