What are the uses of data mining?

What are the uses of data mining?

Data mining is a data analysis process that companies and business owners use to examine raw data, including sales numbers, prices and customers, to develop better marketing strategies, improve performance or decrease the costs of running the business. Data mining also serves to discover new patterns of behavior among consumers.

Why is data mining important?

Data mining is an important process to discover knowledge about your customer behavior towards your business offerings. It explores the unknown credible patterns those are significant for business success.

What does data mining refer to?

Data Mining refers to a process by which patterns are extracted from data. Such patterns often provide insights into relationships that can be used to improve business decision making.

How to data mine?

Classification: This analysis is used to retrieve important and relevant information about data,and metadata. This data mining method helps to classify data in different classes.

Clustering: Clustering analysis is a data mining technique to identify data that are like each other. This process helps to understand the differences and similarities between the data.

Regression: Regression analysis is the data mining method of identifying and analyzing the relationship between variables.

Association Rules: This data mining technique helps to find the association between two or more Items. It discovers a hidden pattern in the data set.

Outer detection: This type of data mining technique refers to observation of data items in the dataset which do not match an expected pattern or expected behavior.

Sequential Patterns: This data mining technique helps to discover or identify similar patterns or trends in transaction data for certain period.

Prediction: Prediction has used a combination of the other techniques of data mining like trends,sequential patterns,clustering,classification,etc.

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