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Home > QFINANCE Dictionary > Definition of data mining

Definition of

data mining

  • 1. E-Commerce

    using software to find patterns in online databases the process of using sophisticated software to identify commercially useful statistical patterns or relationships in online databases

  • 2. Marketing

    pulling information from firm's databases for management decisions the extraction of information from a data warehouse to assist managerial decision making. The information obtained in this way helps organizations gain a better understanding of their customers and can be used to improve customer support and marketing activities.

Recommended Further Reading (Term count)
  • In Data We Trust
    by Björn Bloching
    There were harbingers of the customer data revolution in the early 1990s—on the shelves of Wal-Mart’s stores, among other places. The world’s largest retailer had invested early in database systems, initially in order to optimize its logistics and warehousing. A number of anecdotes circulate about how the company’s marketers had their eureka moment regarding information technology. A Wal-Mart manager told us it happened like this: a smart cookie...
  • Understanding Decision-Tree Analysis
    This checklist describes decision-tree analysis and how to create and evaluate a decision tree.

Definitions of ’data mining’ and meaning of ’data mining’ are from the book publication, QFINANCE – The Ultimate Resource, © 2009 Bloomsbury Information Ltd. Find definitions for ’data mining’ and other financial terms with our online QFINANCE Financial Dictionary.

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