Copyright 2023 Ephyra Networks Inc ©, All Rights Reserved
DM is the process of converting data knowledge about consumer buying behavior. Analysis
of historical data patterns will give rise to future trends. DM can be used to increase
revenue, cuts costs, or both. DM analysis determines the relationships between "internal"
factors such as price, product positioning, or staff skills, and "external" factors
such as economic indicators, competition, and customer demographics. DM is primarily
used by (1) companies with a strong consumer focus -
The company goals and vision (revenue growth, product and services road map ) must be conveyed and understood by the analysts carrying out the DM otherwise DM will be useless. Our service offerings and our experience allow us to be in a unique position to assist companies embarking on adopting DM. DM consists of 7 major elements:
- Understanding and translating the business and corporate strategy
- Understanding the data sets: Extract, transform, and load transaction data onto the data warehouse system.
- Data preparation: Store and manage the data in a multidimensional database system.
- Provide data access to business analysts and information technology professionals.
- Analytical modeling and choice of appropriate analytical software.
- Results evaluation & characterization of the degree of certainty of discoveries
- Incorporate the findings into the company strategy and product marketing and roadmap
The most challenging issue for companies are simply -
- How to lay an strategy that is in line with the company vision to mine complex knowledge and be able to predict trends from a complex set of data records?
- What model to use? What software? How to develop and test these models?
- How to make predictions search for rare and unexpected patterns?
- How to ensure security and integrity of the original data set?
- How to characterize the degree of certainty associated with discoveries made in the course of data analysis?
There are many promising small to mid-
