When we finished writing our Practical Guide to Data Mining for Business and Industry, we realised that there were still things to say. The growth of interest in data has been enormous and there are now even more opportunities than during the earlier years when there was a steady awakening to the importance of data for business and industry.
Data analytics appears on billboards in mainstream locations such as airports, and even mathematics is being coupled with adverts for cars in a positive way. Everyone is aware that they have data and has seen the graphs and predictions that analysis produces.
The book describes how any business can be uplifted by monetising data. We show how data is generated by sensors, smart homes, apps, website visits, social network usage, digital communication, purchase behaviour, credit card usage, connected car devices and self‐quantification. Enriched by integrating with official statistics, analysis of these datasets brings real business advantage.
The book invites the reader to think about their data resources and be creative in how they use them. The book is not organised as a technical text but includes many examples of innovative applications of statistical thinking and analytical approaches. It does not propose original statistical or machine learning methods but focuses on applications of data‐driven approaches. It is general in scope and can thus serve as an introductory text. It has a management focus and the reader can judge for themselves where they can use the ideas. The structure of the book aims to be logical and cover the whole loop of using data for business decisions. The idea of exploring and giving advice on how to convert data into money is really appealing.
Even after several years of excitement about big data, there are few practical case studies available. For this reason, we include 21 in the final chapter to give realistic suggestions for what to do. The other chapters of the book give necessary background and motivational content.
It is timely to publish this book now, as big data and data analytics have captured the imagination of business and public alike. Data can be seen as the most powerful resource of the future; we believe it has more influence on the wealth of companies and people than any other resource. The authors have long been proponents of data analysis for business advantage and so it is with delight that we can collate our experience and rationale and share it with other people.
The ideas in this book have arisen from many hours of fascinating consulting work. We have felt honoured to be allowed to immerse ourselves in the company culture and explore their data, and been able to present solutions that in many cases have brought great financial benefits.
We are grateful to all the business people we have worked with. Writing takes considerable time and our families and friends have been very accommodating. We thank them all very much.