Data Mining Definition

Data mining can be one of the most powerful tools available to companies in any industry--when utilized according to its definition. There's more to the definition of data mining than simply creating warehouses of servers that record transactions and customer contacts. As implied by its name and definition, to get the most out of data mining, this data needs to be massaged and manipulated to transform raw data into information upon which a company can act.

Using the data that your company is already collecting, data mining employs statistical tools to draw inferences about behaviors of interest. You may be interested in knowing which prospective customers have the highest likelihood of making a purchase with your company. On the other hand, you may also worry about identifying those customers that are at risk for defecting.

The Definition of Data Mining and Tools You Can Use

The definition of data mining lets you address more than just CRM issues. You can use some of the same tools for problems such as fraud detection, inventory management, and the collection of receivables. If you're interested in leveraging your existing database to get the answers that you need, contact us at The Modeling Agency.

We have one of the largest teams of senior data mining experts in the industry. In addition to the consulting services that we offer, we also provide data mining training. You can participate in our public seminars or arrange for specialized training sessions to bring you and your employees up to speed.