Data Mining Consulting
Data Mining, or otherwise known as Knowledge Discovery in Databases, is a new trend in the database industry wherein people are gathering data using machine learning tools and modern techniques in discovering new knowledge to be converted in a form that people can understand it easily.
Starting a data mining consulting business of your own is made simple with this guide.
What is Data Mining Consulting?
Data Mining is relatively a new trend in the database industry that uses an advanced automated statistical analysis approach for the discovery of new data, and the accumulated information are mostly used for market analysis and other business-related purposes. According to bisolutions.us, there’s a big difference between the conventional statistical analyses on top of data mining.
In statistical analysis, it is typically designed in taking care of well-structured problems and the conclusions are based on statistical hypothesis testing. In addition, this conventional approach is not using any software or computer programs. And in terms of data mining, it is customarily handling unstructured problems using modern software and database system or algorithms, and then the revealed vital intelligence is normally used in a predictive approach to be applied in various applications.
There are three basic processes involved in data mining:
- Exploration – This initial stage of the data mining process focuses on the preparation of data.
- Model building – This stage is also referred as Pattern Identification by means of validation or verification.
- Deployment – This is the last stage of the process that uses the selected model for the generation of the expected or projected outcome.
Since the first step of the data mining process is the preparation of data, therefore proper gathering of data is very crucial for the whole procedure. Once you have found the most significant data that is essential for a business, then the rest of the procedure would be a lot easier. Nevertheless, your task is not yet completely done unless you have chosen the right data mining algorithm which is suitable to the data you have gathered. And also, use a computing tool that has the best computing properties so you can arrive in a best outcome.
Things to Consider in Starting a Data Mining Consulting Business
Certainly, businesses can get a lot of advantages through data mining and this is due to the discovery of new knowledge that reflects the real world process. So, if you’re planning to start your data mining consulting business, you should be familiar of the application areas that you can provide your services such as:
- Network and Telecommunications
- Financial Data Mining
- Social Services
- Oil and Gas Industry
- Meteorological and Industrial Industry
Furthermore, the estimated start-up cost for starting a data mining consulting business is around $3,000.00, this is enough for you to buy a modern personal computer, database software, and printer plus the cost for your marketing strategy and other promotional aspects. Building a good portfolio is your top priority and once you have established your clientele then your potential earnings can be as low as $5,000.00 and as high as $120,000.00!