Data mining uses information gleaned from past data to analyze the outcome of a particular problem or situation. The technique works by analyzing information stored in data warehouses or other repositories. The particular data used can come from all the various parts of a business or organization from the production end to customer service and support.
Executives and managers can use data mining to improve marketing strategies for their product or to compare and contrast among competitors or vendors. Data mining and analysis techniques can be used to increase sales, promote new products and services, or help recognize products, processes, or services that are not adding value to the organization. (more…)