Data mining is attracting a lot of attention these days because knowledge and knowledge management plays a key role in the development of future markets. The 13th Industrial Conference on Data Mining ICDM 2013 is scheduled to be held from July 16-21, 2013, in New York, USA. Researchers and other professionals from the data mining industry will gather to discuss the theoretical and practical applications of data mining. The scope of this workshop is the importance of data mining for various kinds of businesses.
Data mining helps in the extraction of important details from a vast quantity of data to identify information that would be useful for a business. By turning raw data into useful information, data mining helps businesses make important decisions. For instance, data mining is extremely useful in marketing. It can help businesses understand the market segments that can generate more profits so that marketing campaigns can be designed to attract customers in these segments. Information that is extracted through data mining is used to build and sustain customer relationships.
Data mining also has great significance in the healthcare industry. Electronic Health Records (EHRs) provide a lot of information on patients. Healthcare providers are now mining this data and using it make important decisions that can improve patient care and reduce costs. Data mining in healthcare can
- Identify important trends which can help in the formulation of effective treatment plans and best practices
- Help detect abuse and fraud
- Help make better decisions on managing customer relationships
- Allow patients to receive better and more affordable services
To be effective, data mining has to be handled by experts. Established outsourcing companies now offer data mining services as part of their data management solutions. Utilizing the latest versions of data mining software for different applications, these experts perform online and offline data mining services to extract large volumes data from various sources to help their clients tap information, uncover important trends, and use the results to enhance business processes and outcomes.