Versatile Role of Data Mining for Strategic Management and Decisions

Document Type

Conference Article

Publication Title

Proceedings of the International Conference on Digital Libraries and Knowledge Organization (ICDK-2011), 14-16 Feb. 2011

Abstract

This paper presents a critical review on data mining, emerged as a technique of discovering information implicit in a large data warehouse, in order to facilitate strategic management and smart decisions. It examines the concept of data mining that performs data processing using sophisticated data search capabilities and statistical algorithms to discover patterns and relationships in large preexisting datasets. The standard tasks usually involves in data mining process are explained. This pattern-seeking technology can be utilized in diverse areas of activities for navigating to proactive information delivery is also described. However, this paper illustrates the novel uses of data mining tools and techniques in several occasions both commercial and non-commercial realms. It also enumerates commonly used techniques (viz. decision trees, nearest neighborhood classification, neural networks, rule induction, genetic algorithms, etc.); which becomes useful in specialized tools for performing activities like compliance monitoring, customer segmentation, risk analysis and scoring, market basket analysis, fraud and anomaly detection, intrusion detection and security control, medicating diseases, corporate surveillance, gene therapy, network detection, website personalization, information retrieval, bibliomining, text-mining, semantic analysis of texts, and many others. The discussion brings attention to versatile role of data mining in discovering information towards knowledge-driven decisions; thus help managers for strategic management in their activities, and aware researchers in putting this technology in its proper context.

First Page

85

Last Page

92

Publication Date

1-1-2011

Comments

Open Access

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