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Data mining

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Data Mining

Benefits of data mining

By | Data mining

In simpler words, data mining is an automatic analysis of thousands of online files in order to discover patterns that may otherwise go unexplored.  In fact, it is a process of searching, cleaning, collecting, analyzing data from various sources of databases for the purpose of evaluation.

Data mining has also become very popular with the emergence and popularity of today’s IT industry and powerful economy. Nowadays, a lot of different companies want data mining solutions that can give them the knowledge to surpass other competitors. Moreover, data mining has helped several companies achieve very useful data from an array of sources.

An Enterprise 2.0 based social intranet provides a great tool for data mining. With its help companies can earn useful information about how they can make their work even more productive and successful

Thanks to the significance of data mining there is a new concept called ‘Business intelligence data mining’. It means taking out a lot of important data from different kinds of online places which can help the companies to decide which critical business decisions could be made. This could easily include market and economic trends, geographical information, industry research, competitor and competition analysis and economic trends. To sum up, various organizations are using data mining to its fullest potential to outclass their competitors in the businesses.

Data Mining

Some benefits of data mining

By | Data mining

With the help of data mining, users can find and use precious information about customers and their behavior for a specific set of products and evaluate and analyze, store, mine and load data related to them which makes it one of the most effective services that is available today.

An analytical CRM model and strategic business related decisions can be made with the help of data mining as it helps in providing a complete synopsis of customers.

Lot of organizations have deployed data mining projects and it has helped them see their own companies make an unprecedented improvement in their marketing strategies, campaigns.

This process of analyzing is generally used by those organizations which have a solid customer focus. With the help of it companies can foresee crucial data including industry analysis and consumer buying behaviors.

Fast paced and prompt access to data along with economic processing techniques have made data mining one of the most suitable services that a company seek.

These are just some of the key benefits of data mining. Many more have surely it as a resourceful means of data collection all across the world.

Data mining

What is data mining?

By | Data mining

Generally, data mining what is also called data or knowledge discovery, is the process of analyzing data from different perspectives and summarizing it into useful information – information that can be useful for users to increase their revenue, cuts costs, or both.

Data mining software is one from the many other analytical tools for analyzing data. With this software the users are able to analyze data from many different dimensions or angles, it helps to categorize it, and also summarize the relationships identified. Technically, data mining is the process of finding correlations or patterns among dozens of fields in large relational databases. Nowadays, data mining software is mainly used by companies like retail, financial, communication, and marketing organizations – companies with a strong consumer focus.

It can help a company in many ways. It enables for these firms to determine relationships among “internal” and “external” factors.

Internal factors: price, product positioning, or staff skills,

External factors: economic indicators, competition, and customer demographics.

And, also it enables them to determine the impact on sales, customer satisfaction, and corporate profits. Last but not least, it enables them to “drill down” into summary information to view detail transactional data. Actually, data mining helps the retailer to use point-of-sale records of customer purchases and to send targeted promotions based on an individual’s purchase history. Finnaly, it provides to the retailer to develop products and promotions to appeal to specific customer segments with mining demographic data from comments or warranty cards.

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