Question

Please tell me how conducive your firm is to Data Mining (or Predictive Analytics)? Where is the Data Mining (Predictive Analytics) group located within the organization? Is this ideal? Please explain.

Answer 1

Data mining (or Predictive Analytics) is a form of advanced analytics that uses both new and historical data to presage movement , behavior and trends.

Predictive analytics is currently one of the most important Big Data trends. But both predictive analytics and data mining attempt to make predictions about possible events in the future with the help of data models. Firms use predictive analytics in a variety of different ways, from predictive marketing and data mining to applying machine learning (ML) and artificial intelligence (AI) algorithms to optimize business processes and uncover new statistical patterns. Predictive analysis uses various models to assign a score to data. The most common is the predictive model that is focused on the behavior of an individual customer. Using sample data with known attributes, the model is trained and is able to analyze the new data and determine its behavior. This information can be used to predict how the customer might behave next. Data mining is applied to a variety of large-scale data-processing activities such as collecting, extracting, warehousing, and analyzing data. It can also encompass decision-support applications and technologies such as artificial intelligence, machine learning, and business intelligence.

To be competitive, companies need to be able to take advantage of current data to predict what might happen in the future. Predictive analytics plays a main role in being able to capture useful information and use it to model customer behaviors, sales patterns and other trends for the future

This is ideal because data mining and predictive analytics use algorithms to discover knowledge and find the best solutions.