In today’s business world, information about the customer is a necessity for a businesses trying to maximize its profits. A new, and important, tool in gaining this knowledge is Data Mining. Data Mining is a set of automated procedures used to find previously unknown patterns and relationships in data. These patterns and relationships, once extracted, can be used to make valid predictions about the behavior of the customer.
Data Mining is generally used for four main tasks: (1) to improve the process of making new …showed first 85 words of 343 total…
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…showed last 85 words of 343 total…Two Crows). Data mining will have a different effect on different industries in the business world.
The key to succeeding in this rapidly changing industry is to understand the customer, or the market that the customer represents. Through data mining, companies can know what their customers have done in the past and what they will do in the future. With this information, the companies will be in ideal positions to make business decisions based on the information they have gained from the data mining process.
