Data Mining and Financial Data Analysis

Data Mining and Financial Data Analysis

Introduction:

Most marketers understand the value of collecting financial data, but also realize the challenges of leveraging this knowledge to create intelligent, proactive pathways back to the customer. Data mining - technologies and techniques for recognizing and tracking patterns within data - helps businesses sift through layers of seemingly unrelated data for meaningful relationships, where they can anticipate, rather than simply react to, customer needs as well as financial need. In this accessible introduction, we provides a business and technological overview of data mining and outlines how, along with sound business processes and complementary technologies, data mining can reinforce and redefine for financial analysis.

Objective:

1. The main objective of mining techniques is to discuss how customized data mining tools should be developed for financial data analysis.

2. Usage pattern, in terms of the purpose can be categories as per the need for financial analysis.

3. Develop a tool for financial analysis through data mining techniques.

Data mining:

Data mining is the procedure for extracting or mining knowledge for the large quantity of data or we can say data mining is "knowledge mining for data" or also we can say Knowledge Discovery in Database (KDD). Means data mining is : data collection , database creation, data management, data analysis and understanding.

There are some steps in the process of knowledge discovery in database, such as

1. Data cleaning. (To remove nose and inconsistent data)

2. Data integration. (Where multiple data source may be combined.)

3. Data selection. (Where data relevant to the analysis task are retrieved from the database.)

4. Data transformation. (Where data are transformed or consolidated into forms appropriate for mining by performing summary or aggregation operations, for instance)

5. Data mining. (An essential process where intelligent methods are applied in order to extract data patterns.)

6. Pattern evaluation. (To identify the truly interesting patterns representing knowledge based on some interesting measures.)

7. Knowledge presentation.(Where visualization and knowledge representation techniques are used to present the mined knowledge to the user.)

Data Warehouse:

A data warehouse is a repository of information collected from multiple sources, stored under a unified schema and which usually resides at a single site.

Text:

Most of the banks and financial institutions offer a wide verity of banking services such as checking, savings, business and individual customer transactions, credit and investment services like mutual funds etc. Some also offer insurance services and stock investment services.

There are different types of analysis available, but in this case we want to give one analysis known as "Evolution Analysis".

Data evolution analysis is used for the object whose behavior changes over time. Although this may include characterization, discrimination, association, classification, or clustering of time related data, means we can say this evolution analysis is done through the time series data analysis, sequence or periodicity pattern matching and similarity based data analysis.

Data collect from banking and financial sectors are often relatively complete, reliable and high quality, which gives the facility for analysis and data mining. Here we discuss few cases such as,

Eg, 1. Suppose we have stock market data of the last few years available. And we would like to invest in shares of best companies. A data mining study of stock exchange data may identify stock evolution regularities for overall stocks and for the stocks of particular companies. Such regularities may help predict future trends in stock market prices, contributing our decision making regarding stock investments.

Eg, 2. One may like to view the debt and revenue change by month, by region and by other factors along with minimum, maximum, total, average, and other statistical information. Data ware houses, give the facility for comparative analysis and outlier analysis all are play important roles in financial data analysis and mining.

Eg, 3. Loan payment prediction and customer credit analysis are critical to the business of the bank. There are many factors can strongly influence loan payment performance and customer credit rating. Data mining may help identify important factors and eliminate irrelevant one.

Factors related to the risk of loan payments like term of the loan, debt ratio, payment to income ratio, credit history and many more. The banks than decide whose profile shows relatively low risks according to the critical factor analysis.

We can perform the task faster and create a more sophisticated presentation with financial analysis software. These products condense complex data analyses into easy-to-understand graphic presentations. And there's a bonus: Such software can vault our practice to a more advanced business consulting level and help we attract new clients.

To help us find a program that best fits our needs-and our budget-we examined some of the leading packages that represent, by vendors' estimates, more than 90% of the market. Although all the packages are marketed as financial analysis software, they don't all perform every function needed for full-spectrum analyses. It should allow us to provide a unique service to clients.

The Products:

ACCPAC CFO (Comprehensive Financial Optimizer) is designed for small and medium-size enterprises and can help make business-planning decisions by modeling the impact of various options. This is accomplished by demonstrating the what-if outcomes of small changes. A roll forward feature prepares budgets or forecast reports in minutes. The program also generates a financial scorecard of key financial information and indicators.

