In the present age, we are witnessing huge explosions of data in many areas especially in the business and commerce industry and this has brought back data mining into the forefront once again. Data Mining also called as “knowledge discovery in database”involves the extraction of useful information from huge databases that have various applications in business and commerce. Data mining is also known by many other terms like, data dredging, knowledge discovery, knowledge extraction, data pattern analysis, business intelligence and information harvesting.
Some of the different areas of application of data mining in the business arena include,
- Detection of frauds in insurance/ health care/ telecom business
- Market analysis- (data from credit cards/coupons/surveys)
- To identify customer’s purchasing pattern
- Clustering the customer types
- Web based marketing
- CRM (customer relationship management)
- Plan appropriate product production
- Summary reports of statistics
- Finance planning- cash flow
- Resource planning
- Business competition study and analysis
Today’s business management trend includes increased use of data mining software and important business decisions are made after the data mining results are applied by professional business analysts. This is done after a through analysis/cleaning of the database/ data warehouse is completed and clear intelligent patterns have emerged.
Managed Outsource Solutions (MOS) is a US based company that offers services in data entry, data mining, data cleaning, KDD, data processing and web extraction services to clients in the US, the UK, Canada and Australia.