Data Mining is widely used in various fields. As long as the industry has a data warehouse or database with analytical value and demand, Mining tools can be used for purposeful mining and analysis. Generally, the more common application cases occur in the retail industry, direct marketing industry, manufacturing industry, finance and insurance, communications industry and medical services.
Discover customers’ consumption habits from sales data, and find out customers’ preferred product combinations through transaction records. Others include finding out the characteristics of lost customers and the timing of launching new products, etc. A common example in the retail industry; the focus concept and database marketing method emphasized by direct marketing have made the development of direct marketing more powerful after the introduction of Data Mining technology. For example, using Data Mining to analyze the consumption behavior and transaction records of customer groups, Combining basic data and segmenting customers based on their level of brand value to achieve the purpose of differentiated marketing; the manufacturing industry's demand for Data Mining is mostly used in quality control to find out the impact on product quality during the manufacturing process The most important factor is to improve the efficiency of the work process.
Recently, telephone companies, credit card companies, insurance companies, and stock traders are all interested in fraud detection (Fraud Detection). The losses caused by fraud in these industries are very considerable every year. , Data Mining can find similar characteristics from some customer data with bad credit and predict possible fraudulent transactions to reduce losses. The financial industry can use Data Mining to analyze market trends and predict individual company operations and stock price trends. Another unique use of Data Mining is in the medical industry, used to predict the efficiency of surgery, medication, diagnosis, or process control.
From Baidu Encyclopedia.