What if you’re assigned to a new project that involved analysing large data (e.g. transaction database, market or patient data) for your organization. What you should start first? Well, there are many standard process you can begin with but there is one in specific developed for industry called The CRISP-DM project. Starting from the embryonic knowledge discovery processes used in early data mining projects and responding directly to user requirements, this project defined and validated a data mining process that is applicable in diverse industry sectors. This methodology makes large data mining projects faster, cheaper, more reliable and more manageable. Good luck with your project then.
January 27th, 2010
Every business, organization and government bodies are collecting large amount of data for research and development. Such huge database can make them to have the information on hand when required. But most important is that it takes much time to find important information from the data. “If you want to grow rapidly, you must take quick and accurate decisions to grab timely available opportunities.”
By applying the process of data mining, you can easily extract and filter required information from data. It is a processing of refining data and extracting important information. This process is mainly divided into 3 sections; pre-processing, mining and validation. In pre-processing, large amount of relevant data are collected. The mining section includes data classification, clustering, error correction and linking information. The last but important is validate without which you can not make trust on information. In short, data mining is a process of converting data into authentic information.
Let’s have look on how data mining is useful to companies.
Fast and Feasible Decisions: To search information from huge bundle of data require more time. It also irritates a person who is doing such. With annoyed mind one can not take accurate decisions that’s for sure. By having help of data mining, one can easily get information and make fast decisions. It also helps to compare information with various factors so the decisions become more reliable. Data mining is helpful in every decision to make it quick and feasible.
Powerful Strategies: After data mining, information becomes precise and easy to understand. While making strategies, one can easily analyze information in various dimensions. This analysis helps to get real idea about the strategy implementation. Management bodies can implement powerful strategies effectively to expand business boundaries.
Competitive Advantage: Information is easily available and precise so that one can compare it with competitors’ information. It is very much required that you must compare the data otherwise you will have to suffer in business. After doing competitive analysis, one can make corrective decisions to go ahead from competitors. This way company can gain competitive advantage.
Your business can get all the benefits of data mining at cutting rates through outsourcing.
There are four major tasks in Data Mining:
Association Rule Discovery
Sequential Pattern Discovery
In this task, data will be defined in terms of attributes, one of which is the class. It will find a model for class attribute as a function of the values of other (predictor) attributes, such that previously unseen records can be assigned a class as accurately as possible.