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Data mining is the process of collecting, processing, storing and analyzing data from different perspectives in order to summarize it into useful information.
Benefits of data mining.
1. In finance and banking, data mining is used to create accurate risk models for loans and mortgages and detecting fraudulent transactions.
2. In marketing, data mining techniques are used to improve conversions, increase customer satisfaction, create advertising campaigns, analyzing the needs in the market and coming up with new ideas for product lines by looking at historical sales and customer data.
3. Retail stores use customer shopping habits and customer details to optimize the layout of their stores in order to improve customer experience and increase profits. It also helps the retail companies to offer certain discounts for particular products that will attract more customers.
4. In the government, tax governing bodies/agencies use data mining techniques to detect fraudulent transactions and eliminating suspicious tax returns or other business documents.
5. In manufacturing, data mining is used to improve product safety, usability and comfort.
Mwalimu Bonface answered the question on April 14, 2018 at 07:43
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