JT on EDM

Syndicated from BeyeNetwork
I recently had the chance to talk with Karl Rexer, President of Rexer Analytics, about their recently launched Data Miner Survey. This is the 3rd year they have run it and I blogged about the results from last year’s back in October.
JAMES: This is your third year conducting this survey, what new [...]

Syndicated from Smart Data Collective
John Elder presented a collection of case studies to showcase the ROI of data mining. John started by making the point that many of his case studies had technical success but not business success – an interesting statistic. John sees three major ways that predictive analytics can help – streamlining, eliminating [...]

I have been wondering if “data mining” or “predictive analytics” was the more effective phrase for a while now. I noticed that KDNuggets posted some evidence that analytics is overtaking data mining but like some of the commentators I am not sure this is significant. After all, analytics gets way overused as a stand-alone word. [...]

Karl let me know that the results from his survey are available – you can find them on the Rexer Analytics site – so I thought I would take a look and blog about them. Karl collected 348 responses from individuals in 44 countries and I found the results worth a read. A few highlights:

CRM/Marketing [...]

Delivering the best value proposition using segmentation is a multi-step journey with 6 main steps and some critical differences from other analytic approaches:

Define Segmentation Objectives
The first step – deciding why to build a segmentation scheme – is important but often overlooked. Reasons may include declining financial performance, changes in strategy or market trends – the [...]

PMML – The Predictive Modeling Markup Language – is the primary XML format for describing predictive analytic models so that a modeling tool can share a model with either another modeling tool or, more usefully, with a deployment environment. The folks over at KDNuggets recently ran a poll asking their readers about their use of [...]

Stephen Brobst of Teradata was next with A Reference Architecture for Integrating an Active Data Warehouse into the Real-Time Enterprise. He started with a great quote from a Gartner analyst:
No such thing as a business surprise – there is always a warning in advance
but were you listening – did you collect data about it, analyze [...]

Ian Ayres book, Super Crunchers: Why thinking by numbers is the new way to be smart, is another book extolling the virtues of data-driven decision making. In that regard it is very similar to Competing on Analytics. The book focuses in on the power of data mining and other analytic techniques, especially when combined with [...]