Data mining is that the method of analyzing secret data trends from various viewpoints for categorizing into usable knowledge collected and installed in common locations, like data warehouses, for efficient research , data processing algorithms, enabling business decision-making and other information requirements to eventually reduce costs and increase revenue.
Data mining is additionally called the exploration and development of information which suggests data discovery and knowledge discovery.
The extracted information or experience so will be used for any of the subsequent applications.
- Market analysis
- Fraud detection.
- Customer retention
- Production Control
- Science Exploration
- Data mining Applications
Data mining Mostly useful in following domains
- Fraud Detection
- Risk Management & Corporate Analysis
- Management and marketing research
- Apart from these, data processing may be employed in the sector of production control. Customer retention, science exploration, Sports, astrology, and Web surf-Aid.
- Market Analysis and Management.
Various fields of market where data processing is employed.
- Customer Profiling: data processing helps to see what reasonably people buy what reasonably products.
- Identifying Customer Requirements: data processing helps in identifying the simplest products for various customers. It uses prediction to search out the factors that will attract new customers.
- Cross-Market Analysis: data processing performs Association /Correlations between product sales
- Determining customer-purchasing pattern: data processing helps in determining customer-purchasing pattern.
- Providing Summary Information: data processing provides us various multidimensional summary reports.
- Target Marketing: data processing helps to search out clusters of model customers who share the identical characteristics like integers, spending habits, income, etc.