Thru years of experience in the financial information field, I have seen many scenarios about data mining projects that have succeeded at the same time failed. And in connection to this, I was asked by some of my clients on how to maximize data mining projects in order to increased chances of becoming successful.
The suggestions that I will share is somewhat connected thru the years of experience that I have.
The chances of becoming successful are always there, I am sharing these six helpful tips for your data mining to succeed. When these suggested tips are utilized the project will have a higher chance of reaching success.
#1 “Think carefully,”
thinking carefully on the projects that you want to take, in order to maximize the chances of reaching success you need to focus on projects that are clear and aligned it with business issues, example, leveling up customer loyalty, cross selling opportunities and detecting fraudulent activities.
Remember that it is tempting to delve in data while exploring problems as they sound that cool, complexly and ethereally challenging business. But once, you have started the hole, you will surely be there for long, adding nothing but profits in business.
#2 “Using achievable data,”
when you are modeling a pattern with your customer behavior, it will help you to have access on significant data both clients that are influential and those who are not but has the chances of being influenced.
But don’t over use external data of your clients, if you are limiting to internal data you might overlook external data, like social media activities that has needed variables for you to build a model.
#3 “Create a clearer sampling method,”
when you have a clear sampling method, it also enables you to have great analytics that leads to a greater model of your dataset. Typically, everything starts from small sample. The sampling you have starts simple, focused on advantaged techniques.
#4 “Using the latest sample,”
by using the latest sample enables you to analyze the recent performance so you can device a recent result. If your samplings are based from old model, you will get an inconsistent and inaccurate version of data and these data will not stand on the current situation.
#5 “Using throwaway model,”
determining the best variables from the range data is the key factor to consider in modeling process. Choosing the right information and testing it for modeling and repeating it with refined process so the final model will be determined.
#6 “Using the Model,”
when you have the model, then you have to use it. If you have your model and leave it there doing the first tip is just a waste of time. Using the model will affect the overall business operation.
So having a clearer mindset route should be established, and ensuring the model will be used in order to analyze future profits from campaigns. If you do not insure the models, you will not experience its main purpose as it cannot demonstrate its power in the work.