Customized Financial Analysis by BizBench provides financial benchmarking to determine how a company compares to others in its industry by using the Risk Management Association (RMA) database. It also highlights key ratios that need improvement and year-to-year trend analysis. A unique function, Back Calculation, calculates the profit targets or the appropriate asset base to support existing sales and profitability. Its DuPont Model Analysis demonstrates how each ratio affects return on equity.

Financial Analysis CS reviews and compares a client's financial position with business peers or industry standards. It also can compare multiple locations of a single business to determine which are most profitable. Users who subscribe to the RMA option can integrate with Financial Analysis CS, which then lets them provide aggregated financial indicators of peers or industry standards, showing clients how their businesses compare.

iLumen regularly collects a client's financial information to provide ongoing analysis. It also provides benchmarking information, comparing the client's financial performance with industry peers. The system is Web-based and can monitor a client's performance on a monthly, quarterly and annual basis. The network can upload a trial balance file directly from any accounting software program and provide charts, graphs and ratios that demonstrate a company's performance for the period. Analysis tools are viewed through customized dashboards.

PlanGuru by New Horizon Technologies can generate client-ready integrated balance sheets, income statements and cash-flow statements. The program includes tools for analyzing data, making projections, forecasting and budgeting. It also supports multiple resulting scenarios. The system can calculate up to 21 financial ratios as well as the breakeven point. PlanGuru uses a spreadsheet-style interface and wizards that guide users through data entry. It can import from Excel, QuickBooks, Peachtree and plain text files. It comes in professional and consultant editions. An add-on, called the Business Analyzer, calculates benchmarks.

ProfitCents by Sageworks is Web-based, so it requires no software or updates. It integrates with QuickBooks, CCH, Caseware, Creative Solutions and Best Software applications. It also provides a wide variety of businesses analyses for nonprofits and sole proprietorships. The company offers free consulting, training and customer support. It's also available in Spanish.

ProfitSystem fx Profit Driver by CCH Tax and Accounting provides a wide range of financial diagnostics and analytics. It provides data in spreadsheet form and can calculate benchmarking against industry standards. The program can track up to 40 periods.

Source : http://ezinearticles.com/?Data-Mining-and-Financial-Data-Analysis&id=2752017

Importance of Data Mining Services in Business

Importance of Data Mining Services in Business

Data mining is used in re-establishment of hidden information of the data of the algorithms. It helps to extract the useful information starting from the data, which can be useful to make practical interpretations for the decision making.
It can be technically defined as automated extraction of hidden information of great databases for the predictive analysis. In other words, it is the retrieval of useful information from large masses of data, which is also presented in an analyzed form for specific decision-making. Although data mining is a relatively new term, the technology is not. It is thus also known as Knowledge discovery in databases since it grip searching for implied information in large databases.
It is primarily used today by companies with a strong customer focus - retail, financial, communication and marketing organizations. It is having lot of importance because of its huge applicability. It is being used increasingly in business applications for understanding and then predicting valuable data, like consumer buying actions and buying tendency, profiles of customers, industry analysis, etc. It is used in several applications like market research, consumer behavior, direct marketing, bioinformatics, genetics, text analysis, e-commerce, customer relationship management and financial services.

However, the use of some advanced technologies makes it a decision making tool as well. It is used in market research, industry research and for competitor analysis. It has applications in major industries like direct marketing, e-commerce, customer relationship management, scientific tests, genetics, financial services and utilities.

Data mining consists of major elements:

    Extract and load operation data onto the data store system.
    Store and manage the data in a multidimensional database system.
    Provide data access to business analysts and information technology professionals.
    Analyze the data by application software.
    Present the data in a useful format, such as a graph or table.

The use of data mining in business makes the data more related in application. There are several kinds of data mining: text mining, web mining, relational databases, graphic data mining, audio mining and video mining, which are all used in business intelligence applications. Data mining software is used to analyze consumer data and trends in banking as well as many other industries.

Outsourcing Web Research offer complete Data Mining Services and Solutions to quickly collective data and information from multiple Internet sources for your Business needs in a cost efficient manner.

Sourec : http://ezinearticles.com/?Importance-of-Data-Mining-Services-in-Business&id=2601221

Data Extraction Services For Better Outputs in Your Business

Data Extraction Services For Better Outputs in Your Business

Data Extraction can be defined as the process of retrieving data from an unstructured source in order to process it further or store it. It is very useful for large organizations who deal with large amount of data on a daily basis that need to be processed into meaningful information and stored for later use. The data extraction is a systematic way to extract and structure data from scattered and semi-structured electronic documents, as found on the web and in various data warehouses.

