09-16-2016 01:29 PM
As part of my course curriculum for MS in Analytics program, there was an assignment to become familiar with the intent of Knowledge Discovery Process (KDP). I wanted to share this brief outline of KDP with sas community.
KDP transforms large amounts of raw data to actionable knowledge (translating to $) that was unknown before the knowledge discovery endeavor. Data mining is a sub-process in the process of transformation of data to useful knowledge.
Example: Per Gunelius (2014) scholarly blog, in 2014, Facebook users shared 2.5 million pieces of content, Twitter users tweeted nearly 300,000 times, Email users send over 200 million messages, and Amazon generates over $80,000 revenue in online sales every minute and Google processed 20 petabytes of information per day.
When the volume, velocity, and variety change the current knowledge by the minute, collected data need to be transformed into useful information for actionable decisions by organizations.
Steps involved in transformation of data into Knowledge Discovery process are:
Per Silwattananusarn, and Tuamsuk (2012),
Key benefits in adopting KDP in data mining:
Silwattananusarn, T., & Tuamsuk, K. (2012). Data mining and its applications for knowledge management: A literature review from 2007 to 2012. International Journal of Data Mining & Knowledge Management Process, 2(5), 13–24.
Gunelius, Susan (2014) The Data Explosion in 2014 Minute by Minute – Infographic.
Han, J., Kamber, M., & Pei, J. (2012). Data mining: Concepts and techniques (3rd ed.). Waltham, MA: Morgan Kaufmann.