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101 – Data Mining and Predictive Analytics  

In today’s world mining of text, Web and media (unstructured data) plus structured data mining, the term information mining is a more appropriate label. Mining a combination of these, companies are able to make the best use of structured data, unstructured text and social media. Static and stagnant predictive models of the past don’t work well in the world we live in today. Predictive analytics should be agile to adapt and monetize on quickly changing customer behaviors in our world, which are often identified online and through social networks.

Better integration of data mining software with the source data at one end and with the information consumption software at the other end has led to improvement in the integration of predictive analytics with day-to-day business. Even though there haven’t been significant advancements in predictive algorithms, the ability to apply large data sets to models and the ability to enable better interaction with business has led to improvements in the overall outcome of the exercise.

There is a great introduction to the world of data mining and predictive analytics here.

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Written by Guru Kirthigavasan

January 24th, 2012 at 7:31 am