July 31, 2008
Some of the main applications of data mining are in direct marketing
Data mining is a technology and not a business solution like statistics. Some advanced data mining tools can perform database integration, automated model scoring, exporting models to other applications, business templates, incorporating financial information, computing target columns, and more. Data mining software provides an idea about the customers that would be intrigued by the new product. This enables the marketing manager to choose appropriate customers to target. In fact, the use of data mining in BI makes the data more relevant in application. Some of the main applications of data mining are in direct marketing, e-commerce, customer relationship management, healthcare, the oil and gas industry, scientific tests, genetics, telecommunications, financial services and utilities. The data mining software uses the information that is stored in a historical database of earlier interactions with the customers and about other aspects such as age, zip code, their feedback etc. Data mining tools can answer business questions that traditionally were too time consuming to resolve. The different kinds of data are: text mining, web mining, social networks data mining, relational databases, pictorial data mining, audio data mining and video data mining.