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What is Data Mining?Data Miningsss is the process of sifting through collected data for correlations. One of the first industries to use data mining was the grocery industry. They wanted to know if customers who bought one product were more or less likely to buy another product. They also wanted to see if there was any truth to the 'beer and diapers' theory. This theory stated that if you stocked beer close to where you stocked diapers, the sales of beer would increase for parents buying diapers. This later was proven false, but, data mining helped accomplish many things for grocery stores. They did find out customers bought certain product pairings at high frequency together. They used this information not only to maximize the dollar spent by the consumer by strategically placing certain items next to each other, but also made a whole lot of advertising income by selling this information to their suppliers. Ever wonder why you get certain coupons printed on the back of your receipt when you shop at a grocery store? You are getting coupons based on your spending habits that day grouped with the spending habits for other people who have bought similar items. This is data mining. We actually have a detailed introductory data mining example about a sales company we helped a few years ago at the link below; Introduction to Data Mining - Sales Example Data Mining has uses in any industry. For example, a gym can use data mining to track which machines are getting the most use, and therefore will need to be replaced sooner. An online travel company can use data mining to find at what hours of the day customers purchase tickets at the highest rate, and charge more at these hours. If you would like to see what Data Mining can do for your company, send us an email at Info@Launsby.com or call us at 1-800-788-4363 or 719-282-1143 for a free company overview. We also have an always growing dictionary of quality control terms and walk through's. We have the following data mining terms currently, and are always adding more; Launsby Consulting offers a variety of tools on data mining; Launsby Consulting has been an industry leader in teaching data mining since 1991. To view our partial client list, just click here.
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