High growth of data in databases created a need for technologies which can extract and uncover the hidden information in large amount of data which can be useful in decision making in business organizations. Data mining is a technology that could solve this problem with approach combining machine learning, statistics and database management that are used for finding useful and valid patterns in data. The goal of this paper is to present a review of published data mining applications in business organizations across business functions. Papers from the journals indexed in Web of Science that investigate data mining applications in business organizations were examined in order to compare the research on data mining applications in terms of: (1) journal, (2) title of the paper, (3) data collection approach, (4) methodology used for investigation of data mining applications and (5) keywords. We investigated 25 papers divided into five categories: finance, human resources, transport, marketing and sales and services. We found research papers for each mentioned category. By random choice method we have selected several research papers for each category in order to compare data mining applications, methods and data used in business organizations.
High growth of data in databases created a need for technologies which can extract and uncover the hidden information in large amount of data which can be useful in decision making in business organizations. Data mining is a technology that could solve this problem with approach combining machine learning, statistics and database management that are used for finding useful and valid patterns in data. The goal of this paper is to present a review of published data mining applications in business organizations across business functions. Papers from the journals indexed in Web of Science that investigate data mining applications in business organizations were examined in order to compare the research on data mining applications in terms of: (1) journal, (2) title of the paper, (3) data collection approach, (4) methodology used for investigation of data mining applications and (5) keywords. We investigated 25 papers divided into five categories: finance, human resources, transport, marketing and sales and services. We found research papers for each mentioned category. By random choice method we have selected several research papers for each category in order to compare data mining applications, methods and data used in business organizations.
High growth of data in databases created a need for technologies which can extract and uncover the hidden information in large amount of data which can be useful in decision making in business organizations. Data mining is a technology that could solve this problem with approach combining machine learning, statistics and database management that are used for finding useful and valid patterns in data. The goal of this paper is to present a review of published data mining applications in business organizations across business functions. Papers from the journals indexed in Web of Science that investigate data mining applications in business organizations were examined in order to compare the research on data mining applications in terms of: (1) journal, (2) title of the paper, (3) data collection approach, (4) methodology used for investigation of data mining applications and (5) keywords. We investigated 25 papers divided into five categories: finance, human resources, transport, marketing and sales and services. We found research papers for each mentioned category. By random choice method we have selected several research papers for each category in order to compare data mining applications, methods and data used in business organizations.
Jovana Zoroja, PhD, University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia; jzoroja@efzg.hr Mirjana Pejic Bach, PhD, University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia; mpejic@efzg.hr Katarina Curko, PhD, University of Zagreb, Faculty of Economics and Business, Zagreb, Croatia; kcurko@efzg.hr
ABSTRACT
High growth of data in databases created a need for technologies which can extract and uncover the hidden information in large amount of data which can be useful in decision making in business organizations. Data mining is a technology that could solve this problem with approach combining machine learning, statistics and database management that are used for finding useful and valid patterns in data. The goal of this paper is to present a review of published data mining applications in business organizations across business functions. Papers from the journals indexed in Web of Science that investigate data mining applications in business organizations were examined in order to compare the research on data mining applications in terms of: (1) journal, (2) title of the paper, (3) data collection approach, (4) methodology used for investigation of data mining applications and (5) keywords. We investigated 25 papers divided into five categories: finance, human resources, transport, marketing and sales and services. We found research papers for each mentioned category. By random choice method we have selected several research papers for each category in order to compare data mining applications, methods and data used in business organizations.
