A very old adage goes: “Information is power, use it wisely”. This was never truer than in the present day age. In the time of digitisation, we are basically making our time fly with the help of power. We need access to the internet on a daily and hourly basis; we cannot imagine a day of our life without it. As for the banks, government and private institutions and companies, they would be crippled if the world wide web WANs were to go slow for a few days. So, therein we can understand the power of the internet and the absolute rule of power in the post-1990’s times.
Therefore, when a company has to make advancements in its business, it has to make a careful study of all the information related to individual or groups of clients, news of new innovations that are made in the field of technology all over the world, medical breakthroughs and progresses, data obtained by surveillance mechanism and lots of similar stuff. All this information is stored up daily in the archives and annals of the internet and the accounts of the company, and yet its sheer volume can sometimes be too overwhelming for the institution to manage and study. Therefore, all data that is relevant to a company is organised into databases and put under the daily supervision of database managements systems of the company. But this is also not enough as data needs to be analysed daily and seen in new ways so as to detect slight changes or subtle hints at change, so as to deduce new trends, demands and newly-relevant stuff. This has forced the companies to go for data mining, or creating software whereby existing hordes and archives of data can be automatically summarised, analysed, examined and the essence of that information is carefully extracted in order for the company to profit from it.
This has also led to an addition to an already existing business practise: Data mining outsourcing is being done by bigger companies to smaller ones, the latter being specialists in the job.
What are the benefits of outsourcing data mining now, one may ask? The answer is multi-point. On the one hand, it is possible for the client company, the one that is outsourcing the job; get to avail of the services of a firm who has a much more organised and expert approach towards the issue, and get a large amount of work done in a shorter period of time owing to the presence of a considerable number of staff members, all of who are trained specially in this one field. Also, this is much more cost-effective for the client company keeping in mind the fact that hiring internal staff for the purpose would make the costs go through the roof.