What is it?
Data mining is a technology used for discovering statistical patterns within huge amounts of digital information. The correlations can be presented using decision trees or mind maps and can bring in a significant business value – helping in making the financial and marketing decisions of an organization.
The data mining literature highlights two priorities when processing data: description and prediction. The first priority allows for finding patterns in the data that allow to profile customers and to model their behavior. The prediction, on the other hand, is for predicting the values of specific parameters (e.g. predicting future incomes or the chances for the customer to change suppliers). The uses of data mining are very diverse and include finding out which products tend to be purchased together, creditworthiness assessments, screening for cases of financial abuse (especially in card payments) and forecasting (e.g. of increased/decreased material consumption, sales revenues, raw material costs).
Check how our consultants can help your company with data mining though a more effective search for value in the databases.