Publications

EmPower Research, September 18, 2007, By Shoma Bakre

In the current 24/7 economy, also known as the knowledge economy, the ability to act faster and more effectively than the competition can define market as well as industry success for any organization. The new economy is fuelled by information that plays an essential role in the development and sustenance of competitive advantage. Successful and enterprising organizations are those that effectively collect, evaluate and apply information and consequently emerge as consistent industry leaders.

Looking for Valuable Gems

In a business environment where data generation seems to know no bounds and organizations are craving for deeper knowledge, data mining is one tool that answers the challenge of making sense out of volumes of data in an effective way. This powerful technology backed tool has great potential to help companies transform their data into information and knowledge that is highly relevant to making business decisions. Data mining can help organizations to strike "Gold and Gems" of substantial business value in unexpected places. Data mining, also known as Knowledge-Discovery in Databases (KDD), is described as "the process of identifying valid, novel, potentially useful, and ultimately comprehensible patterns or models in data to make crucial business decisions" by automatically searching large volumes of data. It is a combination of techniques found in statistics, computer science, and artificial intelligence.

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Benefits: Why Data Mining Is Gaining Popularity?

"Companies that manage their data as a strategic resource and invest in its quality are already pulling ahead in terms of reputation and profitability from those that fail to do so." (PricewaterhouseCoopers, Global Data Management Survey 2001)

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