Demystifying Data Mining
Thanks to our guest contributor Michael Lieberman. Michael Lieberman Multivariate Solutions A little knowledge can be very powerful in the hands of marketers. Data mining is a powerful set of methodologies that when successfully applied will increase business revenue, cuts costs, or result in other actions to improve the bottom line. Data mining exercises are deployed to make decisions about marketing strategies, new product promotion, and to compare and contrast among competitors. Data mining knowhow is not new; however, the buzzword “data mining” is relatively new. Companies have long used statistics and database systems to extract valuable information from data sets. Today, innovations in artificial intelligence, machine learning, computer processing power, storage, data warehousing, and statistical software are dramatically increasing analysis accuracy while driving down costs. The intent of data mining is to identify correlations or patterns among multiple fields in large relatio