Information that can be used to make decisions

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Information that can be used to make decisions, like determining a product’s price, can be gathered through data collection. Today, more people are collecting data from the Internet because it is accessible on websites, directories, B2B/B2C platforms, e-books, e-newspapers, yellow pages, official data, accessible databases, and vast and up-to-date information online. As the old Chinese proverb states, “Preparedness ensures success, unpreparedness spells failure” applies to data mining as well.

#1. What is your goal or justification for gathering intelligence? After you have collected this information, what will you do with it? The data mining team may gain a better understanding of your objective by reading a description of your project. As an illustration, an objective might be, “I want to collect sufficient intelligence to determine a competitive price for my product.”

#2. What kind of data do you require to back up your final analysis or decision? For instance, it is necessary to collect product specifications in order to compare prices for identical products. For accuracy, additional external factors like tax, coupons, and gifts must be taken into account.