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Data Mining vs. Machine Learning: What’s The Difference?

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Data mining isn’t a new invention that came with the digital age. The concept has been around for over a century but came into greater public focus in the 1930s. According to Hacker Bits, one of the first modern moments of data mining occurred in 1936 when Alan Turing introduced the idea of a universal machine that could perform computations similar to those of modern-day computers. Forbes also reported on Turing’s development of the “Turing Test” in 1950 to determine if a computer has real intelligence or not. To pass his test, a computer needed to fool a human into believing it was also human. Just two years later, Arthur Samuel created The Samuel Checkers-playing Program that appears to be the world’s first self-learning program. It miraculously learned as it played and got better at winning by studying the best moves. We’ve come a long way since then. Businesses are now harnessing data mining and machine learning to improve everything from their sales processe...

10 Ways Data Mining Can Help You Get a Competitive Edge

Far too many companies that I consult with sit on   loads   of good customer data …and do nothing with it. It’s truly amazing because in that data is a   gold mine of insight . The insight that can: Increase customer loyalty Unlock hidden profitability Reduce client churn Are you sitting on loads of data that you aren’t using? Would you like to learn how you can use it? Here are the ten most common ways, with some practical advice on how to use each. 1. Basket Analysis Sometimes called “affinity analysis,” this looks at the items that a customer bought, which could help brick-and-mortar stores improve their layouts or online companies like Amazon recommend related products. The “basket” refers to what shoppers use when they are shopping. It’s based on the assumption that you can predict future customer behavior by past performance, including purchases and preferences. And it’s not just grocery stores that can use this data. Here are a few ways it can b...