Download How to enhance shareholders value through data mining technique

How to enhance shareholders value through data mining
technique, by expert
AS part of strategies to facilitate corporate governance and enhance
shareholders’ value, quoted firms in Nigerian Stock Exchange (NSE)
have been advised to adopt a culture of decision-making using data
mining technique.
Also identified as knowledge discovery, data mining is the process of
analysing data from different perspectives and summarising it into
useful information.
Data mining information, according to experts, can be used to increase
revenue and cut costs. It allows users to analyse data from many
different dimensions, categories and summarise the relationships
identified.
Speaking in Lagos yesterday at a seminal organise by FCSL group in
collaboration with Cognitro Analytics, Chief Executive Officer, Cognitro
Analytics, Amjad Zaim said there is need to enhance the use of data
mining in all organisations whether quoted or not.
Explaining further during the seminal titled: “Data Mining and
Predictive Analytics”, Zaim said that business and marketplace
environments are increasingly becoming global and complex with
massive inception of new data and information.
He added that the development is capable of creating a persisting
cycle of inefficiency and operational complex situation, adding that in
such an environment, clear visibility of risks and opportunities
becomes obscured as business leaders struggle to gain information
advantage in order to manage uncertainty.
Zaim said as firms strive to compete for customers while at the same
time optimising business performance and achieving operational
efficiency, a new culture of decision-making that is guided by
intelligent insights drawn from advanced data analysis and information
discovery is emerging.
He said: “Driven by advancements in computer technology, which had
led to massive inception of new data and computational power, data
mining and predictive analytics are changing the landscape of decision
making, empowering companies to harness the full power of its most
valuable assets data, and enabling companies to profit from it.
“Data mining involves sifting through data in search of precious
information. From a business point of view, it is the process that
allows an organization to read between the lines and discover the
needs, aspirations, risks and opportunities within the target market.
“Technically speaking, it is the art and science of extracting hidden
patterns from large database, describing an interesting phenomena
and predicting future trends, hence the terms descriptive analytics and
predictive analytics.”
By Moses Ebosele
GUARDIAN February 23, 2011