Keyword Analysis & Research: data mining definition business

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What is data mining used for in a business?

You can use data mining to solve almost any business problem that involves data, including: Increasing revenue. Understanding customer segments and preferences. Acquiring new customers. Improving cross-selling and up-selling. Retaining customers and increasing loyalty. Increasing ROI from marketing campaigns. Detecting fraud. Identifying credit risks. Monitoring operational performance.

What does data mining mean and how is it done?

Summary: Data Mining definition: Data Mining is all about explaining the past and predicting the future via Data analysis. Data mining helps to extract information from huge sets of data. ... Data mining process includes business understanding, Data Understanding, Data Preparation, Modelling, Evolution, Deployment. More items...

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