Turn Data Into Profit
Published: December 20, 2018
You may have heard the phrase "Data is the new oil" to emphasize the magnitude of Data as a resource. Lets imagine Big Data as a different resource such as gold. Like gold, data is waiting to be mined, but very few organizations know how to do it, or where to even begin. So what is Data Mining? Data mining makes use of large Data sets stored by a company by leveraging the analytical discovery process which is key to predicting future outcomes, uncovering market opportunities, increasing revenue and improving productivity.
WHY IT MATTERS
Why is data mining important? It would take a lifetime for the CEO of an international Fortune 500 company to manually dig through every single transaction in search of one specific receipt. But, what if that same CEO could instantly find a specific transaction, and on top of that, see every transaction, through time and space? With the proper resources, the CEO of a company can visualize ALL sales transactions by year, region and even by an individual employee across cities, states and even nations. Data mining allows an analyst to sift through all the chaotic and repetitive noise in your company's data warehouse. The following are common ways the most succesful and competative companies are leveraging their data to increase profits and seize opportunities.
Predictive Analytics Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data. The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future. These analytics are crucial to the efficiency, revenue growth and success of a business. Revealing Opportunities No company wants to miss out on a new opportunity, which is why it is important to recognize an opportunity as soon as it presents itself. A careful analysis of your data will help you understand customer behavior and even give you the power to detect customer trends to forecast the future. Business Intelligence encompasses the analysis of a company’s raw data and analytics, to produce actionable takeaways. Data analyzed might include current sales figures, customer shopping habits or operations costs. Business Intelligence supports data-driven decision making with the right information at the right time.
MAKE BETTER DECISIONS
Data Visualization Quantifying value is at the core of how extracting value and raising profits. The oil and gas industry has been using Business Intelligence Visualization Tools in various ways. With tools like Tableau, Executives can interact with Dashboards to view geological data which can help determine where and how to drill for oil. A Data Visualization Dashboard can also assess market conditions and profit-advantage opportunities to determine the best price for energy products. Making smart business decisions is not driven by how much data you have – but by how quickly you can discover insights from all that data.
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