If you are in business you’ve probably heard of ‘data mining’. Often discussed in the same breath as predictive analytics or machine learning, it is usually mentioned as the next big breakthrough for business. According to Wikipedia “Data mining is an interdisciplinary subfield of computer science. It is the computational process of discovering patterns in large data sets involving methods at the intersection of artificial intelligence, machine learning, statistics, and database systems”. But how many businesses are actually taking advantage of this technology today? How many businesses are utilising their data? Many of the businesses we speak to have not seriously considered using predictive analytics to assist them make business decisions, often quoting a lack of understanding of the tech, or a perceived cost barrier, as reasons why. Whilst you may think that machine assisted data mining is a far of technology that is not ready for the big time, the truth is that the technologies required to make use of your data not only exist, they are affordable for most medium sized enterprises operating in Australia today.
Is data mining just for large corporations?
Barely a week goes by without an article being written about the promise of data mining, but given that it is usually a reference to technology developed by IBM, Oracle or some other huge multinational corporation, you would be forgiven for thinking that you would need large, enterprise scale budgets to be even thinking about implementing a data mining project.
This is not the case.
PicNet is an Australian based IT firm that has developed predictive analytics technologies that can help you make the most out of your data.
Can data mining get you a competitive advantage in your market?
Imagine being the first to market with new products, services, or strategies gleaned by using machine learning and predictive analytics on your current data. That would potentially be a huge advantage. That is the current scenario with machine learning technologies as they stand. In 5-10 years everyone will be using machine intelligence to assist with their business decisions but right now, almost no one is and if you are reading this, that is to your advantage.
How can I start using data mining?
At PicNet our predictive analytics systems are custom built around machine learning algorithms we have developed and tested on both research data and live in the field. We know it works. Every project is different, and the amount of work involved depends on what data you have and what sort of data you want to extract. It’s affordable too, the tech is already at the point where many medium sized business can afford it.