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What Is Data Mining and how can it help Your Business?

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  Far too many companies that I consult with sit on loads of good customer data…and do nothing with it. It’s truly amazing because in that data is a gold mine of insight. An insight that can: Increase customer loyalty Unlock hidden profitability Reduce client churn Are you sitting on loads of data that you aren’t using? Would you like to learn how you can use it? Here are the Data mining is necessary for business intelligence and helps generate valuable insights by identifying patterns in the data. In this article, we’ll walk you through the benefits of data mining, the different techniques involved. What is Data Mining? Data mining is the technique of discovering correlations, patterns, or trends by analyzing large amounts of data stored in repositories such as databases and storage devices. It’s a crucial part of advanced technologies such as machine learning,  natural language processing (NLP) , and artificial intelligence. Data mining has to be done meticulously to get the best res
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How DataMining Can Help You Get a Competitive Edge

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  Far too many companies that I consult with sit on loads of good customer data and do nothing with it. It’s really amazing because in that data is a gold mine of insight. An insight that can: Increase customer loyalty Unlock hidden profitability Reduce client churn Are you resting on loads of data that you aren’t using? Would you like to read how you can use it? Here are the most popular ways of How DataMining Can Help You Get a Competitive Edge Basket Analysis Sometimes called “affinity analysis,” this seems at the items that a customer bought, which could help brick-and-mortar stores increase their layouts or online firms like  Amazon  recommend related products. The “basket” refers to what shoppers use when they are shopping. It’s based on the assumption that you can predict future customer behavior by past performance, including purchases and preferences. And it’s not just grocery stores that can use this data. Here are some steps it can be used in different industries: Assessing
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What Is The Difference Between Data Mining And Machine Learning?

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  Data mining isn’t a new invention that came with the digital age. The concept has been around for over a century but came into greater public focus in the 1930s. According to Hacker Bits,  one of the first modern moments of data mining  occurred in 1936, when Alan Turing introduced the idea of a universal machine that could perform computations similar to those of modern-day computers. Forbes also reported on Turing’s development of the  “Turing Test”  in 1950 to determine if a computer has real intelligence or not. To pass his test, a computer needed to fool a human into believing it was also human. Just two years later, Arthur Samuel created The Samuel Checkers-playing Program that appears to be the world’s first self-learning program. It miraculously learned as it played and got better at winning by studying the best moves. We’ve come a long way since then. Businesses are now harnessing data mining and machine learning to improve everything from their sales processes to interpreti
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