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Data Mining
  • Data Mining is the name given to a class of analytical techniques used to discover patterns, trends, and relationships in customer databases and other business information. This process can be an invaluable aid by providing a better understanding of customers and markets, and can ultimately lead to increase revenues, and customer satisfaction. .
  • The techniques that constitute Data Mining, and their application are quite broad. While the individual applications of Data Mining technology tend to differ from one problem to the next, there are several steps common to most analyses. The process starts with compiling available information that usually exists in one or more corporate databases. This data is frequently augmented, or ‘overlaid’ with additional information such as attitudinal, demographic, or lifestyle data. Once the data has been cleaned and combined, it is ready for analysis. The analysis is generally done in two steps; knowledge discovery and verification. Ultimately, the results of the analysis are used to aid in the development of marketing programs, pricing plans, new products, and so on.

 

 

 

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