In today’s society, businesses face many challenging factors that not only affect their products and services but also their initiatives to sustain and increase the company’s profit. Factors such as product line, profit margins, marketing approaches, and resources play key roles into the overall success and longevity of an organization. Most importantly, the foundation and key value to an organization is the target audience that will invest in the organization’s product and services for which many organizations hope to not only retain previous customers but also attract prospective customers. For that reason, it is imperative that an organization collect pertinent information regarding who is purchasing their merchandise and what they are purchasing. Organizations use servers located in large data centers to store numerous amounts of data that contain critical information about customer demographics, customer purchases, regional productivity, and other data used to analyze and support company growth. Companies have employed a common practice known as “data mining” to analyze and manipulate customer data on their servers for discovering new patterns and trends, enhancing marketing approaches, and even preventing fraud. Data Mining is essential to business development because it allows an organization to identify complex relationships between data in customer behavior and demographics, construct and employ predictive business models, and organize prominent promotion methods. According to Microsoft, data mining is “the process of looking at database records for data patterns and trends (Placeholder2). Used successfully, this process allows an organization to manage sales and create innovative marketing techniques to appeal to their o... ... middle of paper ... ... and help companies to make better and wiser corporate decisions. Many companies build and query a structured query language database, which is an easy type of storage mechanism that allows companies to store, and retrieve information in a simple format. From the information in the database, analysts are able to use reduction as a reporting tool. Reduction is described to be a quantified and summarized output of information in a standardized structure based on totals, sums, statistics, and other analytics. The most important aspect about the data mining process is to structure and establish a system that will create an effective and efficient model that will represent the data in the best way. Regardless of which technique an organization uses, the system set in place to represent that model will determine what would be a wise approach based on previous data sets.
The continuous growth of the business analytics software markets signifies an increase in the adoption of business analytics in business organizations. Business analytics has been crucial in optimizing organizations internally as well as maintaining flexibility to overcome unexpected external pressures as businesses shift from operating on intuition to utilizing the growing data volumes. Business analytics is defined as the processes that enable organizations to apply metrics based decision making to all business functions. Among the companies that have been successful with business analytics is Netflix, the American entertainment company. However, other companies, such as Trader Joe’s, although successful, still use the traditional intuition
McGonigle and Mastrian (2013) defines data mining as a process of utilizing software to sort through data so as to discover patterns and ascertain or establish relationships. They also state this process may help to discover or uncover previously unidentified relationships among the data in a database. Data mining is very important to healthcare organizations. It can help in ways such as to determine treatment effectiveness, identify problems, decrease costs for the organization, and can even detect possible fraudulent activity. Not only is data mining used in healthcare, but it is also used in other businesses as well. Although data mining is a great asset to healthcare, an informatics nurse has to be very careful due to the lack of a standardized
Data Mining is a powerful tool that is designed to gather large sets of data at incredible speed and analyze them. Most companies use this tool to better understand their customer’s habits as well as their interests. Advertisers love this tool because it allows unprecedented amount of access to information. Most people are unaware that their data is being mined, bundled, and sold by a company to third party advertisers in order to make targeted ads more effective. This is a problematic practice because users are unaware that in most social media sites such as Facebook, this tool is used (Jessica Reyman “User Data on the Social Web: Authorship, Agency, and Appropriation”). Hidden deep into most terms of service is the right to sell and mine your information to third parties, because most people are unaware that this is the status quo of how social media and other sites make their money. It presents a potential privacy concern for users because they did not consciously consent to have their user information mined and sold. Data mining itself is a power tool in advertising, however does question is does the use and creation of Data mining algorithms have the potential to lead to privacy violations when it is used to create targeted advertisements?
Attracting focus from firms in all industries, Big Data offers many benefits to those companies with the ability to harness its full potential. Firms using small data derive all of the data’s worth from its primary use, the purpose for which the data was initially collected. With Big Data, “data’s value shifts from its primary use towards its potential future uses” (Mayer-Schonberger & Cukier, 2013, p.99) thus leading to considerable increases in business efficiency. Employing Big Data analytics allows firms to increase their innovative capacity, and realize substantial cost reductions and time reductions. Moreover, Big Data techniques can be applied to support internal business decisions by identifying complex relationships within data. However, it is also important to recognize that much of Big Data’s value is “largely predicated on the public’s continued willingness to give data about themselves freely” (Brough, n.d., para. 11). As previously discussed, much of the content of Big Data is unstructured data from social media sites etc., and so if such data were to no longer be publically available due to regulation etc. the value of Big Data would be significantly diminished.
