DATA MINING AND PREDICTIVE MODELING

Data mining has historically been described as the process of gaining value from data. This refers to the fact that data itself is an important, but highly unstructured asset. It comes in many forms, can be messy, and does not by itself give answers to important business questions. The value of your data asset comes from your ability to "mine" it for the important information it hides.

In our view, data mining and predictive modeling are different ways to say the same thing. The term "data mining" became popular not long ago with the advent of new tools that incorporated new, complex algorithms, and efficiently processed large datasets. However, the key capabilities of "data mining tools" are that they are able to find patterns and relationships in data and turn the results into predictive models of behavior. This is the same capability provided by long-ago developed standard statistical modeling techniques.

MODELING SERVICES

Lityx provides a number of services related to data mining and predictive modeling:

• tool evaluation and vendor research
• data mining project initiation and business case analysis
• model design, building, evaluation, and implementation
• training