Business Applications of Data warehouse and Data Mining

Business Applications of Data warehouse

Data warehouses have deeply rooted applications in every industry which uses structured and unstructured data from disparate sources for forecasting, analytical reporting, and business intelligence, allowing for robust decision-making. Here are some major applications of data warehouses across different industries:

Banking

• Identify the potential risk of default and manage and control collections
• Performance analysis of each product, service, interchange, and exchange rates
• Track performance of accounts and user data
• Provide feedback to bankers regarding customer relationships and profitability

Insurance

• Analyze data patterns and customer trends Maintain records of all internal and external sources, including existing participants
• Design customized offers and promotions for customers
• Predict and analyze changes in the industry

Finance

• Evaluation of customer expenses trends
• Maintain transparency in transactions
• Predict/spot defaulters and act accordingly
• Analyze and forecast different aspects of business, stock, and bond performance

Government

• Maintain and analyze tax records, health policy records, and their respective providers
• Prediction of criminal activities from patterns and trends
• Searching terrorist profile
• Threat assessment and fraud detection

Education

• Store and analyze information about faculty and students
• Maintain student portals to facilitate student activities
• Extract information for research grants and assess student demographics
• Integrate information from different sources into a single repository for analysis and strategic decision-making

Healthcare

• Generate patient, employee, and financial records
• Share data with other entities, like insurance companies, NGOs, and medical aid services
• Use data mining to identify patient trends
• Provide feedback to physicians on procedures and tests

Business Applications of Data Mining

Data mining offers many applications in business. For example, the establishment of proper data (mining) processes can help a company to decrease its costs, increase revenues, or derive insights from the behavior and practices of its customers. Certainly, it plays a vital role in the business decision-making process nowadays.

Data mining is also actively utilized in finance. For instance, relevant techniques allow users to determine and assess the factors that influence the price fluctuations of financial securities.

The field is rapidly evolving. New data emerges at enormously fast speeds while technological advancements allow for more efficient ways to solve existing problems. In addition, developments in the areas of artificial intelligence and machine learning provide new paths to precision and efficiency in the field.