If you’re in business today, you probably know what data mining is. You use a software program to break down all the various analytics you get from your consumers attempting to find patterns and trends that can help with future marketing plans. Though this is a complex art, it can be highly beneficial. Once you know why a customer buys, or when they’re most likely to make a purchase, you can come up with a targeted marketing program.
Can Data Mining Improve your Bottom Line?
Forbes reports that 53 percent of all businesses have used or are using data mining on a regular basis. Early adopters include the financial services industry and the telecom industry. The 2017 Big Data Analytics Market Study was published by Dresner Advisory Services. It thoroughly examines end user trends and makes certain conclusions based on a cross-section of data that spans organization size, functions, geographies, and vertical industries. The study shows that 51 percent of vendors believe that their business could benefit from data mining.
How Does Machine Learning Work?
If you have vast pools of data, it can seem daunting to really find the insights hidden within it. You may not know whether your data mining program is actually reaching the right conclusions. That’s how machine learning figures into the equation. Machine learning uses complex algorithms and neural networks to dig deeper into the data. The program can be set up to learn while it’s sorting through all the data. But it goes much deeper than that.
Data mining has become a somewhat simple task that just about anyone could complete. On the other hand, machine learning requires complex forms of buy-in from all the different stakeholders. Project managers must initiate a training set that basically tells the computer how to process the information. It mimics the human brain in how it learns as it sorts through the data. Today’s advanced neural networks and machine learning programs can replicate how the human brain works with a good degree of accuracy.
It Learns As It Goes
Training data is essential to the process of machine learning. As it moves through large data sets, it should begin to recognize images, shapes, animals, humans and other subjects. It is actually “learning” as it goes. It makes observations about the data. One popular application of machine learning can be found when using Facebook. Each time you “like” or tag a friend on Facebook, the software program will change its behavior based on that. If you watch certain types of videos, Facebook will send you more programs of this nature.
Search engines use machine learning as well. Try searching for “throw pillows.” Suddenly, you’ll get lots of ads in your feed from stores that sell throw pillows. Though it can be difficult to grasp the whole concept of machine learning, it is the future of networking and online activities. When stores, sites, and search engines can readily identify what YOU are interested in, they can recommend a wide variety of products and services that will meet your needs. If you’re planning a vacation, all you have to do is search for “cheap airfare” and soon you’ll get ads from a large number of sites that sell airline tickets. This will make your search much easier since vendors are coming to you instead of vice versa.
Data Science Advances
Both data mining and machine learning are part of a unique field commonly known as data science and it really is a science to predict what a consumer might click on or why they would do that. According to Edureka! unstructured data will account for about 80 percent of all raw data collected by 2020. And simple Business Intelligence (BI) tools will not be enough to decipher all this data. The reason for this? Data is now being collected from places we never dreamed of 20 years ago. For instance, a self-driving car collects all types of raw data as it moves through traffic to its destination. How can we sort all this and make sense of it?
Raw data is collected from satellites each day. How can we use that data to benefit mankind? Likewise, tons of raw data is collected each day from submarines, airplanes, radar and many other unique sources. So it’s not just about selling products to consumers. Of course, understanding the thought patterns and intentions of consumers will help stores and websites to better serve their customers—that’s the dream anyway.
IT Services in Wilmington
If you still have questions, why not contact Partners Plus? We provide a full range of IT Support in Wilmington. We can help you with activities like data mining and machine learning. We understand the complex processes behind these very useful platforms. You may be a great business owner, but when it comes to aggregating large data sets, you can benefit by working with Managed IT Services in Wilmington.
Partners Plus also provides a number of other services to address any issues, needs or problems your business may be having. For instance, if you need something simple like Computer Support in Wilmington, just give us a call. We can often fix the problem remotely so your workforce can stay productive. Our goal is to become your strategic partner, a partner that will professionally manage your entire IT infrastructure so you can reap the benefits of what technology has to offer these days.
This is a constantly evolving challenge. Please feel free to reach out for more info or any feedback and we’ll help/update as needed.
Bill Hogan is the Owner and President of Partners Plus. He has over 37 years of experience in the tech industry, specifically IT network consulting for small and medium-sized businesses. Bill has spoken at seminars all over the country and published his latest book in 2018. Partners Plus has been selected by PHL17 as the best Computer and IT Support Company in the greater Philadelphia area.