Nowadays, organizations are developing several technological systems to gather data that help the management people to develop their understandings in the context of their customers without spending huge time. This essay would discuss about data mining and its importance to an organization for gaining competitive advantages from related marketplace.
Data mining is a process that is used to make analysis of data from different dimensions or angles and summarize the data into constructive information. This information can be used for cutting cost, increasing revenue, or both. It is generally used by companies to make a strong relationship among internal elements such as product positioning, price, or skills of staff, and "external" elements such as customer demographics, competition and economic indicator to ensure the customer satisfaction. It also facilitates companies to determine organizational strategies impacts on sales, corporate profits and target customer groups.
Benefits of Data Mining
Followings are the benefits of data mining:
Predictive analytics to understand customers’ behavior: Data mining tool helps the organizations for forecasting the behavior of customers with recent trends. It enables the management of an organization to find out the wants of customers and take it into consideration of top management to improve the quality of products or services. Hence, this tool also facilitates the management people for producing and promoting need based products fruitfully. With the help of this, the people of management could be able to apply a change strategy for producing products based on customer needs that would associate the customers with new products for long-term effectively.
Association discovery in products sold to customers: Through mining of data, this method helps to find out the pattern of buying that enables the retailers of the organizational products for analyzing the behavior of customers at the time of purchasing. With the help of this, organizations could save the time of customers and increase their sales. For example, through the analysis of past information and data of customers, the insurance policy providers could find the need for healthcare services of the customers, when they have an insurance policy before it.
On the basis of above dissuasion, it can be concluded that data mining facilitates companies to accomplish business purposes fruitfully. Through data mining, companies formulate effective customer oriented business strategies for gaining competitive advantages.
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