Application of Data Mining and Knowledge Management for Business Improvement: An Exploratory Study

Abstract

In recent years, there have been a lot of approaches employed by organizations to satisfy their customers and gain competitive advantage. Continuous development of Information System applications is also changing the ways in which businesses are conducted. From scanning barcodes at point of sale (POS) to shopping on the web, businesses are generating large volume of data about products and consumers which are being stored in different data repositories. While a lot of useful knowledge about products, sales and customers that can assist in business decisions are locked away in these databases unexploited. However, the need for organizations to survive in this dynamic business environment depends on how proactive they change these data into useful knowledge which can aid value creation. Presently, customer relationship management and marketing turn out to be the domains which have the potentials to utilize data mining techniques for decision support. This paper examines how business can improve on their performance through utilization of knowledge management (KM) and data mining (DM) applications to manage and support their strategies. Lastly, synergies and challenges of implementation of KM and DM as a tool in business are also critically analysed.

Data Mining technology as a tool for supporting analytical decision making process in Health Information Management System (HIMS)

“…Data mining fondly called patterns analysis on large sets of data, is the process of finding the patterns, associations or relationships among data using different analytical techniques involving the creation of a model and the concluded result will become useful information or knowledge (Ting et al, 2009). Lawal et al (2015) and Feelders et al (2000) noted that data mining is a process that allows users to extract patterns of knowledge from large data sets through the use of algorithms and techniques drawn from the field of Statistics, Machine Learning and Database Management Systems. It uses variety of tools like query and reporting tools, analytical processing tools, and Decision Support System (DSS) tools.…”

Challenges of Applying Data Mining in Knowledge Management towards Organization

“…For organization to have an effective knowledge management, technology is the common issue. According to Lawal, Odeniyi and Kayode (2015), due to the complacency of the people with the old system, the critical challenge of technology is the integration of information system applications with business processes. This is because the change of the system is inevitable.…”

“…This is because by negotiate with the technology, there has their own advantages and disadvantages. According to Lawal, Odeniyi and Kayode (2015), privacy in terms of data protection of individuals are commonly occur such as analysing people's profiles without consent also one of the issue or challenges in privacy and data security.…”

Using Data Mining Techniques to Develop Knowledge Management in Organizations: A Review.

“…Some of the most important researches with respect to subject of current studyAuthorsYear TitleLawal et al 2015 Application of data mining and knowledge management for business improvement: An exploratory study.Ur-Rahman and Harding 2012Textual data mining for industrial knowledge management and text classification: A business oriented approach.Liu and Lai 2011Mining group-based knowledge flows for sharing task knowledge.…”