Data Mining: How to use business data to improve business processes?
Yet another usage of data mining (YAUDM).
The term ‘Big Data’ has been hyped in the recent years and Data Mining techniques are now being used in many areas. This leads to a growing demand for Data Scientists, who can turn data into value. Data Science aims to use the different available data sources to answer four questions:
- What happened? -> Report
- Why did it happen? -> Diagnose
- What will happen? -> Predict
- What is the best that can happen? -> Recommend
These four questions are key to understand and improve business processes. Data mining techniques applied to business process analysis (aka process mining) aims to discover, monitor and improve real processes by extracting knowledge from data readily available in today’s information systems. The goal is not to analyze data, but to improve processes for your business. [...]
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