What is data mining and how is it applied in business? 🔊
Data mining is the process of analyzing large datasets to discover patterns, correlations, and anomalies. In business, it is applied to gain insights from customer behavior, market trends, and operational efficiency. Techniques such as machine learning, clustering, and classification enable organizations to make data-driven decisions. By leveraging data mining, businesses can enhance their marketing strategies, improve customer service, and identify new opportunities for growth, resulting in increased profitability and competitive advantage in the market.
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