Young Leaders Programme (YLP)
Management Development Institute ,GurgaonOpen For Admission
“Data are just summaries of thousands of stories – tell a few of those stories to help make the data meaningful.” - Chip & Dan Heath
True to the quote, there is always a story behind data, and data mining is all about joining the dots and understanding the pattern to bring those stories upfront. Let’s look at a use case where data mining has already proved its mettle.
Brick and Mortar Supermarket Retail
Target, the supermarket chain in the US, went on to present a very unique case study. The Target Loyalty program issues cards with a unique ID for each customer. Now each of these Ids is liked to the email ids and credit cards thereby creating a bucket for storing all the purchase history of the customer. The very famous Andrew Pole, the master statistician of Target is famed to have predicted pregnancies, almost accurate due dates. As the customer data was run through various predictive models in Cole's computer, he could recognize certain buying patterns signaling an impending pregnancy. Right from the purchase of a certain lotion to a bag similar to a diaper bag and zinc along with magnesium supplements was enough to tell what the customer was expecting. Once this insight was revealed through a predictive score, Target started sending coupons for maternity wear and baby strollers. This is a glaring example of how data mining plays a crucial role in business analytics.
The process of mining the data from the depths of dungeons of ever-increasing data involves five key processes. These are:
So, it is evident that data simply doesn’t make sense, it has to be translated into information. This particular translation is carried out during the data mining process. Through data mining, organizations can achieve the following such as:
Maneuvering data calls for a specific skill set, and this needs academic intervention. IIM Calcutta is currently offering a Executive Programme on Business Analytics (EPBA) designed to enable new-age professionals to become competent in analytics along with the ability to handle bigdata.
Keep yourself updated.
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