Thursday, May 28, 2020

How Data Mining Can Be Crucial

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By Raymond Kim

It seems you can't look at a business-oriented website or go to a conference these days without hearing people talk about big data. The evolution of the Internet has given us the ability to accumulate a tremendous depth of information about a wide variety of topics. Businesses are swimming in data about their customers.

Of course, this data is nothing without insight--that's where the rubber meets the road. Organizations armed with a deeper understanding of audience behavior have a huge advantage over their competition. This truth applies to employers and gaining knowledge about how their employees use their group benefits. The more you know and understand about benefits utilization, the more you can tailor your program to suit participant needs.

Such insight requires data mining, defined as collecting and analyzing data to create understanding and drive informed decisions. What you're trying to do is to identify patterns and trends to glean information about what you can proactively impact in the future. This process can be very helpful in the process of designing and measuring the success of wellness programs. Health and wellness has become a significant trend for employers over the last several years. According to an IBISWorld report on corporate wellness, U.S. businesses spend $2 billion annually on worksite wellness initiatives.


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