Data mining as a tool for empowering business organizations

In the present era of globalization and cut throat competition, the organizations have realized that their biggest asset is the information and hence the knowledge derived from it. The organizations having right access to the right information at the right moment of time will be the one to survive. With the advent, usage and growth of IT and IT enabled services, the organizations have become data rich and information poor! Its is rightly said in the business world that if you are not able to act before your competitors, that means you are dead. In such a scenario, the use of data mining and its techniques are really a boon for the decision makers. The present paper tries to explore the potential benefits of data mining and how these techniques can be used for marketing, customer relationship management, risk management, fraud detection, and prediction of purchasing patterns and churn behavior of the customers.