Tag Archives: data mining

Common Data Mining Techniques

MinerWas reading an interesting article which represents a good introduction to popular data mining techniques.  That is the true beauty of the study of data mining is its not really the tools used.  It is more what you do with these tools in terms of how you tie them together and build the models.  You could compare it to a painter.  Anyone can go out and get an easel and paint.  But not everyone can paint a wonderful work of art.

Marketing and sales professionals are beginning to capture and analyze many different types of customer data—attitudinal, behavioral, and transactional—related to purchasing and product preferences to make predictions about future buying behavior.

Today’s challenging environment is forcing more organizations to explore predictive analytics. Commonly used by market researchers when analyzing survey data, predictive analytics can also be applied in real-time scenarios, such as personalizing offers to customers or improving an online customer experience.

There are various approaches to predictive analytics, and most depend on clean databases and the ability to mine data to look for patterns or to create classifications. It is important to understand the various approaches so you know when to use which one.

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Why Predictive Analytics Is A Game-Changer

In simple terms analytics means using quantitative methods to derive insights from data, and then drawing on those insights to shape business decisions and, ultimately, improve business performance. Thus predictive analytics is emerging as a game-changer. Instead of looking backward to analyze “what happened?” predictive analytics help executives answer “What’s next?” and “What should we do about it?”

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