Data mining in industry Free Essay Example, 1000 words

The given study used factor analysis technique to dwell deeply the organizational features of the industry; in addition to this, multivariate analysis t-test was employed to investigate the research hypothesis. According to the study, Domain managers suggested that â€Å"the attitude of data resource was included in the framework to reflect the DM characteristics† (Chang, Chang, Lin & Kao, 2003). This is quite unique for the study since it tells us that decision-making has influence in the adoption of data mining in an organization. It is also worth noting that Fletcher has pursued studies before correlating the importance of data mining and marketing. Indeed, this case study has a well-rounded approach in viewing data mining as an important tool in management. Rather than consider data mining as technical pursuit left to programmers, Fletcher highly influenced studies in the industry that establishes solid evidence between the relevance of data mining and marketing which can lead to profitability or risk prevention ( as in this case study). There were five hypotheses derived from the research framework in that study ( qtd. We will write a custom essay sample on Data mining in industry or any topic specifically for you Only $17.96 $11.86/pageorder now from Chang, Chang, Lin & Kao, 2003): 1. The organizational size is significantly related to the DM adoption [Dewett et al. , 2001]. 2. The organizational culture is significantly related to the DM adoption [Fletcher et al. , 19961. 3. The attitude of data resource is significantly related to the DM adoption [domain managers]. 4. The style of decision-making is significantly related to the DM adoption [Fletcher et al. , 1996]. 5. The competitiveness of outside environment is significantly related to the DM adoption [Thong et al. , 1995; Chengalur-Smith et al. , 1999, Dewett et al. , 2001]. The study yielded the findings that among the five hypotheses, Hypotheses 1, 3, and 4 yielded positive results which established an important conclusion: that data mining is very significant in the areas of attitude of data resource, organizational size and decision-making style for the financial services industry. Because of this study, the adoption of Data Mining in the Financial Services Industry is regarded with importance. To be considered in the DM adoption are attitude of data resource, organizational size and decision-making which were all validated in the study. Although the information is limited for this type of industry, similar studies can be pursued now that marketing can be very well supported by DM ( courtesy of IT ). On the over-all view of management, organizational culture should be taken as very influential in data mining.