You already know that data mining is. It is a means through which data is extracted from different sources. After this extraction, data is organized to offer valuable insights into where it is to be applied. Data mining has been applied in different industries which is why it has changed finance management methods and institutions.
Data mining or web mining has been a key tool for people in search of knowledge in every industry. It helps to track the development in every field; a development which can be converted to financial development and growth of the company. It simply offers companies access to their customers’ behaviors and adopting it makes it easy to offer quality services. The following are some of the data mining applications.
- Financial Analysis:
Relied on the finance and banking industry, it offers high-quality data which helps detect money laundering, track customer money behavior, track financial crimes and help customers identify their loan behaviors. It also helps in determining credit ratings and loan payments.
- The Telecommunication Industry:
Data mining has helped Improve the services of this industry by helping them track and analyze the pattern of spatiotemporal databases. It also helps with mobile computing, web and information analysis, and many others. Data mining is instrumental in detecting fraudulent users, system overloads, tracking data traffic, and lots more.
- Intrusion Detection:
Since global connectivism has been a thing, security challenges across networks have been tracked through data mining practices. This involves query tools, aggregation techniques, detection of anomalies, and many other deviations from normal behaviors.
- Retail Industry:
This is an industry that requires the conversion of data across purchasing history, customer service, delivery of goods and consumption, and lots more. Through data mining, the benefits include the knowledge of how retailers can drive sales, create effective and productive campaigns, improve customer service, and lots more.
- The Energy Industry:
This is a sector that has enjoyed decision tree models and vector machine support. It has also helped in predicting the time power outputs and the reconsideration of electricity bills. This has made the sector more flexible, efficient, and reliable for countries using big data analysis.
- Spatial Data Mining:
Through the use of Geographic Information Systems (GIS) and other navigation applications, data mining helps with the extraction of vital information about astronomy, the Environment, and the Geography of outer space.
- Biological Data Analysis:
Data mining has been instrumental in biomedical research, proteomics, genomics, and others. It is useful in identifying medical therapies for any kind of illness. By this, the development of bioinformatics evolved into association and path analysis, the use of visualization tools in medicine, the discovery of structural patterns, and the analysis of genetic networks and protein pathways.
Aside from these applications of data mining, data mining is also relevant in other fields. This includes scientific applications in a data warehouse, graph-based mining, data preprocessing, and others. It is also useful in fields such as manufacturing Engineering, criminal investigation, counter-terrorism, and higher education sectors.