“We are drowning in data, but starving for information“
Data, Data Everywhere, have trillion amount of data but,
������� I can’t find the data I need
�������� I can’t� get the data I need
� � � � I can’t found the data I found
������� I can’t used� the data I found
If your business is� facing the same problems, then this article meant especially for you. It is often found that most of the companies are rich with trillions of data but have poor information, and ultimately fails to use their data effectively and efficiently. It is urgent need for companies to rapidly turn these trillion raw data into useful information.� Giving light to all these� facts,� data mining is like gold mining for business. Before going in deep with data cleansing, lets us look at the relation between� data, information and knowledge on which whole concept of data mining is based.
- Data : Data is basically primary� description of events, things and activities.
- Information : Well Managed data that� has value and which is meaningful
- Knowledge : To get most out of the data and� making� use the information is very crucial.
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Concept of Data Mining
Latest advanced tools and database driver technology results in tremendous amount of data stored in database, “we are drowning in data but starving for information”. Data mining is like gold mining in such circumstances.
Data Mining Processes
Data mining is still in its infancy stage. Industries like retail, finance, and health care, and many more widely used data mining tools and techniques to take advantage of historical data. Data mining helps analysts in utilizing important facts, relationships, trends, patterns that might be crucial for business.
Data mining is tremendously crucial to identify sales trends, develop smarter marketing campaigns, and to predict customer loyalty. Specific uses of data mining include:
- Market segmentation – Identify the� unique traits of customers who buy the same products from your company.
- Customer churn – Determine which customers leave your company and go to a competitor.
- Fraud detection – To check which transactions are most likely to be fraudulent.
- Direct marketing – Identify which prospects should be included in a mailing list to obtain the highest response rate.
- Market basket analysis – Identify �which products or services are commonly purchased together.
Data mining technology can result in producing new fruitful business opportunities by:
Automated prediction of trends : Data mining is an important the process of finding predictive information in a large database and to determine how to use the data in effective manner for the growth of business.
Automated discovery of previously unknown patterns: Data mining tools sweep through databases and it is easy to predict previously hidden patterns and use them to formulate the future policies
Conclusion
The large potential data you collect from customers, the most upgraded value you can deliver to them the more return on investment you can make
Data mining is undoubtedly profitable process for organization. So, if you are have lot and drowning �in data but unable to get most out of it�it�s the time to do focus on your data mining work and �elevate your business.
