Data Mining Information
- Whats Data Mining all about?
Data Mining is for business executives involved in strategic and tactical decision making as well as operating managers responsible for cost reduction. Strategy Managers use data mining for competitive intelligence, identifying market opportunities, and product launch decisions. Strategic Managers responsible for tactical decision making use similar tools for sales forecasting, marketing, customer retention and marketing campaign analysis. Finally, operational managers can use similar data for decisions such as the choice of sub-prime contractors or supply chain management.
Data Quality
Poor quality of data mining can jeopardize any attempt to use data analysis for decision making. This is very true with externally purchased data.
Database Sizes
Data Mining comes in a wide variety offorms depending on primarily the size of databases that have to be analyzed. Smaller companies cannot afford large data mining packages which may cost millions to license. Excel and Access areadequate for small companies. Databases inevitably grow in size and companies have to plan for migration to larger data mining tools.
Nature of Data Mining Applications
The choice of data mining methods depends a great deal on the kind of decision making that a company wants to achieve. Sales related decision making is best undertaken with OLAP tools such as those offered by Siebel. Companies wanting to do predictive modeling are better off with SAS or SPSS. Likewise, data processing can be done via a variety of databases ranging from MS access for small databases, MS SQL for medium size operations, moving to enterprise databases like Oracle and Teradata for major data mining.
Data Mining Skillset
From a human resource perspective people hired for data mining commonly have a degree, bigger companies even hire PhD students for Data Miningdue to the skills in data management, analysis and decision making which are hard to find.
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