Sustaining And Expanding Your Business Through Data
- Author Amit Tavva
- Published July 31, 2019
- Word count 603
The exponential rise of the importance and power of data in the last 3-4 years has brought about a massive and probably a much-needed revolution in every industry- a revolution that promised to make life easier for each and every market and sector that is datasciencecourse affiliated with technology and computer science implementation. This revolution did not just promise but also delivered mind-boggling and the awesome results that have boosted the sales and income of a plethora of industries and markets worldwide.
The credit for this revolution cannot be claimed by one single tool or methodology. In fact, it is the combined result of a bunch of methods and manners which implemented in a custom manner in every industry, gave them the ability to attain new heights. Examples of these methods include big data, machine learning, artificial intelligence, data analytics, data mining, etc.
By making use of data in a strategic manner helps organizations to gain a competitive edge over their rivals as well as to manage all sorts of internal affairs based entirely on the derived information that data provides. These 2 aspects have led almost all organizations running helter-skelter to somehow affiliate themselves with the same; and in order to boost their profits while targeting the market in a specific manner, the concept or field of data mining is what is leading the ship of success for a lot of organizations. So, let us try and answer some questions about data mining.
WHAT IS DATA MINING?
There is no better way to explain data mining than putting it in contrast with the simple mining that we all have heard and know of. Just like in mining where we extract valuable stuff from a bunch of garbage, data mining exactly the same. Just replace valuable stuff with valuable insight/information and you get a basic picture as to what data mining actually is- it is extracting or deriving some really valuable insights from a random heap of data. Data mining does so by identifying the various repetitive patterns to design various models that can answer almost every question that relates to that particular set of data. The questions can be generalized in the manner of "what", "why", "where", "how", "when", "what if", etc.
BENEFITS OF INTEGRATING DATA MINING WITH YOUR BUSINESS
The benefits that data provides to an organization are something that cannot be quantified. Even in the modern world, a lot of people and businesses are hesitant, reluctant, and apprehensive about using data as their driving force. These are the very same people and businesses that (apologies beforehand) are not going to sustain in the market for very long because data mining provides such valuable insights that help you to-
a. Reduced costs
Real-time information about every aspect of your business allows you to make informed decisions in a matter of seconds as opposed to the time that a bunch of human brains will take even collectively, thus saving you both time and money in a single go.
b. Expand your business
Valuable insights about the workings of your own business allow you to target more and more customers in an efficient manner and thus subsequently expanding your customer base and sales consequently.
Data mining and data analytics (basically anything related to data) are what are causing all sorts of revolutions in the market. It is a profession that is only going to witness exponential growth in the coming years, and thus affiliating yourselves with it would be the wisest decision one could take with regards to their careers. Don’t hesitate and join a data analytics course today.
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