Topic to be covered = Data Mining.
We have to post something about
“is Data=Information=Knowledge=Business Intelligence?
Well, I would said it depends on the organisation itself. How well the company make use of the data and turn into useful information and it becomes part of the knowledge discovery to the Business Inteligence to make informed better decision and gain competitive advantage.
Business Intelligence refers to application and technologies which are used to gather, provide access to and analyze data and information about their company operations.
Business intelligence systems can help company to have a more comprehensive knowledge of the factors affecting their business such as on sales, production and make better business decision.
Sorce: http://en.wikipedia.org/
Data mining will be able to help the organisations to find the timeliness and quality of information. The organisation will have better understand of their position in the industry as in comparison to its competitiors.
Data mining is an act of excavation in the data from which pattern can be extracted. Also known as Knowledge Dicovery.
Eg. It enables the organisation to reach to the changes in customer behaviour, spending pattern, customers’ preferences and market conditution.
Example taken from the Lecture slide will be the “Wal-Mart Market-basked Analysis”
1.Purchasing transation stored in the database
2.Goals is to identify products that are purchsed together
3.Extraction of buying patterns to understand buying habits of customer
4.Perform actions that may increase sales, such as adjusting inventories and modify floor layout
5.Married male between 21 and 27 who went shopping for diapers also bough beer –> the store began to stack beer cases next to the diaper shelf.
From this Wal-mart case, all the data were available in the database. And that they fully utilised with data and turn into the useful information which the customer purchasing behaviour. Use this information to become the knowledge of understanding the customer and make the neccessary changes according to the needs in order to increase the sales.
Which is place beer next to diaper shelf.
Some picture to illustrate.
Source:http://techpubs.sgi.com/library/dynaweb_docs/0650/
SI_EndUser/books/MineSetNT_T/sgi_html/figures/dataprocess.gif
From the picture, we can analyse that the data come from all different sources. And we need a tools do differentiate them. That is Data Mining.
Better company will use right information at the right time and in the right format.
