A process that employs a combination of machine learning, statistical analysis, modeling techniques, and information technology to discover hidden facts, previously unknown patterns of behavior, and trends.
Companies can use this knowledge to make business decisions in their marketing, sales, customer service, production, credit, and finance activities more quickly more accurately, and with higher confidence.
As a marketing tool, data mining is often used to study customers and their purchasing behavior in order to look for patterns that describe the behaviors and permit businesses to perform market segmentation in new ways.
Through intelligent segmentation and response analysis data mining has helped companies to retain customers and to become more relevant, by designing products and services that meet the needs of customer ‘segments’ and to communicate with them more effectively.
Moreover, data mining assists the improvement of customer relationships through profiling, profitability, value, and loyalty analysis.,
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