As data analytics demand continue to grow, many companies are now finding applications that they can utilize in their business and data mining intelligence. We have here five data mining applications applied in real life with the use of technologies that have benefited business.
01. Service Providers
This is one of the examples wherein business intelligence and data mining utilizes services providers by integrating new technology like industry utilities and mobile phones.
Basically, both company utilities and mobile phone make use of business intelligence and data mining for them to calculate something that would happen.
They collate interactions in the customer services, billing information, website traffic and other related metrics that enables them to provide probability score so that they can target offers and even incentives to potential clients.
Retail is another good example in which data mining application are applied in real life and this comes on retail segment. The retailers categorized customers in Frequency, ‘Recency, Monetary’ groups and target market and the utilized promotion suited for the group.
A client who spends not much on a company and those who did not spend something will be categorized into a certain group. The loyalty and up sell offers will given to them in order to win back a deal.
E-commerce sites are the well known example of real life application of Analytics and Data mining. Many companies who run e-commerce platform uses business intelligence and data mining for them to effectively offer a cross sell and up sell products on their site.
Among the famous websites that utilize it is Amazon, the company uses a sophisticated techniques in data mining for them to drive people who have viewed the product offering they have.
A supermarket is also the best example in which business intelligence and data mining are applied in real life.
Are you familiar with loyalty card in the supermarkets?
Well they are the one driving something with the business.
The programmers gather the important data from clients for them to use in their data mining. As part of their data mining program, a company will create rules for them to predict what shoppers like when they are pregnant.
So by simply looking at the data on shoppers shopping history and compared with the common, the company could spot something or give an idea what would the client will be buying, so they can offer special promotions on it and so on.
05. Crime agencies
Even agencies run by government or non government organization make use of data mining.
So beyond application in the corporate, agencies in crime preventions make use of both analytics and special data mining for them to spot something on the data, enabling everything including the police authorities to manpower the situation.
This usually gives idea on the crime occurs etc. They can also make use of data mining to determine who those who cross the border are and even on special intelligence for them to counter terrorism plans.