In today's highly competitive business world, vital business information such as customer statistics, competitor's operational figures and inter-company sales figures play an important role in making strategic decisions. By signing on this service provider, you will be get access to critivcal data from various sources like websites, databases, images and documents.

It can help you take strategic business decisions that can shape your business' goals. Whether you need customer information, nuggets into your competitor's operations and figure out your organization's performance, it is highly critical to have data at your fingertips as and when you want it. Your company may be crippled with tons of data and it may prove a headache to control and convert the data into useful information. Data extraction services enable you get data quickly and in the right format.

Few areas where Data Extraction can help you are:

    Capturing financial data
    Generating better sales leads
    Conducting market research, survey and analysis
    Conducting product research and analysis
    Track, extract and harvest product pricing data
    Searching for specific job postings
    Duplicating an online database
    Acquiring real estate data
    Processing auction information
    Searching online newspapers for latest pricing information
    Extracting and summarize news stories from online news sources

Outsourcing companies provide custom made data extraction services to the client's requirements. The different types of data extraction services;

    Web extraction
    Database extraction

Outsourcing is the beneficial option for large organizations seeking to manage large information. Outsourcing this services helps businesses in managing their data effectively, which in turn enables business to experience an increase in profits. By outsourcing, you can certainly increase your competitive edge and save costs too!

This article is courtesy of Web Scraping Expert - an executive at Outsourcing Web Research offer high quality and time bound comprehensive range of data extraction services at affordable rates. For more info please visit us at: http://www.webscrapingexpert.com/ or directly send your requirements at: info@webscrapingexpert.com

Source:http://ezinearticles.com/?Data-Extraction-Services-For-Better-Outputs-in-Your-Business&id=2760257

Increasing Accessibility by Scraping Information From PDF

Increasing Accessibility by Scraping Information From PDF

You may have heard about data scraping which is a method that is being used by computer programs in extracting data from an output that comes from another program. To put it simply, this is a process which involves the automatic sorting of information that can be found on different resources including the internet which is inside an html file, PDF or any other documents. In addition to that, there is the collection of pertinent information. These pieces of information will be contained into the databases or spreadsheets so that the users can retrieve them later.

Most of the websites today have text that can be accessed and written easily in the source code. However, there are now other businesses nowadays that choose to make use of Adobe PDF files or Portable Document Format. This is a type of file that can be viewed by simply using the free software known as the Adobe Acrobat. Almost any operating system supports the said software. There are many advantages when you choose to utilize PDF files. Among them is that the document that you have looks exactly the same even if you put it in another computer so that you can view it. Therefore, this makes it ideal for business documents or even specification sheets. Of course there are disadvantages as well. One of which is that the text that is contained in the file is converted into an image. In this case, it is often that you may have problems with this when it comes to the copying and pasting.

This is why there are some that start scraping information from PDF. This is often called PDF scraping in which this is the process that is just like data scraping only that you will be getting information that is contained in your PDF files. In order for you to begin scraping information from PDF, you must choose and exploit a tool that is specifically designed for this process. However, you will find that it is not easy to locate the right tool that will enable you to perform PDF scraping effectively. This is because most of the tools today have problems in obtaining exactly the same data that you want without personalizing them.

Nevertheless, if you search well enough, you will be able to encounter the program that you are looking for. There is no need for you to have programming language knowledge in order for you to use them. You can easily specify your own preferences and the software will do the rest of the work for you. There are also companies out there that you can contact and they will perform the task since they have the right tools that they can use. If you choose to do things manually, you will find that this is indeed tedious and complicated whereas if you compare this to having professionals do the job for you, they will be able to finish it in no time at all. Scraping information from PDF is a process where you collect the information that can be found on the internet and this does not infringe copyright laws.

Source:http://ezinearticles.com/?Increasing-Accessibility-by-Scraping-Information-From-PDF&id=4593863

Collecting Data With Web Scrapers

Collecting Data With Web Scrapers

There is a large amount of data available only through websites. However, as many people have found out, trying to copy data into a usable database or spreadsheet directly out of a website can be a tiring process. Data entry from internet sources can quickly become cost prohibitive as the required hours add up. Clearly, an automated method for collating information from HTML-based sites can offer huge management cost savings.

