Data mining provides significant advantages for all workplaces
Businesses using data mining possess two significant advantages over their competitors
data mining discovers new and unknown patterns and trends
Photo Credit: thearling.com
According to Kurt Thearling, data mining “enables companies to determine relationships among ‘internal’ factors such as price, product positioning, or staff skills, and ‘external’ factors such as economic indicators, competition, and customer demographics”.
allows a company to practice targeted marketing so that customers receive appropriate promotions relevant to their purchase history
help a business predict future trends in consumer behavior, allowing businesses to make more knowledgeable decisions
data mining picks up patterns, trends, and relationships that analysts may miss due to the large volume and time-consuming nature of digging through data
By using technology instead of manpower to analyze massive databases, business save time and money and get more accurate and thorough results
data mining makes the acquisition of relevant knowledge easier and faster
Finds a needle in a haystack
Data mining scans through entire databases and can read through thousands of pages an hour
Publishers and researchers in the academic world find data mining especially useful as a means of sifting through large databases, saving time formerly spent doing research
Photo from http://greencanada.files.wordpress.com/2009/04/databases.jpg
Because data mining picks up trends and patterns through scanning documents quickly, businesses using this technology to improve efficiency and effectiveness and decrease expenses .
"Data Mining." Data Mining . 2005. Scianta Intelligence. 23 June 2009 . <http://scianta.com>.
"Data Mining-Data Mining Advantages." Execution for System . 2009. Exforsys. 23 June 2009 <http://www.exforsys.com/>.
Guernsey, Lisa. "Digging for Nuggets of Wisdom." New York Times 16 Oct. 2003. 19 June 2009 <nytimes.com>.
Hearst, Marti. "What is Text Mining?" 17 Oct. 2003. University of California Berkeley. 19 June 2009 <http://people.ischool.berkeley.edu/~hearst/text-mining.html>.
Palace, Bill. "What is Data Mining?" Data Mining . 1996. University of California at Los Angeles. 19 June 2009 <http:/ /www.anderson.ucla.edu/faculty/jason.frand/teacher/technologies/palace/datamining.htm>.
"Text Mining." StatSoft . 2008. StatSoft. 19 June 2009 <http://www.statsoft.com>.
Thearling, Kurt. "An Introduction to Data Mining." An Introduction to Data Mining .
Thearling.com. 19 June 2009 <http://www.thearling.com/index.htm>.