Data Mining
Data mining involves extracting relevant data and to analyze from business and statistical dimensions, classify it, and understand the relationships between variables to make optimal business decisions. Data mining is used by every institution with a strong consumer focus – retail, investment, communication, and corporate departments. It enables them to determine the impact of internal factors such as customer behavior, history, background, and external factors like economic indicators, competition, and customer demographics on the overall riskiness and loss occurrences of the institution. Furthermore, it allows them to drill down the detailed transactional data to implement optimal business strategies, maximizing their profitability.
