Organizations gain a competitive advantage when they can increase the sophistication of their BI applications. One way to achieve this is to move beyond basic historical reporting and evolve to strategic, predictive analytics and alerts that help anticipate the likelihood of a future event, such as customer churn. Your business are as full of information like the DNA, and precious as gold. All you have to do is learning how to discover them. And use them. And with MicroStrategy Data mining and predictive analysis you can extract everything that is valuable from your data.
Data Mining Services is perhaps MicroStrategy's best kept secret and one of the most powerful components. It's a set of tools and functions built right into the product that offers advanced statistic report capability including predictive analytics, market basket analysis, networking and trending. This functionality is free and is included out of the box: no additional software needed and no special permissions to use it.
The most popular feature of data mining are predictive metrics, some special types of metrics that will carry the trends of your existing warehouse data into the future, based on various statistical models.
Market Basket Analysis is almost required for anyone in the retail space. It finds relationships between items and scores them on how strong they are. With that insight, a store could put those items close to each other and increase impulse sales. And even MicroStrategy BI solution can generate most of the common types of statistical models, if you have a more advanced tool for generating statistical models, you can import it into MicroStrategy and use it.
Briefly, there are some benefits of using MicroStrategy Data mining:
- Create flexibly-organized and highly-formatted predictive reports for easiest possible user consumption and professional presentation;
- Deliver individualized messages and predictive reports to very large populations through a single "service definition" based on event triggers or schedules;
- Provide large user populations with ad-hoc query and ad-hoc analysis on predictive data of an entire database without requiring knowledge of SQL, table structures or predictive models;
- Implement even the strictest security scheme to users within and outside the organization.
Unlike other similar products, MicroStrategy Data Mining Services hides the complexity of the underlying statistics and does not require users to adapt to new applications or interfaces. Instead, it delivers sophisticated results to the touch points already used by MicroStrategy users, including MicroStrategy Web, MicroStrategy Mobile, Dashboards, Excel, and PowerPoint. In addition, Data Mining Services extends the reach of traditional data mining insight by incorporating the scoring process on-demand in a single BI platform.
BITSoftware used MicroStrategy platform to develop its own business intelligence solution, SocrateBI, which allows access to the latest features available in MicroStrategy platform: MicroStrategy Mobile, Transaction Services or Visual Insight.
Sources: MicroStrategy, MicroStrategy Blog, Bryan Brandow Blog, Whitepapers Technology USA