After the collection and classification of data through business intelligence, data mining is the next step to unlock patterns and make decisions. These patterns are identified by using statistical tools and in most cases predict future possibilities based on the past information. (Wallace, 2015, p. 202)
For example I once used a free software called Meta Trader 4. This is a data mining software related to the stock. Copying date, opening price, closing price, high price of the day, low price of the day and the volume sold of a particular share of the company form Nepal share market you paste the data in excel in a pre-specified format. This excel file is imported into the software where by the data is presented in a candle stick format which shows you how trend of the stock rising and falling over the months. This is used to predict future fall or rise of stock. There are other functions like moving averages, accelerator oscillator that help you interpret if the stock price will raise.
"Data mining supports data analysis software, and the process consists of five major operational phases: extracting, transforming and loading transactional data into the data warehouse system; storing and managing it; allowing data access; analyzing data; and presenting data in a visual form. (Mraovic, 2008)”
There is another data mining software "uclassify.com” which presents you with analysis options for on sentiment, gender analysis, text language, topic, age analyzer, mood etc. You can click into any of these as per your need. For example, let us look into gender analysis. After you click into this there is a box to add your text or you can add the url of the site you wish to analyze. A word of advice is also shared above the box that says this analyzer tries to figure out if the texts have been written by male or female and is based on 11000 blogs (5500 written by female and 5500 by male). I went to the facebook page of Dalle restaurant and feed in the url into the analyzer. The following was displayed.
Next I did the same with the sentiment, which show positive and negative comments from the page.
From this we can see that majority of the visitor in the restaurant’s page is female and they are not happy with the service of Dalle. Dalle needs to address these concerns and make it more suitable for the females who seem to be the higher costomer.
These are some ways in which you can do data mining to understand the business. There are other free sites you can use to analyze and mine data which are very useful indicators to take decisions.
Reference
Mraovic, B. (2008). Relevance of data mining for accounting: social implications. Social Responsibility Journal; Bingley , 439-455.
Wallace, P. (2015). Information System in Action. In P. Wallace, Introduction to Information System (pp. 4-9). New Jersey: Pearson Education, Inc.
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After the collection and classification of data through business intelligence, data mining is the next step to unlock patterns and make decisions. These patterns are identified by using statistical tools and in most cases predict future possibilities based on the past information. (Wallace, 2015, p. 202)
For example I once used a free software called Meta Trader 4. This is a data mining software related to the stock. Copying date, opening price, closing price, high price of the day, low price of the day and the volume sold of a particular share of the company form Nepal share market you paste the data in excel in a pre-specified format. This excel file is imported into the software where by the data is presented in a candle stick format which shows you how trend of the stock rising and falling over the months. This is used to predict future fall or rise of stock. There are other functions like moving averages, accelerator oscillator that help you interpret if the stock price will raise.
"Data mining supports data analysis software, and the process consists of five major operational phases: extracting, transforming and loading transactional data into the data warehouse system; storing and managing it; allowing data access; analyzing data; and presenting data in a visual form. (Mraovic, 2008)”
There is another data mining software "uclassify.com” which presents you with analysis options for on sentiment, gender analysis, text language, topic, age analyzer, mood etc. You can click into any of these as per your need. For example, let us look into gender analysis. After you click into this there is a box to add your text or you can add the url of the site you wish to analyze. A word of advice is also shared above the box that says this analyzer tries to figure out if the texts have been written by male or female and is based on 11000 blogs (5500 written by female and 5500 by male). I went to the facebook page of Dalle restaurant and feed in the url into the analyzer. The following was displayed.
Next I did the same with the sentiment, which show positive and negative comments from the page.
From this we can see that majority of the visitor in the restaurant’s page is female and they are not happy with the service of Dalle. Dalle needs to address these concerns and make it more suitable for the females who seem to be the higher costomer.
These are some ways in which you can do data mining to understand the business. There are other free sites you can use to analyze and mine data which are very useful indicators to take decisions.
Reference
Mraovic, B. (2008). Relevance of data mining for accounting: social implications. Social Responsibility Journal; Bingley , 439-455.
Wallace, P. (2015). Information System in Action. In P. Wallace, Introduction to Information System (pp. 4-9). New Jersey: Pearson Education, Inc.