Data in today’s world has become an answer to pretty much all growth aspirant and result orientated organizations irrespective of the industry its size or service. For instance retail organizations collect data to better understand the taste, demand and nature of customers, this allows them to server there customers with better variety better quality of products whereas airline industry collects data to better understand the route and frequency demand of clients.
Mining complex or large amount of data enables companies better predict the future demand and as a result order supply accordingly thus ensuring efficient operational activities better performance and best use of resource. Previously data mining was ignored by even multinational as they felt there monopolistic standing would always ensure demand would remain but throughout the 20th century as the competition for products and services grew data collation and mining was not just the job of government for macro purposes but it was seen as the way to stay ahead of competitors.
Data Mining helps managers and decision makers find answers out of which was previously seen as a cumbersome job of putting the numbers together. Mining & formatting these number could help decision makers better understand their offering and identify reasons behind their projects success or failure, it can help them learn from the mistakes of past and it can help them better organize, forecast & deliver customer satisfaction in addition, it can help them stay ahead of the market competitors. Read More
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