5 Data mining applications
The dramatic growth of the information available online and stored in enterprise databases has made data mining a critical task for enhancing knowledge management and, generally, for gaining insight to drive decision making. A significant source of this insight derives from the capability to identify hidden patterns and relationships in data.
Data mining applications for Finance
A huge amount of data is generated in online transactions, so the ability to identify the right information at the right time can mean the difference between gaining or losing millions of dollars:
- Increase customer loyalty by collecting and analyzing customer behavior data
- Help banks predict customer behavior and launch relevant services and products
- Discover hidden correlations between various financial indicators to detect suspicious activities with a high potential risk
- Improve due diligence to speed alerts and support real-time decision-making
- Identify fraudulent or non-fraudulent actions by collecting historical data and turning it into valid and useful information.
Data mining applications for Healthcare
The pharmaceutical industry produces a large amount of documents that are often underutilized. Data mining can improve health systems and reduce costs:
- Provide government, regulatory and competitor information that can fuel competitive advantage.
- Support to the R&D process and the go-to-market strategy with rapid access to information at every phase of the development process.
- Discover the relationships between diseases and the effectiveness of treatments to identify new drugs, or to ensure that patients receive appropriate, timely care.
- Support healthcare insurers in detecting fraud and abuse.
Data mining applications for Intelligence
Data mining helps analyze data and clearly identifies how to connect the dots among different data elements. This is an essential aspect for government agencies:
- Reveal hidden data related to money laundering, narcotics trafficking, corporate fraud, terrorism, etc.
- Improve intrusion detection with a high focus on anomaly detection and identify suspicious activity from a day one.
- Convert text based crime reports into word processing files that can be used to support the crime-matching process.
Data mining applications for Telecommunication
The large volumes of call, customer and network data generated and stored by telecommunications companies require data mining to extract hidden knowledge and identify useful data to better understand customers and detect fraud:
- Gain a competitive advantage and reduce customer churn by understanding demographic characteristics and predicting customer behavior.
- Increase customer loyalty and improve profitability by providing customized services.
- Support customer segmentation strategy by developing appropriate marketing campaigns and pricing strategies.
Data mining applications for Energy
In the Oil & Gas industry, the large amount of unstructured information integrated with traditional structured data offers a clear and full picture of the process. Data mining offers solid support for the upstream oil and gas industry:
- Capture weak signals of potentially threatening events and identify previously unidentified patterns, connections and relations to empower bidding, hedging and trading strategies.
- Structure identification of important information, and quickly distill it to boost technical problem-solving, empower more informed decision-making and enable immediate notification of prospective technical breakthroughs.
- Improve core processes in upstream, midstream and downstream with analysis and intelligence capabilities using a variety of sources.
- Extract—in real time—the relevant knowledge from an unlimited amount of information streams relative to your core business domains.