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What is data mining?

By 2014-04-09 Data mining
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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