Data Mining is one of those topics that conjures up thoughts of modelling a large amount of data without providing significant Asset Management value. Whilst there are a few companies that have invested significant time and energy into modelling a broad range of data to assist in decision making, this does not appaer to be a widespread approach in asset management.
Asset Managers have traditionally used an analytical approach that looks at key physical data and various extrapolation methods to predict asset condition/performance. This is still a well tested and supported approach to gathering and modelling data.
The Sydney chapter were pleased to have Associate Professor, Dr Zahid Islam at their event last Wednesday evening to discuss how to extract value from data mining. It was a fantastic turnout with members contributing to discussion around possible areas where data mining can add to the existing 'arsenal' of asset management information. You can download your own copy of Zahid's presentation here. (Content available for members only. To see our affordable membership options, please visit here.)
In the meantime, check out a few snapshots taken at the event and see if you can spot a familiar face: