data mining, business and finance homework help
dear writer please replied to my classmates posts for example you might replied nice post ….
Post 1: Deepak wrote this
I think Tesla Motors could use data mining for various departments. Tesla is automotive manufacturing company that produces fully electric vehicles. Tesla does not spend millions of dollars in a traditional ad campaign.
Although Tesla has no advertising department, the company could specially use advertising team in the near future. Instead of a traditional advertisement, data mining could assist Tesla to target certain group of people who are likely to buy electric vehicles. The company has already created a buzz without any investment on direct advertising campaigns. With a proper data mining tool, Tesla could better understand their customers and optimize their upcoming vehicles.
The use of data mining could:
- predict the number of potential customers.
- cluster detection could recognize driving habit of the driver and find a solution in real-time.
- predict the estimated mileage range of the vehicle.
- access real-time machine data to foresee problems and improve performance.
- analyze predictive analysis to establish better customer relationship
- convert machine diagnostic into information and send it to the developers for solution.
However, the cost of data mining can add additional expenses due to exploitation of information by employees. The value of information is always hard to calculate. Especially Tesla vehicles are connected to the internet, there is always concern about the privacy of the owner. Tesla collects information about their customers in many ways to understand their driving behavior, traffic condition, weather forecast etc. These information collected could be sold to third parties by employees with wrong intention. Security is also a big concern as it opens the door for hackers.
Although privacy, security and misuse of information creates big issue for companies, data mining is gaining popularity. The huge volume of data available today, makes it hard for any system to process. It is impossible for human analysts cope with such overwhelming amount of data. In addition, the data comes in different formats and different system making it more complex to analyze.
References:
http://www.teslarati.com/brilliant-tesla-advertising-strategy-lack-thereof/
Post 2: Daniel wrote this:
After reviewing the different case studies within chapter 4, data mining can be used across many different industries. In the pharmaceutical industry, data mining can be used to do analysis on data to determine if a specific drug will do well for the company long-term. This could potentially be a large cost savings for a pharmaceutical company.
Data mining is growing in popularity because it is an inexpensive way for a company to analyze their data. For instance a company wouldn’t need to hire multiple people to review a large portion of data. They can use data mining which is a computer-assisted process that will dig through and analyze the large sets of data, and then extract the meaning of the specific data. These companies also use data mining tools to help with different predictions such as future trends that could be beneficial to the growth of the company.
http://www.sas.com/en_us/insights/analytics/data-mining.html
Dear writer what will you replied to these classmates posts .
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