Web scrapers are programs that are able to aggregate information from the internet. They are capable of navigating the web, assessing the contents of a site, and then pulling data points and placing them into a structured, working database or spreadsheet. Many companies and services will use programs to web scrape, such as comparing prices, performing online research, or tracking changes to online content.

Let's take a look at how web scrapers can aid data collection and management for a variety of purposes.

Improving On Manual Entry Methods

Using a computer's copy and paste function or simply typing text from a site is extremely inefficient and costly. Web scrapers are able to navigate through a series of websites, make decisions on what is important data, and then copy the info into a structured database, spreadsheet, or other program. Software packages include the ability to record macros by having a user perform a routine once and then have the computer remember and automate those actions. Every user can effectively act as their own programmer to expand the capabilities to process websites. These applications can also interface with databases in order to automatically manage information as it is pulled from a website.

Aggregating Information

There are a number of instances where material stored in websites can be manipulated and stored. For example, a clothing company that is looking to bring their line of apparel to retailers can go online for the contact information of retailers in their area and then present that information to sales personnel to generate leads. Many businesses can perform market research on prices and product availability by analyzing online catalogues.

Data Management

Managing figures and numbers is best done through spreadsheets and databases; however, information on a website formatted with HTML is not readily accessible for such purposes. While websites are excellent for displaying facts and figures, they fall short when they need to be analyzed, sorted, or otherwise manipulated. Ultimately, web scrapers are able to take the output that is intended for display to a person and change it to numbers that can be used by a computer. Furthermore, by automating this process with software applications and macros, entry costs are severely reduced.

This type of data management is also effective at merging different information sources. If a company were to purchase research or statistical information, it could be scraped in order to format the information into a database. This is also highly effective at taking a legacy system's contents and incorporating them into today's systems.

Overall, a web scraper is a cost effective user tool for data manipulation and management.

source: http://ezinearticles.com/?Collecting-Data-With-Web-Scrapers&id=4223877

How Web Data Extraction Services Will Save Your Time and Money by Automatic Data Collection

How Web Data Extraction Services Will Save Your Time and Money by Automatic Data Collection

Data scrape is the process of extracting data from web by using software program from proven website only. Extracted data any one can use for any purposes as per the desires in various industries as the web having every important data of the world. We provide best of the web data extracting software. We have the expertise and one of kind knowledge in web data extraction, image scrapping, screen scrapping, email extract services, data mining, web grabbing.

Who can use Data Scraping Services?

Data scraping and extraction services can be used by any organization, company, or any firm who would like to have a data from particular industry, data of targeted customer, particular company, or anything which is available on net like data of email id, website name, search term or anything which is available on web. Most of time a marketing company like to use data scraping and data extraction services to do marketing for a particular product in certain industry and to reach the targeted customer for example if X company like to contact a restaurant of California city, so our software can extract the data of restaurant of California city and a marketing company can use this data to market their restaurant kind of product. MLM and Network marketing company also use data extraction and data scrapping services to to find a new customer by extracting data of certain prospective customer and can contact customer by telephone, sending a postcard, email marketing, and this way they build their huge network and build large group for their own product and company.

We helped many companies to find particular data as per their need for example.

Web Data Extraction

Web pages are built using text-based mark-up languages (HTML and XHTML), and frequently contain a wealth of useful data in text form. However, most web pages are designed for human end-users and not for ease of automated use. Because of this, tool kits that scrape web content were created. A web scraper is an API to extract data from a web site. We help you to create a kind of API which helps you to scrape data as per your need. We provide quality and affordable web Data Extraction application

Data Collection

Normally, data transfer between programs is accomplished using info structures suited for automated processing by computers, not people. Such interchange formats and protocols are typically rigidly structured, well-documented, easily parsed, and keep ambiguity to a minimum. Very often, these transmissions are not human-readable at all. That's why the key element that distinguishes data scraping from regular parsing is that the output being scraped was intended for display to an end-user.

Email Extractor

A tool which helps you to extract the email ids from any reliable sources automatically that is called a email extractor. It basically services the function of collecting business contacts from various web pages, HTML files, text files or any other format without duplicates email ids.

Screen scrapping

Screen scraping referred to the practice of reading text information from a computer display terminal's screen and collecting visual data from a source, instead of parsing data as in web scraping.

