The Data Mining in Business



The Data Mining in Business

Introduction

The information technology has offered new advances, which is improving the business processes through effective approaches for the collection of data for record. This data provides useful information to market the product or service that ultimately advantages in terms of productivity and sales. This collection of information is called data mining. The collection of personal data for data mining purposes has raised concerns about the use of the consumers' information. The data mining algorithms have also been questioned for their reliability. However the data mining has offered various competitive advantages to the organization (Brankovic & Estivill-Castro, 2008).

Benefits of Data Mining in Business through Predictive analytics

Predictive analytics gives value to business though useful consumers' data that allows smarter decision-making strategies for businesses of all sizes. The predictive analytics is a technology used in everyday interactions between the consumers and service providers. Predictive analysis comprises of various mathematical techniques and approaches that helps driving the insight towards a clearer goal for the organization. It enables organizations to take appropriate actions by that result in enhanced rate of productivity and sale.

Organisations successes in products sold to customers

It enables the fast decision-making for the organization taking into account the several variables that are evolved in the business processes to appeal customers for buying the product.

The organization gains the information about its' customers actions, choices, and need that results in effective marketing and promotional strategies

It reduces the risk of poor decision making and gives the advantages of efficient approaches to decision making to attract more customers

A large amount of customer information helps to gain the knowledge of the targeted group of customers and their product requirements or expectations.

It offers strategies for business process and decisions that are consistent in terms of their customer treatment that keeps ...