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Data mining is the process of examining large databases to determine patterns in data. This field is a combination of statistics, advanced analytics and AI. Data mining helps companies make informed decisions about future products or service offerings and improve their business processes and customer engagement. While analytics is associated with generation and dissemination of insights and foresights at an industrialized scale, data mining occurs in the innovation and experimentation stages where data scientists and analysts find hidden patterns in data and test business hypotheses.
Data mining software improves decision making, planning and forecasting. It also helps reduce risk, exposure and cost. It also opens up new revenue streams and improves customer relationships. Retail organizations are learning about customer shopping details and habits to enhance store layout, improve customer experiences and increase profits. Pharmaceuticals companies can determine the best treatment for cancer patients in their clinical trials and healthcare providers can receive alerts on patients that are at risk for opioid addiction.
Financial and banking organizations can determine risk models for mortgages and other loans, as well as detect fraud. Sales and marketing teams can improve their content, increase customer engagement and satisfaction, as well as more accurately target their advertising and other campaign-related efforts.