Data Mining and Data Analytics Essay Data Mining “Data mining” is the process of isolating data for a specific purpose from a database of raw data through

Data Mining and Data Analytics Essay Data Mining

“Data mining” is the process of isolating data for a specific purpose from a database of raw data through the useful collection, warehousing, and processing (Han, Pei, & Kamber, 2011). Data mining is an essential concept of “Basket Analysis.” The analysis involves evaluating customers’ preferences and tastes. Subsequently, the organization uses the information to predict the products’ buying patterns and trends. Also, the analysis offers a basis for the options for monitoring payment. According to Chen et al. (2005), Walmart Stores use basket analysis in the classification of shopping trips. In my future career, the data mining concept will be crucial for inventory planning. It will make the planning relatively easy assessment of growth or decline of periodical sales trends that, in turn, will help in informing my decisions about the products and services that a producer should stock at any given time.

Data Analytics

“Data analytics” is the scientific study process of analyzing raw data to aid in making informed conclusions that, in turn, optimize the efficiency of operations for various systems (Khalyasmaa, Zinovieva, & Eroshenko, 2020). Big data analytics forms the basis for managing all kinds of risks than an organization may face. The analytics tools facilitate the quantification and modeling of risks that these organizations may face (Khalyasmaa, Zinovieva, & Eroshenko, 2020). In particular, statistics as a tool is crucial for developing effective models for risk management. In turn, the models guide the formation of smarter strategies for mitigating risks and making informed decisions ((Pearlson, Saunders, & Galletta, 2019).). Wells Fargo is a specific brand that depends on data analytics to ensure risk management. Wells Fargo came up with a system that would reduce calculation duration for the assets at risk (Davenportis, 2014).

I will use data analytics to give solutions to advertisement problems and give marketing insights. Most organizations have spent millions of money on adverts but do not realize the proportional impact of such efforts. However, with data analytics, an organization saves money while ensuring the adverts (Pearlson, Saunders, & Galletta, 2019). Data analytics helps any firm to understand the purchasing behavior of every customer. In turn, such firms opt to adopt the suggestions of the data analytics rather than spending money on adverts.

References

Chen, Y. L., Tang, K., Shen, R. J., & Hu, Y. H. (2005). Market basket analysis in a multiple store environment. Decision support systems, 40(2), 339-354.

Davenportis, T. (2014). Three big benefits of big data analytics.

Han, J., Pei, J., & Kamber, M. (2011). Data mining: concepts and techniques. Elsevier.

Khalyasmaa, A. I., Zinovieva, E. L., & Eroshenko, S. A. (2020, May). Intelligent Data Analytics System for Innovation Efficiency Assessment Based on Risk Analysis. In 2020 Ural Symposium on Biomedical Engineering, Radioelectronics and Information Technology (USBEREIT) (pp. 0479-0482). IEEE.

Pearlson, K. E., Saunders, C. S., & Galletta, D. F. (2019). Managing and using information systems: A strategic approach. John Wiley & Sons.

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1) 150 – 200 words.

2) APA format.

3) Use proper citations and references