What makes data mining an important business tool

3. What makes data mining an important business tool? What types of information does data mining produce? In what type of circumstance would you advise a company to use data mining?

 

 

 

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Data mining is an important business tool because being one of the data analysis tool, it helps users to make better and informed decisions. It is thus used by many uses especially in making business intelligent decisions. As a tool, it allows users to effectively analyze large amounts of data that would have otherwise been impossible and at the same time helping them to establish the hidden relationships that exist between the data elements. For instance, it would be possible by use of data mining to establish if a customer who buys a certain product, let us say X, is five times more likely to purchase another products…

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