big data and data mining

• What is Big Data?

  process of collecting and analysing large data sets from traditional and digital sources to identify trends and patterns that can be used in decision-making.
• quantity of data generated is growing exponentially, including data generated by:

  • Retail e-commerce databases

  • User-interactions with websites and mobile apps

  • Usage of logistics, transportation systems, financial and health care

  • Social media data

  • Location data (e.g. GPS-generated)

  • Internet of Things (IoT) data generated
• How Businesses are Using Big Data

  • Tracking and monitoring the performance, safety and reliability of operational equipment (e.g. data generated by sensors)

  • Generating marketing insights into the needs and wants of customers, based on the transactions, feedback, comments (e.g. from e-commerce analytics, social media posts). Big data is revolutionising traditional market research.

  • Improved decision-making - for example analysing the real-time impact of pricing changes or other elements of the marketing mix
• What is Data Mining?

  process of analysing data from different perspectives and summarising it into useful information, including discovery of previously unknown interesting patterns, unusual records or dependencies.
• potential business benefits from effective data mining

  • Identifying previously unseen relationships between business data sets

  • Better predicting future trends & behaviours

  • Extract commercial (e.g. performance insights) from big data sets
• Data Mining and Marketing

  • Sales forecasting: analysing when customers bought to predict when they will buy again

  • Database marketing: examining customer purchasing patterns and looking at the demographics and psychographics of customers to build predictive profiles

  • Market segmentation: a classic use of data mining, using data to break down a market into meaningful segments like age, income, occupation or gender

  • E-commerce basket analysis: using mined data to predict future customer behaviour by past performance, including purchases and preferences