Data Mining Technology Application in Business
Large amounts of data are usually harvested in government, business, development and research organizations. The data is normally stored in large databases or data warehouses and data bases. Generally, data mining involves the collection of suitable data that needs to be extracted, cleaned, linked and integrated with other sources. Therefore data mining is the process of retrieving of useful information from many websites and databases, which is then analyzed and then presented for purposes of making sound decisions.
In cases, the process of data mining is automated and results in the analysis of large data sets in finding trends and patterns which are likely to go undiscovered. The process is commonly used in many applications such as product analysis, understanding consumer research marketing, telecommunications, demand, and supply analysis and many more. It is important to note that data mining is largely based on analytical skills and mathematical algorithms in driving out the desired results from large database collection.
Understanding Consumer Research Marketing
Consumers are very important in determining the direction of any business. This is simply because they are the consumers of our products. Their trends in terms of income and buying patterns need to be analyzed and understood so that a business can thrive in its competitive business. For instance, the income of consumers can greatly influence their purchasing power. Their location may also determine their buying trends. Through the process of data mining, it is possible to know who your customers are and what kind of customers that are likely to move to your competitors.