IST 8100 Week 2 Discussion Data Mining

IST 8100 Week 2 Discussion Data Mining - Data mining is the...

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Data mining is the process of analyzing data from different perspectives and summarizing it into useful information. This information can be used to increase revenue, cut costs or both. Data mining software is one of a number of analytical tools for analyzing data from many different dimensions or angle’s, categorize it and summarize the relationships identified. Technically, data mining is the process of finding correlations or patterns among dozens of fields in large relational databases. Data mining is primarily used today by companies with a strong consumer focus- retail, financial, communication and marketing organizations. It enables these 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. And, it enables them to determine the impact on sales, customer satisfaction and corporate profits. Finally, it enables them to drill down into summary information to view detail transactional data. With data
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