The arrival of big data has fueled business intelligence efforts. While business owners readily toss around buzzwords in this area, many seem to be confused by what those buzzwords mean and how they interact.
For example, business intelligence, data analysis, and data mining are all different concepts, but it’s possible to find key business intelligence in data mining.
In this post, we’ll provide examples.
There’s useful business intelligence in data mining
A common misconception is that business intelligence is essentially raw data or a basic analysis.
Business intelligence goes beyond analysis to identify trends and patterns with which companies can take action and change the way they do business.
For example, in a retail setting, business intelligence can reveal actionable insight about factors such as how specific practices and policies impact employee performance.
Mining big and small data
In simple terms, data mining is the process of digging into large sets of data to find information pertaining to specific issues.
Companies gather the data they’ll explore to inform their business intelligence.
It’s been said that data mining is a way to find answers to problems you didn’t realize you had.
Armed with those answers, companies can make more informed management decisions. It’s all about finding the “what,” while business intelligence uses the mined data to determine the “why” behind it.
Identifying patterns and trends
Through data mining, companies seek to better understand key information about their operations, and through business intelligence, determine the reasons behind what they’ve learned.
Companies have done this manually for years, but the power of technology and access to massive amounts of data have made the process more valuable and affordable.
By combining business intelligence in data mining with analysis programs, companies can:
- detect market trends
- improve internal processes
- identify business problems
- inform decision-making
- increase the efficiency of operations
- create competitive advantages
- build new revenue streams
- improve relationships with customers
Mine POS data for business intelligence
DIGIOP CARBON offers capabilities which are highly effective at discovering business intelligence in data mining. For example, DIGIOP CARBON’s report building options allow users to identify and track exception data and pair it with associated video on the same screen.
With DIGIOP CARBON, you can gain marketing insights to better understand customer traffic, conversion rates, speed of service, and purchasing habits.
A beautifully simple and scalable tool, your business can improve operational efficiency, enhance marketing efforts, and drive down loss.
To learn more, contact us to schedule a DEMO .