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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. .
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- 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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