What is it?
The process of analyzing a large batch of information to discern trends and patterns.
What is data mining?
How many steps of the process are there?
There are 4 steps.
What is the approach that assigns the elements in data sets to different categories defined as part of the data mining process?
Classification
How does data mining benefit sales and marketing?
Data mining helps marketers better understand customer behavior and preferences, which enables them to create targeted marketing and advertising campaigns.
Data mining programs identify ________ and ________ in data based on what information users request or provide.
What are patterns and insights?
What is the first step?
Data Gathering - Data is collected and loaded into data warehouses on-site or on a cloud service.
What is clustering?
Data elements that share particular characteristics are grouped together into clusters as part of data mining applications.
How does data mining improve customer service?
Companies can identify potential customer service issues more promptly and give contact center agents up-to-date information to use in calls and online chats with customers.
Data mining is used in these key fields
What are marketing, advertising, sales and customer support, manufacturing, supply chain management, finance and HR?
What is the second step?
Data Preparation - Business analysts, management teams, and information technology professionals access the data and determine how they want to organize it.
What is the regression technique?
Calculating predicted data values based on a set of variables
How does data mining lower costs?
Data mining helps drive cost savings through operational efficiencies in business processes and reduced redundancy and waste in corporate spending.
Data mining plays a crucial role in this process within organizations.
What is analytics?
What is the third step?
Mining the Data - Custom application software sorts and organizes the data.
Define neutral networks
A set of algorithms that simulates the activity of the human brain
How does data mining allow for stronger risk management?
Risk managers and business executives can better assess financial, legal, cybersecurity and other risks to a company and develop plans for managing them.
This use of data mining has come under criticism lately as users are often unaware of data mining practices with their personal information, especially when it is used to ______________.
What is influence preferences?
What is the fourth step?
Data analysis and interpretation - The end user presents the data in an easy-to-share format, such as a graph or table.
Define association rule mining.
Association rules are if-then statements that identify relationships between data elements.
How does data mining improve supply chain management?
Organizations can spot market trends and forecast product demand more accurately, enabling them to better manage inventories of goods and supplies. Supply chain managers can also use information from data mining to optimize warehousing, distribution and other logistics operations.