Data Mining

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Data Mining

  1. 1. Data Mining
  2. 2. Business Impact <ul><li>Data mining provides significant advantages for all workplaces </li></ul><ul><li>Businesses using data mining possess two significant advantages over their competitors </li></ul><ul><ul><li>data mining discovers new and unknown patterns and trends </li></ul></ul>Photo Credit: thearling.com
  3. 3. First Advantage <ul><li>According to Kurt Thearling, data mining “enables companies to determine relationships among ‘internal’ factors such as price, product positioning, or staff skills, and ‘external’ factors such as economic indicators, competition, and customer demographics”. </li></ul>
  4. 4. First Advantage <ul><li>allows a company to practice targeted marketing so that customers receive appropriate promotions relevant to their purchase history </li></ul><ul><li>help a business predict future trends in consumer behavior, allowing businesses to make more knowledgeable decisions </li></ul>
  5. 5. First Advantage <ul><li>data mining picks up patterns, trends, and relationships that analysts may miss due to the large volume and time-consuming nature of digging through data </li></ul><ul><li>By using technology instead of manpower to analyze massive databases, business save time and money and get more accurate and thorough results </li></ul>
  6. 6. Second Advantage <ul><li>data mining makes the acquisition of relevant knowledge easier and faster </li></ul><ul><li>Finds a needle in a haystack </li></ul><ul><li>Data mining scans through entire databases and can read through thousands of pages an hour </li></ul>
  7. 7. Second Advantage <ul><li>Publishers and researchers in the academic world find data mining especially useful as a means of sifting through large databases, saving time formerly spent doing research </li></ul>Photo from http://greencanada.files.wordpress.com/2009/04/databases.jpg
  8. 8. Conclusion <ul><li>Because data mining picks up trends and patterns through scanning documents quickly, businesses using this technology to improve efficiency and effectiveness and decrease expenses . </li></ul>
  9. 9. Bibliography <ul><li>&quot;Data Mining.&quot; Data Mining . 2005. Scianta Intelligence. 23 June 2009 . <http://scianta.com>. </li></ul><ul><li>  &quot;Data Mining-Data Mining Advantages.&quot; Execution for System . 2009. Exforsys. 23 June 2009 <http://www.exforsys.com/>. </li></ul><ul><li>  Guernsey, Lisa. &quot;Digging for Nuggets of Wisdom.&quot; New York Times 16 Oct. 2003. 19 June 2009 <nytimes.com>. </li></ul><ul><li>  Hearst, Marti. &quot;What is Text Mining?&quot; 17 Oct. 2003. University of California Berkeley. 19 June 2009 <http://people.ischool.berkeley.edu/~hearst/text-mining.html>. </li></ul><ul><li>  Palace, Bill. &quot;What is Data Mining?&quot; Data Mining . 1996. University of California at Los Angeles. 19 June 2009 <http:/ /www.anderson.ucla.edu/faculty/jason.frand/teacher/technologies/palace/datamining.htm>. </li></ul><ul><li>  &quot;Text Mining.&quot; StatSoft . 2008. StatSoft. 19 June 2009 <http://www.statsoft.com>. </li></ul><ul><li>  Thearling, Kurt. &quot;An Introduction to Data Mining.&quot; An Introduction to Data Mining . </li></ul><ul><li>Thearling.com. 19 June 2009 <http://www.thearling.com/index.htm>. </li></ul>

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