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Plenty of data have become available within the area of scientific research, small businesses, industries and many other areas as a result of rapid innovations in computerization along with digitalization techniques. The exploration in databases and data innovation has offered ascent to a way to store and manipulate this valuable information for further decision making.
Data mining is a process of extraction of useful information and patterns from huge data. It is also called as knowledge discovery process, knowledge mining from data, knowledge extraction or data /pattern analysis

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Predictive analytics allows companies to discover, analyze and act on data. It showing you where you are now, and where you can go next. It’s about learning from the past to uncover trends and predict likely outcomes..

A company can analyze a customer’s behavior using data mining techniques and can either create a new product for a set of specific customer or offer them an existent product based on the analysis of their data. There is clear evidence that data mining is being used to optimize prices by more and more industries like telecommunication, insurance and retail.

Companies can Create classes or ‘clusters’ of its clients according to one or more characteristics such as type of industry the client is from, type of service requested etc.
After creating these homogenous clusters of their clients, then, using the association, classification and prediction techniques, Marketing analysts can analyze their current client data and predict what kind of service is a particular client group more likely to request for. This will allow the firm to provide customized and specialized service to each client group.

Companies can analyze consumer data from social media to understand attitudes, opinions and trends, and manage their online reputation. They can also predict customer behavior and improve customer satisfaction by anticipating customer needs and recommending next best actions.

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