Data Analytics and Knowledge Discovery using Data (KDD)
The discipline of Data Analytics helps to clear this cloud of confusion and helps to reach a conclusion about the problem domain. The genesis of Data Analytics lies in the field of Statistics and Mathematics and can be considered as old as the process of collection and interpretation of data itself. The process of collecting Census data for planning and managing affairs of the state has been happening across the world and is believed to predate Egyptian civilization. Naturally, these data were required to be analyzed and interpreted. Analysis of data used to be time taking and the complicated process took years of painstaking work to arrive at the results. The advent of computers and advances in computing technology provided a major thrust to the development and application of Data Analytics in a variety of Areas. The modern era of Big data and Cloud has resulted in the true power of Data Analytics being unleashed with almost all companies, big and small adopting it for their business.
In simple terms, Data Analytics is the discovery, interpretation, and communication of meaningful (often hidden and unexpected) patterns in data. Finding such patterns is commonly referred to as Knowledge Discovery using Data (KDD). KDD provides clarity to a situation or answers a question, moving the status from confusion to conclusion, thus clarifying the problem domain where solutions need to take place.
It should be noted here that Data Analytics is still an evolving field and no universally accepted structure exists. Here we will consider the following 7 step process:
Data Analytics Steps
The knowledge/ Insight discovery process lies both in the domain of Six Sigma and Data Analytics. In the domain of Data Analytics, KDD i.e., Knowledge Discovery using Data is performed. The seven-step process of Data Analytics is used for this purpose. Many of the times, the internal issues, problems, and challenges are well known hence Data-driven Knowledge/Insight Discovery operates more in relation to the External Ecosystem situations within the Organisation. It is also applied to situations where massive datasets are generated, and it is not possible to manually perform any Analysis.
In the domain of Six Sigma, the Knowledge/Insight Discovery process is applied by Organisation to understand itself better. On the one hand, this understanding comes from periodically exploring, examining, and evaluating its Vision, Aspirations, Strategies, and Strategic Business Objectives. This exercise is usually performed by the apex and senior management. On the other hand, the Opportunities and Issues need to be discovered by exposing the hidden factory within the Organisation by the Survey of Departments and Stakeholders.
Knowledge/Insight Discovery using Data Analytics and Six Sigma thus result in the identification of Business expansion and improvement opportunities.
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28 October, 2021
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