The volume of data produced is doubling every two years. Unstructured data alone makes up 90 percent of the digital universe. Data mining means discovering hidden connections in historic big data, which enables predictions of future trends. Thankfully nowadays, data mining can be done with Maximus so that humans can focus on informed decision-making processes.
Retailers, banks, manufacturers, telecommunications providers and insurers are using data mining to discover relationships among sets of data. Data mining can give insight into connections of price optimization, promotions and demographics and how the economy, risk, competition and social media are affecting their business models, revenues, operations and customer relationships. All these patterns can lead to reasonable predictions about future, which can help a business set itself apart from its competition.
Benefits of Data Mining
Data mining allows you to make a distinction between the chaotic and meaningful data and in turn lets you make good use of that information to assess likely outcomes and finally accelerate the process of making the right decisions.
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