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¶ … algorithms that can mine mounds of data that have been collected from people and digital devices have led to the adoption of data mining by most businesses as a means of understanding their customers better than before. Data mining takes place in retailing and sales, banking, education, manufacturing and production, health care, insurance, broadcasting, marketing, customer services, and a number of other areas. The analytical information gathered by data-mining applications has given some businesses a competitive advantage, an ability to make informed decisions, and better ways to predict the behavior of customers.
Write a four to five (4-5) page paper in which you:
Determine the benefits of data mining to the businesses when employing:
Predictive analytics to understand the behavior of customers Associations discovery in products sold to customers
The collected data can help the manager determine which products best interest the customers and which may interest them...
Economics is a fluctuating, unpredictable world with fashions and economics happenings in the fields fluctuating. Certain fields are more unpredictable than others, and tastes in fashions can change. This is particularly so in certain fields such as those of entertainment and clothes. Data mining in predictive research can help the business determine how to structure its operations in order to continue maintaining and attracting more customers.
Web mining to discover business intelligence from Web customers
Web mining is used for the three-fold purpose:
Content mining, - which examines the data collected by search engines and Web spiders.
Structure mining, - which examines data related to the structure of a particular Web site
Usage mining -- which examines data related to a particular user's browser as well as data gathered by forms the user may have submitted during Web transactions. (Search CRM.)
In each of…
references. Much of this may be private aside from which the individual may not
Data Mining Determine the benefits of data mining to the businesses when employing: Predictive analytics to understand the behaviour of customers "The decision science which not only helps in getting rid of the guesswork out of the decision-making process but also helps in finding out the perfect solutions in the shortest possible time by making use of the scientific guidelines is known as predictive analysis" (Kaith, 2011). There are basically seven steps involved
Data Mining in Health Care Data mining has been used both intensively and extensively in many organizations.in the healthcare industry data mining is increasingly becoming popular if not essential. Data mining applications are beneficial to all parties that are involved in the healthcare industry including care providers, HealthCare organizations, patients, insurers and researchers (Kirby, Flick,.&Kerstingt, 2010). Benefits of using data mining in health care Care providers can make use of data analysis in
Data Mining Businesses can receive many benefits from data mining. Which benefits they receive, however, can also depend on the way in which their data mining is undertaken. Predictive analytics are used to understand customer behavior, and businesses use the behavior of the customer in the past to attempt to determine what the customer will do in the future (Cabena, et al., 1997). While it is not an exact science, many
Data Warehousing and Data Mining Executive Overview Analytics, Business Intelligence (BI) and the exponential increase of insight and decision making accuracy and quality in many enterprises today can be directly attributed to the successful implementation of Enterprise Data Warehouse (EDW) and data mining systems. The examples of how Continental Airlines (Watson, Wixom, Hoffer, 2006) and Toyota (Dyer, Nobeoka, 2000) continue to use advanced EDW and data mining systems and processes to streamline
Data mining, a process that involves the extraction of predictive information which is hidden from very large databases (Vijayarani & Nithya,2011;Nirkhi,2010) is a very powerful and yet new technology having a great potential in helping companies to focus on the most important data in their data warehouses. The use of data mining techniques allows for the prediction of trends as well as behaviors thereby allowing various businesses to make proactive
The use of databases as the system of record is a common step across all data mining definitions and is critically important in creating a standardized set of query commands and data models for use. To the extent a system of record in a data mining application is stable and scalable is the extent to which a data mining application will be able to deliver the critical relationship data,