Neural Network Decision tree
Data mining is the process of analyzing data and making it into useful information. This information can help to increase revenue or decrease cost. Technically, data mining is the process of finding correlations or patterns in large databases of different fields.
Below is an example I’ve thought of to apply data mining techniques in the retail industry.
OG Pte Ltd is a departmental store that sells a variety of items such as clothes for adults and children, cosmetics, homestyle, travel goods, bags etc.
The management of OG Pte Ltd realizes the section selling bags have the lowest sales volume. As such, promotions have to be executed to increase the sales volume. In order to achieve successful promotions, there is a need to find out the target group, the different categories of customers who purchase the bags, who are those who don’t purchase the bags, demographics etc.
The data required for analysis purposes can be collected in different ways such as point-of-sale records, surveys, membership applications and transaction volume. It is important to know the types of data required for the analysis.
Source: Wltan00's Blog
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