Mining in the new era.
Most organizations are awash in data – too much of it. And as many have learned, the ability to make effective, fact-based decisions is not dependent on the amount of data you have. Success is based on your ability to discover more meaningful and predictive insights from all the data you capture.
That’s where predictive analytics and data mining come into play. Data mining looks for hidden patterns in your data that can be used to predict future behavior. OCGM has used this approach for years to transform data into proactive insights. Our approach applies to business issues across virtually any industry.
OCGM uses data mining and predictive analytics to help detect fraud, minimize risk, anticipate resource demands, curb customer attrition, and ultimately increase response rates for marketing campaigns. Because of its potential to yield predictive insights from masses of diverse data points, data mining is essential for improving performance and creating competitive advantage for all types of organizations.
Predictive analytics and data mining can help:
- Rapidly discover new, useful and relevant insights from your data.
- Make better decisions and act faster.
- Monitor analyses and results to verify their continued relevance and accuracy.
- Effectively manage a growing portfolio of predictive modeling assets.
Benchmarks of our data mining process:
- Sample the data by creating a target data set large enough to contain the significant information.
- Explore the data by searching for anticipated relationships, unanticipated trends and anomalies.
- Modify the data by creating, selecting and transforming the variables to focus your model selection process.
- Model the data by using analytical tools to search for a combination of data that reliably predicts a desired outcome.
- Assess the data and models by evaluating the usefulness and reliability of the findings from the data mining process.
How Do Predictive Analytics and Data Mining Work?
Data mining is one of the core sets of technologies that helps us use predictive analytics to anticipate future outcomes, find new opportunities and improve business performance.
Predictive analytics is an iterative process in which we:
- Select, explore and model large amounts of data.
- Identify meaningful patterns, trends and relationships among key variables.
- Deploy models.
- Assess the merits of various courses of action.
For its potential to yield predictive insights from masses of diverse data points, data mining has proven to be an invaluable component of any analytics initiative.