Data Mining Services

Data Mining Services is the process of extracting patterns from information. Datamining is becoming an increasingly important tool to transform the data into information. Any format including MS excels, CSV, HTML and many such formats according to your requirements.

Web spider

A Web spider is a computer program that browses the World Wide Web in a methodical, automated manner or in an orderly fashion. Many sites, in particular search engines, use spidering as a means of providing up-to-date data.

Web Grabber

Web grabber is just a other name of the data scraping or data extraction.

Web Bot

Web Bot is software program that is claimed to be able to predict future events by tracking keywords entered on the Internet. Web bot software is the best program to pull out articles, blog, relevant website content and many such website related data We have worked with many clients for data extracting, data scrapping and data mining they are really happy with our services we provide very quality services and make your work data work very easy and automatic.

Source: http://ezinearticles.com/?How-Web-Data-Extraction-Services-Will-Save-Your-Time-and-Money-by-Automatic-Data-Collection&id=5159023

How to do data scraping from PDF files using PHP?

How to do data scraping from PDF files using PHP?

Situations arise when you want to scrap data from PDF or want to search PDF files for matching text. Suppose you have website where users uploads PDF files and you want to give search functionality to user which searches all uploaded PDF file content for matching text and show all PDFs that contains matching search keywords.

Or you might have all London real estate properties details in PDF report file and you want to quickly grab scrape data from PDF reports then you might need PDF scraping library.

To integrate such functionality to web application is not similar to normal search functionality that we do with database search.

Here is the straight solution for this problem. This involves PDF Data Scraping to plain text and match search terms. I have written this post for the people who want to do PDF data scraping or want to make their PDF files to be Searchable.

We are going to use class named class.pdf2text.php which converts PDF text to into ASCII text, so the class is known for PDF extraction. This PHP class ignores anything in PDF that is not a text.

Let’s see very basic example (Taken from author’s file):

<?php

include "class.pdf2text.php";

$a = new PDF2Text();
$a->setFilename('web-scraping-service.pdf'); //grab the pdf file reside in folder where PHP files resides.

$a->decodePDF();//converts PDF content to text
echo $a->output();

?>

“Web Scraping is a technique using which programmer can automate the copy paste manual work and save the time. This is PDF w eb scraping using PHP. We at Web Data Scraping offer Web Scraping and Data Scraping Service. Vist our website www.webdata-scraping.com”

For more complex extraction you can apply regular expression on the text you get and can parse text that you want from PDF. But keep in mind this has limitation and do not work with all types of PDF extraction.

But the wonderful use of this class is to make utility that allow user to search inside PDF when they search on web search bar. Last but not least, You can also find many PDF scraping software available in market that can do complex scraping from PDF files.

Source: http://webdata-scraping.com/data-scraping-pdf-files-using-php/

Things to take care while doing Web Scraping!!!

Things to take care while doing Web Scraping!!!

In the present day and age, web scraping word becomes most popular in data science. Basically web scraping is extracting the information from the websites using pre-written programs and web scraping scripts. Many organizations have successfully used web site scraping to build relevant and useful database that they use on a daily basis to enhance their business interests. This is the age of the Big Data and web scraping is one of the trending techniques in the data science.

Throughout my journey of learning web scraping and implementing many successful scraping projects, I have come across some great experiences we can learn from.  In this post, I’m going to discuss some of the approaches to take and approaches to avoid while executing web scraping.

User Proxies: Anonymously scraping data from websites

One should not scrape website with a single IP Address. Because when you repeatedly request the web page for web scraping, there is a chance that the remote web server might block your IP address preventing further request to the web page. To overcome this situation, one should scrape websites with the help of proxy servers (anonymous scraping). This will minimize the risk of getting trapped and blacklisted by a website. Use of Proxies to hide your identity (network details) to remote web servers while scraping data. You may also use a VPN instead of proxies to anonymously scrape websites.

Take maximum data and store it.

Do not follow “process the web page as it comes from the remote server”. Instead take all the information and store it to disk. This approach will be useful when your scraping algorithm breaks in the middle. In this case you don’t have to start scraping again. Never download the same content more than once as you are just wasting bandwidth. Try and download all content to disk in one go and then do the processing.

Follow strict rules in parsing:

Check various rules while parsing the information from the web site. For example if you expect a value to be a date then check that it’s really a date. This may greatly improve the quality of information. When you get unexpected data, then the algorithm need to be changed accordingly.

