Data mining is the process of sorting through large data sets to identify patterns and establish relationships to solve problems through data analysis. Data mining tools allow enterprises to predict future trends.
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As a marketer, you need to know how to find patterns in data so you can avoid risks and spot opportunities. It’s challenging to know which offers and products would make the ideal customer experience. Being able to identify upcoming risks and anomalies and what causes them, can make or break your organisation. Most of your team probably doesn’t have advanced statistical training, so even when you have data, it’s hard to understand it.
Data mining techniques are used in many research areas, including mathematics, cybernetics, genetics and marketing. While data mining techniques are a means to drive efficiencies and predict customer behavior, if used correctly, a business can set itself apart from its competition through the use of predictive analysis.
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