Following up on the proposal to build a Data Warehouse for Suite Spot, the decision support team feels, the next logical step would be to invest some time on setting up an infrastructure to enable Suite Spot to do data mining on the centralized data warehouse.
What is Data Mining?
As explained by (Sharda, Delen, & Turban, 2013), Data Mining “is a term used to describe discovering or mining knowledge from large amounts of data”. Another interesting definition of data mining is “it is the use of the data from the warehouse to discover unpredictable patterns, trends and threats” (Kim, Lin, & Wang, ). Suite Spot has a distinct advantage over its competition, which is the massive amounts of data that we collect about our customers, i.e. people staying in Suite Spot hotels. If we can mine the data, understand customer behavior and then cater to their needs, Suite Spot can develop a competitive advantage over its competition, thereby improving the loyalty of our customers. A simple example of using data mining to turn raw data into information is shown below. Usually the data mining analysis is done by grouping commonly co-occuring things (Associations), discovering time-ordered events (Sequences), anticipating future occurences (Predictions), identifying natural groupings of items (Clusters) and finally, by uncovering generalizations to help classify items (Classification). These different type of mining usually take a lot of time and a good understanding of the business and
Data mining uses computer-based technology to evaluate data in a database and identify different trends. Effective data mining helps researchers predict economic trends and pinpoint sales prospects. Data mining is stored in data warehouses, which are sophisticated customer databases that allow managers to combine data from several different organization functions.
To begin with, Dell software an information technology enterprises describes Data Mining as “an analytic process designed to explore data in search of consistent patterns and/or systematic relationships between variables, and then to validate the findings by applying the
Having data is not valuable but using data is. Analytic insights are changing the way corporates strategize and also redefining customer expectations. Analytics is the new differentiator between success and failure in the cut throat e-commerce and internet services based industry. The huge proportions of data generated from the increasing number of smart phones, the social networks and the ever more penetrating internet are automating customer centric marketing and other services. The idea is to predict what a customer may want to buy even before the customer realizes what they need. The techniques to achieve these results are broadly classified as Predictive Analytics.
Data Mining. It is the process of discovering interesting knowledge that are gathered and significant structures from large amounts of data stored in data warehouse or other information storage.
As coined in an article in the St. Louis Post-Dispatch by Aisha Sultan, “Data is the new world currency.” Data mining is the process of analyzing data from different perspectives and then summarizing it into useful information. In essence is it applying all different types of what if scenarios on large swaths of data to get possible results to aid in better decision making. This sort of decision making isn’t something new, it’s the technology aiding the decision making that is new. This has reduced the amount of time it takes in the decision making process and given the
Data mining is a very useful business strategy that allows companies to improve their business model and overall
What is data mining? Data mining is the deriving new information from massive amounts of data in databases (Sauter, 2014, p. 148). Chowdhurry argues that data mining is part of KDD. KDD is knowledge discovery in databases, it is a process that includes data mining. In addition to data mining, KDD includes data preparation, modeling and evaluation of KDD. KDD is at the heart of this research field. This research field is multidisciplinary and includes data visualization, machine learning, database technology, expert systems and statistics. Overall, the use of a case based reasoning and data mining tools within an information system would create a CBR system to solve new problems with adapted solutions and could be used in many industries such as education and healthcare (Chowdhurry,
Chapter 2 describes the Avalon data warehouse functionality and chapter 3 the scope of the Avalon data warehouse. Chapter 4 lists the motivation for supporting the Avalon data warehouse implementation. In chapter 5, the process of collecting and processing business requirements is described. At chapters 6 and 7, there is a technical description of the architecture and data security, and Chapter 8 outlines the implementation plan.
The data warehouse DBMS market is going through a transformation due to the rise of "big data" and logical data Warehouses. Surprisingly, many establishments entered the data warehouse market in 2012 for the first time, swelling demand for professional services and causing vital changes in vendors' positions.
Data mining is when a financial analyst gathers consumer information and looks for patterns that a business can exploit. A simplified data mining example is when a restaurant manager knows the local yearly convention schedule based on experience. The manager can cross-reference that information with historical sales results to predict such things as forecasted profit or labor demand. With this information, the manager can estimate an advertising budget or hire temporary staff to handle anticipated work load. When medium to large-sized businesses use data mining, they uncovering these same information points; however, revenue gains can range from millions to billions of dollars. There are several techniques that firms frequently employ to find gold in information.
Data mining: is a process of discovering patterns in large data involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems with the aim of extracting information and transforming it into an understandable structure for further use.
Data warehousing is a crucial element of decision supporting process, which now for a long time has become a focus of the database industry. Vast number of commercial products and various services has been available now, and all of the top notch database management system vendors now have offerings in this area. This paper provides an overview of history of data warehousing, the type of systems in data warehousing, focusing on data mart, online analytical processing (OLAP), and online transaction processing (OLTP). This paper also emphasizes on the data warehouse environment, information storage, design methodologies including bottom-up design and top-down
Since higher education has blurred the lines with traditional businesses, it is important to have the tools to assist them with valuable data and information, in making decisions. Using of data and having the right data mining tools can insure the institute’s success, in many forms, such as, identifying market trends, precision marketing, new products, performance management, grants and funding management, student life cycle management and procurement to mention a few. To get a better grasp on these benefits it’s important to understand data warehouse, data mining and the associated benefits.
Data Base 2 (DB2) Warehouse is IBM’s BI software. The BI software focuses on data warehousing, consolidating data from unrelated sources and forms a “single version of the truth” (IBM.com, 2007), available to users through a variety of analyses. DB2 Warehouse is built to manage mixed workload, run queries concurrently, and also pre-aggregate related data for improved query performance. DB2 Warehouse capabilities include modeling, data mining and visualization, and embedded analytics and database management tools. DB2 has an integrated compression that has proven a savings of 45-69% disk space, and a workload control that automatically prioritizes and schedules queries. In addition to basic data warehousing and mining, IBM has prepackaged solutions for specific industries: banking, retail, insurance, healthcare, telecommunications and law enforcement. DB2 Warehouse will serve clients running Microsoft® Windows® XP or 2000, and run on servers with any of the following operating systems: IBM AIX® 5L™, Red Hat Enterprise Linux® 3 and 4, SUSE Linux Enterprise Server 9, Sun Solaris 9, Microsoft® Windows® Server 2003. It is compatible with two web browsers: Microsoft® Internet Explorer and Mozilla Firefox.
Although data mining is still in its infancy, companies in a wide range of industries –