It internal and external factors impacting the sales.

Topic: ArtDesign
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Last updated: May 24, 2019

Itis estimated that amount of data in the world is increasing to double afterevery 20 months.

24 Systems are being over whemblened by data in the form ofdatabase. The primary necessity of any Data Mining 21, 23 work is thedatabase. A database is an organized and usually large collection of detailedfacts concerning some domain. The major aim of Data Mining is to examine thisdatabase for regularities that may lead to a better understanding of the domaindescribed by the database and finding some new directions that were unknown before.In Data Mining we generally assume that the database consists of a collectionof individual facts.

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Depending on the domain, individual entities can beanything from customers of a bank to patients of a particular illness or booksin a library. For each entity, the database gives us detailed informationconcerning the different characteristics of that entity, such as the name andaddress of a customer of a bank, or the accounts owned. Today’sbusinesses have grown from simple sale and profit relation in to a much broaderspectrum. One can simply not afford to jump start a business hoping thatselling would yield the revenues without giving due consideration to marketneeds, consumers’ buying behavior, internal and external factors impacting thesales.Businessmodels are complex and interdependent upon the main functionaries of the organization.Companies banking on market demographics and psychographics and tailoring theirproducts / services accordingly have higher chances of generating salesrevenue. But, to gather these demographics companies need to be able to gatherdata, analyze it, interpret it, and process it with the internal data byincorporating the decision makers’ intent to full understand the patterns thatneed to be addressed to remain competitive.

Thisgoes beyond a simple data collection and relying on basic tools and techniquesfor this purpose. Today’s economy is much more dependent upon the data and sizeof data alone calls for the specialized techniques to help going in depthanalysis of data at hand. This analysis would yield hidden insights that wouldbe helpful in better strategic positioning of the business portfolio anddecision making.Itis obvious that we are talking about much more then Information extraction fromthe data. Business intelligence (BI) is a pinnacle to make all the datameaningful to the decision makers.

It is an umbrella of tools, techniques andprocesses for analyzing the collected data to a depth which were not possiblebefore and making this processed data, meaningful by incorporating internaldata hence making the actionable information for critical decisions. Datamining is a process under the Business Intelligence. Datamining is one of the techniques in the overall Business Intelligence frameworkthat goes beyond the simple data extraction to identify the hidden structuresin the data sets. Many people confuse data mining as a tool to help in dataextraction which does not come under the scope of the Data Mining. Putsimply, Data Mining is a process of mining the extracted data out of the largedata sets to identify the hidden patterns which were not known previously andcan be helpful in analyzing and understanding the factors like consumers’buying behavior which then can be classified based on regional markets anddecision makers could design marketing campaigns to tailor their products /services to match the consumers’ needs and wants.

Data mining is a subfield ofthe Computer Sciences. By incorporating techniques from statistics, databases,machine learning data mining aids the larger process of Business Intelligenceby digging deep into the larger sets of data to identify the patterns,structures and presenting this critical information to the overall frameworkfor incorporating and presenting the information in a meaningful way forcompetitive decision making 2.

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