Five Sectors with Abundant Data Mining Uses
Data mining uses are widely-applied in at least five sectors in today’s business and service-based fields. The technological advance greatly assists companies and institutions that target their activities to satisfy customers.
Data mining uses come from unprecedented huge number of data that emerge every second in today’s internet-driven era. Data analysis stems from transactional statistic, comment, click, and view in the internet. Below highlights data mining uses in at least five segments:
1. Healthcare
To analyse big data, IT expert at a hospital deploys multi-dimensional databases, machine learning, soft computing, data visualization and statistics. As the results are available, the hospital or health institutions can use them for service improvement.
For example, they can use the data for calculating number of patients in each category. The same holds true for formulating most proper health services for patients. Data mining can also be used for detecting fraud and abuse.
2. Retail
In the retail industry, market basket plays a critical role. The area helps retailers, managers, business owners, and entrepreneurs to study buyer behaviour. In particular, this point focuses on market basket analysis.
This refers to a modelling technique that stems from a theory that says if we buy a specific group of goods then we are more likely to purchase another group of products or services.
They can apply the analysis result for laying out goods at stores. Moreover, they can apply differential analysis comparison of results among various stores to make their stores standing out.
3. Education
In this sector, a new term emerges, Educational Data Mining. This deals with method development to find out knowledge that stems from educational environments. Educational managements expect the Educational Data Mining to provide the most proper student future learning attitude.
As such, the institutions can emphasize on what to teach and how to teach to their students. They can do research for innovative techniques to teach their pupils.
4. Manufacturing
Manufacturing engineering is an important area within manufacturing that encompasses complicated techniques for multi-layered production processes. Data mining uses are applied for discovering patterns in the processes. It can be used for extracting the connection between product architecture, product portfolio, and customer needs data. Some outcomes from the techniques are cost prediction, product development period and relationships that bind some tasks.
5. Customer Relationship Management
Data mining uses can help managers and business players to net new customers and keep existing ones loyal. By studying their purchasing behaviours, they can create customer-based strategies. They can launch products that “read” their customers’ necessities. This is where data mining plays a part in customer relationship maintenance.