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Posts Tagged ‘BI’

Are You Giving Your Data the Attention it Deserves?

Data Strategy is an Executive ResponsibilityIncreasingly, companies are seeing a need for executive-level attention paid to their data and the valuable wisdom it contains. But some struggle with understanding who’s “in charge” of data management, and just how important a role data manager should be within the organization.

Smart Data Collective recently tackled these concepts in a piece entitled “Who’s in Charge of Your Data?”. The Smart Data Collective piece cites 8 key needs that all organizations have when it comes to their data:

  • Data governance policy and procedures
  • Determination of data needs
  • Data collection
  • Data management
  • Data security
  • Data flow
  • Analysis of data and modeling
  • Data reporting

And, according to Smart Data Collective, as companies delve into these needs they find that data doesn’t really fit nicely into the realm of IT. Instead, companies looking to make the most of their data may find their best bet is to elevate data management to the executive level where it can impact multiple branches of business operation. The article quotes Thomas C. Redman from the Harvard Business Review, “Different kinds of assets, people, capital, technology, and data demand different kinds of management. You don’t manage people assets the same way you manage capital assets. Nor should you manage data assets in the same way you manage technology assets.”

It also quotes Data Blueprint’s Data Management and Data Administration academic paper, “Management should recognize the DM is continuing to move towards a model in which it is moving away from the inclusion of low-level operations and towards more managerial functions.”

All this is to say that if your aren’t giving your company’s data an important role in your business strategy with executive-level attention, you should be!

Ready to get started with data mining? Join The Modeling Agency for a free hour-long data mining webinar, or delve deeper with one of The Modeling Agency’s predictive analytics training courses.

Predictive Analytics Helps Businesses Get Better at Guessing

Predictive AnalyticsPredictive analytics – the use of data mining, machine learning and other techniques to look for patterns in data and make informed predictions – helps companies get better at guessing customer wants, needs and behaviors. In a recent article Jim Manzi of Applied Predictive Technologies explained predictive analytics helps companies get “about three percent better at guessing”. That may not seem like a large figure, and the effectiveness of predictive analytics depends on the size of the data and the scope of the project, but even 3% can certainly translate to a lot of cash in the right situation.

Predictive modeling allows companies in any industry to fine tune their sales efforts based on educated guesses what their customers will respond to best. “What we’re trying to do with predictive analytics is to get a little better at what you’re already doing,” said Manzi. “And so really our technologies could  in theory be used to build experiments and from that build models to say that a customer ID is more likely to respond to the following offer than another customer ID.”

Retail operations, banks, insurance agencies and the entertainment industry are just a few types of businesses that use data mining and predictive analytics to increase sales. For some practical examples of data mining, see this post on The Modeling Agency’s blog.

If you’re ready to learn more about how data mining and predictive analytics can work for your company, register for The Modeling Agency’s next free data mining webinar. Or for a more in-depth, hands-on examination, attend an upcoming data mining and predictive analytics training course.