What are some examples of industries that use data mining -- and how do they
use data mining?
Data mining
uses advanced algorithms to analyze large amounts of data to identify patterns and establish
relationships. All major industries use data mining. Below are some specific examples of how
various industries use data mining.
Retail industry data mining uses:
- Understand high-spending block groups
- Understand what combination of dimensions yields most profitable values
- Physically co-locate products based on affinity
- Impute values based on other values
- Determine correlates to specific purchases
- Handle churn management of customers
- Determine specific promotions to send to specific recipients (CRM applications)
Healthcare industry data mining uses:
- Re-route health claims to best-of-breed providers
- Identify characteristics of most successful employees
- Determine specific promotions to send to specific recipients (CRM applications)
Manufacturing industry data mining uses:
- Ascertain patterns in product improvement opportunities
- Identify characteristics of most successful employees
- Reduce product defects through analysis of trouble tickets
Telecomunications industry data mining uses:
- Handle churn management of customers
- Identify characteristics of most successful employees
- Determine specific promotions to send to specific recipients (CRM applications)
Financial industry data mining uses:
- Determine credit card fraud patterns and tag incoming authorizations
- Handle churn management of customers
- Determine specific promotions to send to specific recipients (CRM applications)
More information about data mining
This was first published in August 2010