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Data Mining for Startups

ownerThose who are running startups have laundry lists of things to do to keep their heads above water. From establishing efficient processes to support your well-thought-out business plan, to keeping pristine records for tax time, there are a million things to do in any given day, providing a valuable product or service notwithstanding. Often, its startup companies, to whom data mining and predictive analytics may be the most helpful, who just don’t make the time for this seemingly daunting task.

However, the payoff is multitude for the business owner who invests the time and energy into collecting and mining accurate data from the beginning. Data mining all of the information collected from previous transactions will give a startup a clear view of what exactly has happened so far– and how, then, to repeat, or improve, the process. This is where predictive analytics comes to play. For a number of tasks, modeling future potential outcomes, though perhaps time-consuming at first, will save a small business owner any number of headaches. The resources which may be preserved through this process are plentiful. So much so that Forbes calls this process a ‘goldmine’, and shares a creative list of examples, including some of these highlights:

Targeted Direct Marketing

Why waste money on Marketing or Advertising campaigns that won’t reach your target? Rather than relying on trial and error, Data mining allows a small business owner to extrapolate exactly who his consumer is and how he can best focus his efforts on reaching them with the least investment and highest return.

Customer Retention

Once your company initiates a client relationship, nurturing a positive affiliation is crucial. Determining which clients may be about to leave and for what reason would save a business owner’s energy for only focused efforts to correct errors and maintain a cohesive working relationship.

Investment Risk Management

From purchasing stocks to vetting partners or acquisition candidates, even to selecting which vendors to trust with your business, predictive modeling can save a business owner from potentially costly business errors. Analyzing the data that has come before can help a small business side-step the pitfalls.

Education, Fraud Detection, Political Campaigning, Mortgage Underwriting, and many more outlets… The application of predictive analytics will vary in each field, but the same truth is evident throughout. The investment in gathering and mining your data to allow you the ability for predictive modeling is of tantamount importance. If you are ready to learn more, consider taking advantage of The Modeling Agency’s Free Introductory Webinars. For a fuller data mining experience which will leave you with enough practical knowledge to embark on data mining for your small business, TMA’s Training Seminars may be the right answer for you.

Data Mining Webinar

Learn How to Get Predictive Modeling
Off the Ground and Into Orbit
1 Hour Live Interactive Event

Why Train With TMA?

Determine whether TMA training is right for you, and learn why TMA is truly the best option for live classroom analytics training.