Respect Robots.txt

Robots.txt specifies the set of rules that should be followed by web crawlers and robots. I strongly advise you to consider and adjust your crawler to fully respect robots.txt. Robots.txt contains instructions on the exact pages that you are allowed to crawl, user-agent, and the requisite intervals between page requests. Following to these instructions minimizes the chance of getting blacklisted and banned from website owner.

Use XPath Smartly

XPath is a nice option to select elements of the HTML document more flexibly than CSS Selectors.  Be careful about HTML structure change through page to page so one xpath you made may be failed to extract data on another page due to changes in HTML structure.

Obey Website TOC:

Some websites make it absolutely apparent in their terms and conditions that they are particularly against to web scraping activities on their content. This can make you vulnerable against possible ethical and legal implications.

Test sample scrape and verify the data with actual scrape

Once you are done with web scraping project set up, you need to test it for sometimes. Check the extracted data. If something is not good, find out the cause and make changes accordingly and finally come to a perfect web scraping project.

Source: http://webdata-scraping.com/things-take-care-web-scraping/

How to Use Microsoft Excel as a Web Scraping Tool

How to Use Microsoft Excel as a Web Scraping Tool

Microsoft Excel is undoubtedly one of the most powerful tools to manage information in a structured form. The immense popularity of Excel is not without reasons. It is like the Swiss army knife of data with its great features and capabilities. Here is how Excel can be used as a basic web scraping tool to extract web data directly into a worksheet. We will be using Excel web queries to make this happen.

Web queries is a feature of Excel which is basically used to fetch data on a web page into the Excel worksheet easily. It can automatically find tables on the webpage and would let you pick the particular table you need data from. Web queries can also be handy in situations where an ODBC connection is impossible to maintain apart from just extracting data from web pages. Let’s see how web queries work and how you can scrape HTML tables off the web using them.
Getting started

We’ll start with a simple Web query to scrape data from the Yahoo! Finance page. This page is particularly easier to scrape and hence is a good fit for learning the method. The page is also pretty straightforward and doesn’t have important information in the form of links or images. Here is the URL we will be using for the tutorial:

http://finance.yahoo.com/q/hp?s=GOOG

To create a new Web query:

1. Select the cell in which you want the data to appear.
2. Click on Data-> From Web
3. The New Web query box will pop up as shown below.

4. Enter the web page URL you need to extract data from in the Address bar and hit the Go button.
5. Click on the yellow-black buttons next to the table you need to extract data from.

6. After selecting the required tables, click on the Import button and you’re done. Excel will now start downloading the content of the selected tables into your worksheet.

Once you have the data scraped into your Excel worksheet, you can do a host of things like creating charts, sorting, formatting etc. to better understand or present the data in a simpler way.
Customizing the query

Once you have created a web query, you have the option to customize it according to your requirements. To do this, access Web query properties by right clicking on a cell with the extracted data. The page you were querying appears again, click on the Options button to the right of the address bar. A new pop up box will be displayed where you can customize how the web query interacts with the target page. The options here lets you change some of the basic things related to web pages like the formatting and redirections.

Apart from this, you can also alter the data range options by right clicking on a random cell with the query results and selecting Data range properties. The data range properties dialog box will pop up where you can make the required changes. You might want to rename the data range to something you can easily recognize like ‘Stock Prices’.

Auto refresh

Auto-refresh is a feature of web queries worth mentioning, and one which makes our Excel web scraper truly powerful. You can make the extracted data to be auto-refreshing so that your Excel worksheet will update the data whenever the source website changes. You can set how often you need the data to be updated from the source web page in data range options menu. The auto refresh feature can be enabled by ticking the box beside ‘Refresh every’ and setting your preferred time interval for updating the data.
Web scraping at scale

Although extracting data using Excel can be a great way to scrape html tables from the web, it is nowhere close to a real web scraping solution. This can prove to be useful if you are collecting data for your college research paper or you are a hobbyist looking for a cheap way to get your hands on some data. If data for business is your need, you will definitely have to depend on a web scraping provider with expertise in dealing with web scraping at scale. Outsourcing the complicated process that web scraping will also give you more room to deal with other things that need extra attention such as marketing your business.

Source: https://www.promptcloud.com/blog/how-to-use-excel-to-scrape-websites

Why Healthcare Companies should look towards Web Scraping

Why Healthcare Companies should look towards Web Scraping

The internet is a massive storehouse of information which is available in the form of text, media and other formats. To be competitive in this modern world, most businesses need access to this storehouse of information. But, all this information is not freely accessible as several websites do not allow you to save the data. This is where the process of Web Scraping comes in handy.

