Data Mining Applications Graphic

Data Mining Applications GraphicData Mining Applications GraphicData mining is the process of finding anomalies, patterns and correlations within large data sets to predict outcomes. Using many different types of techniques, a company can use this information to increase revenues, cut costs, improve customer relationships, reduce risks and more. As an experienced manager in retail myself, data mining is extremely beneficial to cutting cost in increasing revenue within the retail industry. Data mining cycle can help a retail business by using information's in many effective ways by reducing costs and increase revenue. For a business to be successful, it must research its market and ask questions using appropriate data for the right answers. For example, business must explore its customer field such as who's buying the product or service and with that information plan its marketing and sales to that demographic. The product that customers demand the most, and the trend that drives the business to success. Using the image above, first stage for a business to explore is data understanding, or define the problem. For any retail business,