If left alone, influential data patterns will be left unexplored. However, if analyzed properly, you can discover important trends that may be imperative to the success of your business. Though a proficient data mining solution can intelligently search for any patterns found in data, here are the three major trends may be hidden in your database:
1. Fraud
Unfortunately, almost any industry that deals with selling, paying or buying is prone to be negatively affected by fraud. Efficient data analysis solutions can identify behavior consistent with fraud and search through an entire database to pinpoint which transactions may be fraudulent. Revealing this illegal activity can help to eliminate fraudulent transactions occurring with your business.
2. Marketing and Sales
Effective data analysis can also reveal marketing knowledge that is hidden in your database by finding common characteristics shared by members of your database. These characteristics can include traits such as gender, age, location and many more. By gaining access to this information, you can segment your customers into different marketing groups to provide more profitable marketing and public relations materials.
Data mining also contains analytical information about customer feedback to campaigns. This will allow you to determine which segments of your database members are most responsive to various forms of communication and even more likely to purchase your product. You can also learn about which forms of marketing communications, such as emails, phone calls and media advertising, are most effective and when they have the biggest impact.
3. Inventory
Data analysis can assist businesses that sell products in making smart decisions with their inventories. By discovering trends in sales, such as which products are typically sold together, how quickly certain items run out of stock and which time periods generate the most sales, you can maintain better control of how many items to keep in your inventory at which times. A data mining solution can help to optimize and organize the process of purchasing new items and maintaining and an efficient inventory.