Data mining is the technique to interpret the data from other perspective and summarize the data so that the data can be useful information. Technically, data mining is a process to identify relations or patterns in the databases to predict the likelihood of future events. According to Eliason et al, there are three systems for healthcare organization to implement the mining data systems. The three systems are the analytics system, the content system and the deployment system. The analytics system is a system that used to collect all data such as patients clinical data, patients financial data, patients satisfactory data and other data. The content system is used to store all medical evidenced data. The deployment system is used to make new organization structure. There are several elements that consist in data mining which are first extract, transform and load transaction data onto the data warehouse system, second, store and manage the data in a multidimensional system, third, provide data access to information technology professionals, forth, analyze the data by application software and lastly, present the data in graph or table format.
This method is something that many organizations are relying upon today. In fact, well over 30% of organizations state that they rely on data analysis for the majority of their marketing
Employees are not the only people whose information interest companies. To a far greater extent, businesses are looking to gather data on their users and the market in general. User data collection has become one of the most important components of market research. For example, online retailers can use data collected from a consumer’s purchase to target advertising on products that the consumer is most likely to buy....
In today’s society, technology has become more advanced than the human’s mind. Companies want to make sure that their information systems stay up-to-date with the rapidly growing technology. It is very important to senior-level executives and board of directions of companies that their systems can produce the right and best information for their company to result in a greater outcome and new organizational capabilities. Big data and data analytics are one of those important factors that contribute to a successful company and their updated software and information systems.
Big Data is a term used to refer to extremely large and complex data sets that have grown beyond the ability to manage and analyse them with traditional data processing tools. However, Big Data contains a lot of valuable information which if extracted successfully, it will help a lot for business, scientific research, to predict the upcoming epidemic and even determining traffic conditions in real time. Therefore, these data must be collected, organized, storage, search, sharing in a different way than usual. In this article, invite you and learn about Big Data, methods people use to exploit it and how it helps our life.
Information is being shared online each time users browse the internet. This information is being disclosed from visited sites, and is being used by companies to better target customers. Sites, such as Facebook, Twitter, and Google plus are capable of tracking browsing activities, not only within the site, but beyond those boundaries. From each Facebook page like, to Twitter’s tweet button, personal information is made available to others. This paper will explore the technical and ethical considerations of the personal information being shared on the web for targeting customers based on their likes. This paper also covers the issues and concerns of data mining, and the privacy of online consumers. I will explain how personal information is obtained, and what purposes it is used for. I will also cover ways in which we can control how our information is being handled, and how to keep information out of other people’s hands.
Big data is a concept that has been misunderstood therefore I will be writing this paper with the intentions of thoroughly discussing this technological concept and all its dimensions with regard to what constitutes big data and how the term came about. The rapid innovations in Information Technology have brought about the realisation of big data. The concept of big data is complex and has different connotations but I intend to clarify its functions. Big data refers to the concept of a collection of large and complex amounts of data that are found extremely difficult to notate or even process by most on-hand devices and database technologies.
When you are craving for a Green Taco, sitting at the couch in your new home while you are watching Hillary Clinton’s campaign ad, remember that all could be because you browsed a couple of food website and maybe spent a minute or two watching a homebuilder show on TV. The world of business intelligence is changing as the Analytics, intelligence tools, and computing power increases. Companies should leverage these capabilities to differentiate them for the rest of their
The dynamics of our society bring many challenges and opportunities to the business world. Within the last decade, hundreds of jobs have emerged particularly in the technology sector to help keep up with the ever-changing world and to compete on a larger and better scale than the competition. Two key job markets and the basis of this research paper are business intelligence or BI and data mining or DM. These two fields play a very important role in small to large companies and are becoming higher desired sectors within the back offices of the workplace. This paper will explore what the meaning of BI and DM really is, how they are used and what we can expect as workers and learners of the technology and business fields for the future.
Humans can expand their knowledge to adapt the changing environment. To do that they must “learn”. Learning can be simply defined as the acquisition of knowledge or skills through study, experience, or being taught. Although learning is an easy task for most of the people, to acquire new knowledge or skills from data is too hard and complicated for machines. Moreover, the intelligence level of a machine is directly relevant to its learning capability. The study of machine learning tries to deal with this complicated task. In other words, machine learning is the branch of artificial intelligence that tries to find an answer to this question: how to make computer learn?
Data Collection is the process of collecting information that will be utilized in the diagnostic process and eventually used to make business recommendation. In this data collection process, it is critical to ensure the highest quality of data possible. In the data collection component, the information is gathered on the specific department or organization such as inputs, design components, an...