Web scraping is not new—it has been widely used by financial organizations, for detecting fraud; by marketers, for marketing and cross-selling; and by manufacturers for maintenance scheduling and quality control. Web scraping has endless uses for business and personal users. Every business or individual can have his or her own particular need for collecting data. You might want to access data belonging to a particular category from several websites. The different websites belonging to the particular category display information in non-uniform formats. Even if you are surfing a single website, you may not be able to access all the data at one place.

The data may be distributed across multiple pages under various heads. In a market that is vast and evolving rapidly, strategic decision-making demands accurate and thorough data to be analyzed, and on a periodic basis. The process of web scraping can help you mine data from several websites and store it in a single place so that it becomes convenient for you to a alyze the data and deliver results.

In the context of healthcare, web scraping is gaining foothold gradually but qualitatively. Several factors have led to the use of web scraping in healthcare. The voluminous amount of data produced by healthcare industry is too complex to be analyzed by traditional techniques. Web scraping along with data extraction can improve decision-making by determining trends and patterns in huge amounts of intricate data. Such intensive analyses are becoming progressively vital owing to financial pressures that have increased the need for healthcare organizations to arrive at conclusions based on the analysis of financial and clinical data. Furthermore, increasing cases of medical insurance fraud and abuse are encouraging healthcare insurers to resort to web scraping and data extraction techniques.

Healthcare is no longer a sector relying solely on person to person interaction. Healthcare has gone digital in its own way and different stakeholders of this industry such as doctors, nurses, patients and pharmacists are upping their ante technologically to remain in sync with the changing times. In the existing setup, where all choices are data-centric, web scraping in healthcare can impact lives, educate people, and create awareness. As people no more depend only on doctors and pharmacists, web scraping in healthcare can improve lives by offering rational solutions.

To be successful in the healthcare sector, it is important to come up with ways to gather and present information in innovative and informative ways to patients and customers. Web scraping offers a plethora of solutions for the healthcare industry. With web scraping and data extraction solutions, healthcare companies can monitor and gather information as well as track how their healthcare product is being received, used and implemented in different locales. It offers a safer and comprehensive access to data allowing healthcare experts to take the right decisions which ultimately lead to better clinical experience for the patients.

Web scraping not only gives healthcare professionals access to enterprise-wide information but also simplifies the process of data conversion for predictive analysis and reports. Analyzing user reviews in terms of precautions and symptoms for diseases that are incurable till date and are still undergoing medical research for effective treatments, can mitigate the fear in people. Data analysis can be based on data available with patients and is one way of creating awareness among people.

Hence, web scraping can increase the significance of data collection and help doctors make sense of the raw data. With web scraping and data extraction techniques, healthcare insurers can reduce the attempts of frauds, healthcare organizations can focus on better customer relationship management decisions, doctors can identify effective cure and best practices, and patients can get more affordable and better healthcare services.

Web scraping applications in healthcare can have remarkable utility and potential. However, the triumph of web scraping and data extraction techniques in healthcare sector depends on the accessibility to clean healthcare data. For this, it is imperative that the healthcare industry think about how data can be better recorded, stored, primed, and scraped. For instance, healthcare sector can consider standardizing clinical vocabulary and allow sharing of data across organizations to heighten the benefits from healthcare web scraping practices.

Healthcare sector is one of the top sectors where data is multiplying exponentially with time and requires a planned and structured storage of data. Continuous web scraping and data extraction is necessary to gain useful insights for renewing health insurance policies periodically as well as offer affordable and better public health solutions. Web scraping and data extraction together can process the mammoth mounds of healthcare data and transform it into information useful for decision making.

To reduce the gap between various components of healthcare sector-patients, doctors, pharmacies and hospitals, healthcare organizations and websites will have to tap the technology to collect data in all formats and present in a usable form. The healthcare sector needs to overcome the lag in implementing effective web scraping and data extraction techniques as well as intensify their pace of technology adoption. Web scraping can contribute enormously to the healthcare industry and facilitate organizations to methodically collect data and process it to identify inadequacies and best practices that improve patient care and reduce costs.

Source: https://www.promptcloud.com/blog/why-health-care-companies-should-use-web-scraping