Modern business is underpinned by free access to information. However, this information can only work if it is arranged systematically for your company to make sense of what it entails.
Your e-commerce Oracle database is a treasure vault of customer information and you should leverage this gold mine through data mining to stay competitive.
Here are some vexing questions to help get a better grasp of Oracle data mining and exploit it in your business:
- Exactly what is data mining? This is a part of the broader Knowledge Discovery in Databases (KDD) involving extraction of implicit, unknown information from your database using intricate technology. The process helps identify patterns and establish relationships from your customers’ information stored in your Oracle database.
- How does data mining work? The whole process is automated and your input is minimal. The beauty of it is that Oracle data mining provides you analyzed data to apply in your business operations. The process automatically predicts trends and customer behaviors, and also discovers unknown information for use by your business.
- Is data mining important for a small business? Very important indeed. By analyzing data and classifying it, the Oracle data mining tool helps your business save money in marketing through customer segmentation; helps avoid risks such as fraud and ensure efficiency in all business operations.
- Which techniques will Oracle data mining employ? If you are using Oracle Enterprise Performance Management (EPM), this software is already embedded and data mining is done through parameters of association, forecasting, anomaly detection, classification, predictive analysis and identification of important attributes. These should not worry you because the software is primed to function seamlessly.
- Can data mining work in a retail business? Oracle data mining is applicable in any industry from banking, transport, health to retail. In a retail situation, this technology helps identify buying patterns from customers, associations among customer demographic clusters, predict responses to your marketing campaigns and much more.
- What type of database is useful for data mining? All types of databases are open to exploration including flat files or texts, transactional, relational and multimedia, including videos and audios, spatial databases which offer geographical information, time-series databases featuring time related activities, such as login, and the World Wide Web. This means data mining is all-reaching.
- Is data mining a one-off process? Oracle data mining is an extensive process, which is part of the broader and crucial Knowledge Discovery in Databases (KDD). It involves data cleaning, integration, selection, transformation and finally data mining. Afterwards, there is pattern evaluation and finally presentation and deployment to help you make strategic decisions.
- Why use Oracle EPM for data mining? It is all about trust and track record of proven capabilities. You will find myriad studies including one by Internet Retailer showing the dominance of Oracle as the e-commerce solution provider of choice in 25 of the top 100 largest retailers in 2014.
Your business cannot survive in the modern cut-throat environment without optimizing on data available in your database. Oracle Advanced Analytic’s Oracle Data Mining (ODM) is a proven tool to give impetus to your e-commerce marketing campaigns.
Jenny Sasha Wu has worked in most of the blue chip tech firms including IBM, Microsoft and Apple, among others. She has travelled across the globe as an Enterprise Performance Management (EPM) consultant and shares her experiences and ideas through her writing.