by Catalina Arango
Posted on December 14th, 2016 at 2:30 PM
Data mining, the practice of examining large datasets in order to generate new information, is quickly becoming a staple in business intelligence practices. Many people have the misconception that data mining is an activity that only large companies with lots of resources have the capabilities to engage in. In reality, data mining is a practice that requires a small team with the right skillset. While it is true that data mining requires access to large amounts of data, most companies today have access to plenty of data, even if it is not immediately apparent.
Does your company have social media accounts?
Does your company have a payment or transaction processing system?
Does your company operate with QuickBooks or a similar accounting system?
Does your company use any operations software such as an ERP or CRM?
Depending on the objective of your data mining project, a "YES" to any of the questions above could be enough to get you started! In addition to internal data, hundreds of available public sources can help your organization conduct better analysis and find meaningful insights.
As I mentioned, the second piece of the puzzle is a team with the right skill set. The data miner's skill set includes advanced data manipulation and an understanding of statistical models as well as strong business acumen. There are many online courses that will help you get your feet wet with programming languages that are part of the data miner's toolkit. At Exteractions, we offer a 2 day training, Data Mining with Weka, that will help any analyst create and assess predictive models that can be used to make better decisions and optimize operations.
If you aren't looking to bring any data mining activities in-house yet, but are interested in using these advanced techniques to improve your business, send us a quick email and we can help you assess how data mining can propel your business into an era of transformation!