Role of Data Mining in Retail Sector (Essay Sample)

Role of data mining in retail sector
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Data mining is the technique of retrieving important information from data storage for use in decision making. The tool used in mining data is faster than the long-established ones. The tool not only arranges the database in an organized manner but also finds the concealed information that specialists may ignore as of no importance. Data mining has gained influence many companies as it helps in decision making. This paper discusses about the development of data mining, its use as well as its success in attracting more clients.
The data mining procedure involves 6 processes namely: understanding the business project, getting to know the data and making it ready, making models, assessment and lastly using the information. The data mining process is employed in different industries such as in production industries, in banking, computer discipline as well as in engineering, in Medicine, software and system engineering, retail sector as wells in telecommunication. The data mining process is however applied owing to various reasons such as getting and maintaining customers, analyzing the items to be purchased and also grouping the customers according to the market.
The industries that have used data mining procedures have gained many benefits like foreseeing on machinery performance, giving a breakdown to difficult da...