You must have heard of different types of mining but are you aware of data mining? If you are thinking that it is a new concept the no it isn’t a new invention but has evolved with time. It is in the market for a long time. It occurred a long time back when the universal machine could perform similar to modern-day computers. Also as I mentioned above about data mining then there are types of data mining.
Its importance has increased so much as with the revolutionizing world and its uses have become so much common in daily life. The advantages of data mining have been adapted to improve by a number of fields. Like in sales processes with better investment plans and purposes, then data scientists are getting great career opportunities. Now let’s know the importance of data mining and its uses.
1. Retail and marketing sector: Data Mining is vastly used in marketing companies. It is setting up a total new market with direct mails, online marketing, building models, etc. This has directly or indirectly reduced human efforts. This has made easy for the seller to earn great profits in market.
2. Banking and finance sector: As mentioned above it is used in making models, this helps the financial sectors to come out with loan info. This help in making a difference between good and bad loan. Apart from this, it helps the banks to detect the frauds and crediting reports in it.
3. Government sectors: if you are thinking that only private firms are dealing with it then no, there are government sectors as well as digging and working on it. Money laundering has been big threat to our country and for this especially data mining is good.
4. Criminal cases: Through this advanced technology law enforcement has become easy. It is now quickly done to identify criminal suspects and their location and also one can identify their every moment.
5. Customer Groups: There are different kinds of identifications done with the help of data mining. Marketing campaigns, surveys, identification etc are all done with this.
6. Researchers: There is no dearth of doubt that it has motivated researchers to improve data analysis. In creating some new object, designing them, shopping for something new, improved shopping patterns and much more is now possible with data mining.
7. Branding: Loyalty is something we all need and if we are spending on it then surely we need a guarantee. Mining techniques are used to dig out the best possible information about the clothes brand.
So now you know at how many places and at how many times Data Mining is being used.
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