DATA MINING is the topic This can be business problem (undesirable situation)...
ID: 345368 • Letter: D
Question
DATA MINING is the topic
This can be business problem (undesirable situation)....develop a proposed solution to this problem through these questions:
A. Problem description (who and/or what is being impacted by this problem.
B. Facts, figures, and/or data to support that problem exists.
C. Causes of the problem.
D. Possible solutions to the problem.
E. Your recommended solution, including justification for selecting this solution.
F. Description of how your solution could be implemented
G. Bibliography
Explanation / Answer
A. The companies are investing in Big Data but they do not have enough skilled resources to do the Data Mining. The conversion of Big Data into Smart Data is very necessary for the collected data to make sense and to help the company is making better business decisions.
B. Every day a Terabyte of data is being generated around the world. Companies are investing millions of dollars to procure the market and customer data thinking they will make better business decisions. The companies have cheap methods to store the data in this digital world ad it encouraging them to store a vast amount of data. People visit around 50 billion web pages every day and there are 300 million tweets per day on Twitter. There are 500 million users on Facebook and there are 250 million blogs available worldwide. More than 1 billion people use instant messaging apps and the number is still growing. All this data is stored and the companies need to make use of it to understand their customers better and customize their product or services to attract them and also to keep them happy.
C. The Big Data is the next big thing in the market and every company wants to be a part of the race. They are investing millions of dollars blindly into this technology without having a clear picture of what exactly they want to do with the data they have stored. The companies need to identify the right talent and resources to take the technology forward to improve their business. The skilled labor in the data mining field is very low so the there is a huge demand for the data scientists in the market. So the companies need to identify the right ones and allow them to use the data they have to know more about their business.
D. The possible solution to this problem is identifying the useful data and information first before going ahead with the data mining process. Hire the right talent with a strong interest in data analytics and give them full freedom to use the data and conduct analysis to gather insights into the business. The interested employees should be trained to take part in the project. Do not invest in the data that is not useful for improving the business performance. Invest that money in having data analysis tools in the company.
E. The recommended solution would be to use this Big Data and convert into Smart data by identifying the Key Performance Indicators that are related to the company's business. The data should be sorted based on these indicators to remove the unwanted data. The company should have a framework that helps them understand what kind of data can be used to concentrate on a specific business problem. The company should know that the results and the improvements will not happen overnight and they need to have patience. The data analyzed should be compared with a benchmark which is created based on the industry standards. This will show the company where they stand in the market and what are their strengths and areas for improvement.
F. The data scientist will collect all the data available in the company in various data storage units and systems. The scientist will make use of BI platform to analyze the data and also feed the required KPIs to visualize the data. The Data will be sorted based on the KPIs and the end result will be the data related to the business of the company. The industry benchmark data will be fed to the system to compare the results. The visualization tool will help the data scientist see the difference in the performance of the company with respect to the market in general. Based on this comparison the company can choose the changes they need to make and go with the right approach that can solve the business problems they are facing.
G:
https://www.laits.utexas.edu/~anorman/BUS.FOR/course.mat/Alex/
http://www.albionresearch.com/data_mining/why.php
https://docs.google.com/viewerng/viewer?url=http://apnanotes.com/documents/100135_data-mining.pdf
Based on my Master's thesis on the conversion of Big Data into Smart Data for data-driven marketing.
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