Mining for a Competitive Edge
Feb 14, 2019
Information has never been as vast and available as it is today. Advancements in technology have created innovative ways of displaying and publishing data. Organizations are gathering volumes of information from all kinds of sources, including websites, enterprise applications, social media, and mobile devices. The excessive amount of information can be overwhelming and difficult to understand if not broken down, categorized, and classified effectively.
How can you derive real business value from all this information? Data mining is the process of sorting through huge datasets to identify trends and patterns. It is also used to establish relationships to solve business problems and generate new opportunities through the analysis of the data. It is more than just looking at data to see what has happened in the past – it is also about deciding how to act intelligently in the present and future with the information derived from those data sets. There are four stages of data mining:
Data mining is used in many areas of business and research. If used properly, data mining combined with predictive analytics can give you a big advantage over competitors who are not using these tools. Some examples of data mining include:
Data mining has become a vital tool for many organizations that seek to gain value from the information they have collected and achieve a competitive advantage in the marketplace. This drive will continue to accelerate with ongoing advancements in predictive analytics, artificial intelligence, machine learning, and other related technologies.
To see some of the products ASR offers to help advance your business using data mining and predictive analytics, click here.