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Data Mining Essay

2361 words - 10 pages

Data Mining

Introduction to Management Information System
04-73-213 Section 5
Professor Mao
March 22, 2011
Group 5: Carol DeBruyn, Jason Rekker, Matt Smith, Mike St. Denis
Odette School of Business – The University of Windsor

Table of Contents

Table of Contents ……………………………………………………………...…….………….. ii
Introduction ……………………………………………………………………………………… 1
Data Mining ……………………………………………………………………...……………… 1
Text Mining ……………………………………………………………………...……………… 4
Conclusion ………………………...…………………………………………………………….. 7
References ………………………………………………..……………………………………… 9

Introduction
Everyday millions of transactions occur at thousands of businesses. Each transaction provides valuable data to ...view middle of the document...

How Data Mining Can Be Useful
Data mining allows companies to identify patterns and correlations from the data that they gather from every day business transactions. The patterns identified may include such things as buying patterns, correlation of spending to dates and many other factors. This enables a company to create special promotions that target the consumers identified in these patterns and correlations. By targeting specific products to specific customers or placing certain items on sale on certain dates a company can maximize its marketing efforts. In addition to this, data mining can assist in improving customer relations. By targeting the best products and services at appropriate price points to the best matching customer, overall customer satisfaction can be greatly improved.
Using Data Mining
After decades of research in fields such as statistics, artificial intelligence and machine learning, powerful algorithms have been developed that drive the data mining process. Without the advancement of the computer technologies that operate these algorithms and the computer systems that gather the data these algorithms process, data mining would not be possible.
The powerful algorithms that drive data mining search company data bases for patterns and correlations. Once a pattern has been identified a model can then be created. The basic function of this model is to provide a framework from which to make decisions for future actions. In theory this model becomes a crystal ball to look into the future. For example, if we can identify that most of a company’s customers who are over a certain age purchase a certain brand, we can then predict how successful a proposed marketing campaign for that brand will be (Thearling, 2010).
The beauty of this process comes from the manner in which the data is collected. The simple day to day operations of the company involve hundreds of transactions with customers, suppliers, shipping companies and many other entities. Each transaction if properly supported by information technology can assist in capturing data. This data, once stored in a data warehouse, can then be mined to identify patterns or correlations.
Applications of Data Mining
Data mining is having an increasingly large role in organizations with a consumer focus. These organizations include retail, financial, communications and marketing organizations. “Most importantly, data mining techniques aim to provide insight that allows for a better understanding of data and its essential features. (Bradford, 2011)”
All businesses collect data but many fail to use this data to its full potential. If organizations try to interpret this data using a manual process of determining sales trends and opportunities it can be quite expensive and time consuming. This is where innovative companies are gaining an advantage. When an organization can leverage its existing assets to a greater extent than its competitors they gain a significant advantage. This...

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