Data Mining:
Data mining refers to extracting and analyzing the data from different sources and summarizing it into useful information. The main objective of data mining is to look for (hidden) patterns in the data which can be used to formulate a business strategy or to look for unusual behavior (for example, a sudden rise in the sale of a particular brand of cell phone, etc).
Data mining applies statistical tools and techniques to find patterns in large amounts of data. These tools forecast future trends and actions, thus allowing businesses to become proactive and take decisions that are driven by knowledge. In data mining, data is processed in a data warehouse to identify key factors and trends and historical patterns of business activity. These tools answer the queries that were earlier considered as time consuming to resolve. Managers can use this information to make strategic changes in business operations to gain a competitive advantage in the market.
One grocery chain used data mining to analyze local buying patterns and alter its marketing techniques accordingly. The chain discovered that when men bought diapers on Thursdays and Saturdays, they also tended to buy beer. Further analysis showed that these shoppers typically did their weekly grocery shopping on Saturdays. On Thursdays, however, they only bought a few items. The retailer concluded that the consumers purchased the beer to have it available for the coming weekend. The grocery chain used this newly discovered information in various ways to increase revenues. For instance, it moved the beer display closer to the diaper display. And it sold beer and diapers on Thursdays and Saturdays without offering any discounts, which it usually did on other days.
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