I am working on my MBA and I have to complete a "Hot Topics" paper. I have been researching the area of data mining, but the topic is so broad I am having difficulty getting my focus narrowed to a specific issue. Do you have some thoughts on a hot topic within data mining?
Sid Adelman’s Answer: Pick an industry. The following are some industry-related areas for data mining:
- Identify patients who will probably not respond well to specific procedures and operations.
- Discover "best practices" to improve quality and reduce costs.
- Identify data patterns that could predict future individual health problems.
- Optimal drug testing procedures.
- Product analysis
- Customer segmentation
- Customer profitability
- Customer defections
- Target-marketing campaigns
- Fraud detection (credit cards)
- Quality analysis
- Profitability and problems with suppliers
- Profitability and problems with customers
- Advertising effectiveness
- Market- basket analysis
- Analyzing customers most likely to switch to another carrier
- Understanding customers
- Understanding customers' desires and expectations in contrast to what they have ordered and what the company can provide
- Looking for patterns that may be marketing opportunities
- Looking for patterns that predict delinquencies
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