Data Mining: Its Processes, Advantages and Shortfalls
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This paper discusses the process of data mining, in which electronic data is collected, stored in data warehouses, and then culled for specific consumer information in order to understand consumer buying habits to increase business profits and tailor advertising strategies to specific individuals and groups. The pros and cons of data mining are discussed, including the potential for identity theft and fraud.
From the Paper:"Data mining is the process of finding connections between various kinds of data within a large pool, or warehouse, of information. This is a useful process for businesses in that computer technology can be used to sift through and find relevant information amongst large stores of data in order to understanding patterns in consumer's buying practices and use of services (Palace); this information can then help businesses, from marketing and advertising firms, to factories, to the research and design departments of manufacturing companies to increase profits and/or cut costs of producing such goods and services. For instance, if a company..."
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Data Mining: Its Processes, Advantages and Shortfalls (2009, December 01) Retrieved June 02, 2020, from https://www.academon.com/analytical-essay/data-mining-its-processes-advantages-and-shortfalls-144431/
"Data Mining: Its Processes, Advantages and Shortfalls" 01 December 2009. Web. 02 June. 2020. <https://www.academon.com/analytical-essay/data-mining-its-processes-advantages-and-shortfalls-144431/>