INTRODUCTION
Data mining methodology is used for analysing large amounts of data for secondary analysis by extracting information from operating application systems. It can be used for finding and identifying relationships among data (Wu et al., 2012). Data mining is one of the most popular processes of analysing huge amount of data to find relationships among them with the goal to gain knowledge and make decisions (Ngai et al., 2009). The main goal of data mining is to provide insight into disorganized information in order to enhance business knowledge and future business activities for the user in business organizations. Data mining techniques can be categorized into two groups: descriptive and predictive (Lejeune, 2001). Descriptive data mining techniques are used for better understanding of the data, while predictive data mining techniques are used for forecasting and devising. However, data mining is quite different compared to core statistical methodology. The most used methods in data mining, besides statistics, are artificial intelligence and machine learning such as classification, regression, clustering, prediction, outlier detection, visualization, decision trees, association rules, neural networks, support vector machine and many others (Ngai et al., 2011; Strohmeier, Piazza, 2013). Data mining techniques have a widespread use in many different areas. Continuous improvement and development of data mining techniques and their positive influence on business activities and on competitiveness of the companies result in their widely usage in different areas. For example, data mining techniques were investigated in review papers in areas such as customer relation management (Wei et al., 2013), financial fraud detection (Ngai et al., 2011), healthcare management (Zvarova, Pribik, 2002), churn management (Lejeune, 2001) and manufacturing (Choudhary et al., 2008). However, papers that investigate data mining applications across different business functions are rare. In this paper we investigate data mining applications in business organizations: finance, human resources, transport, marketing and sales and services.
In order to determine how data mining and their applications have been used during the past ten years, this paper review data mining techniques, their application and data used through a survey of literature and the classification of articles from 2003 to 2013. This paper has two objectives. The first is to present a systematically review of published data mining applications in business organizations based on value chain approach. The second is to compare reviewed article through defined categories in order to generate a better understanding of usage of data mining techniques and applications for future research.
This paper consists of five sections including Introduction part as the first one. The second section presents the research methodology including literature selection process and analysis process. The third section
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provides given results. Section four explains our findings. The last section concludes the paper and gives some recommendations for future work and limitations of the study.
METHODOLOGY
In the second section of the paper we describe data which we have used and how we have analysed it. Therefore, we present the literature - selection process and the analysis process of the journal articles incorporated in the research. Literature selection was performed in several stages. First we decided to analyse papers from the journals indexed in Web of Science that investigate data mining applications in business organizations. The second step was to divide areas of data mining applications into categories. We identified five categories: finance, human resources, transport, marketing and sales and services. Scientific data base Web of Science was searched using different phrases according to selected areas of data mining applications (e.g. data mining applications AND finance). Through search we always used data mining applications and we changed areas of application. The period from 2003 to 2013 was set as the time frame for the research. Only articles published in peer-reviewed journals with full text were included in the research. By random choice method we have selected several research papers for each category in order to compare journals, title of the papers, used data, data mining technologies and key words. Articles that we have selected were published through the period of nine years, from 2004 to 2013.
Table 1 shows six selected areas of application. Finance and marketing and sales had the largest number of applications followed by transport, service, human resources management and purchasing. Figure 1 presents the structure of area of applications.
Table 1 Area of application Figure 1 Structure of area of applications Area of application # % Finance 6 24 Marketing and sales 6 24 Transport 5 20 Services 4 16 Human resource management 4 16 Total 25 100 Source: Authors survey. Source: Authors survey.
At the end of the selection process we have investigated 28 articles, published in a variety of journals, such as: Decision Support Systems, International Journal of Production Research, International Journal of Shipping and Transport Logistics, Electronic Commerce Research and Applications, Expert Systems with Applications, European Journal of Operational Research, Industrial Management and Data Systems, Information Technology Management, International Journal of Man Power, Journal of Business Economics and Management, Journal of Database Marketing and Customer Strategy Management, Knowledge Management & E-Learning: An International Journal, Review of Quantitative Finance and Accounting.
In order to analyse papers dealing with data mining applications in the business organizations, we have applied a research framework based on seven categories investigating: authors, journals, title of the paper, used data, data mining technologies and key words.
RESULTS
Table 2 presents summary of the six investigated articles regarding data mining applications in finance sector. We highlighted several key factors such as: author(s) and publishing year, name of the journals and of the papers which we investigate, data sets that are used, data mining techniques which were applied and key words for each article. Most of the papers were published during of the period of four years (2009-2013). Data sets which were used are in two cases from banks and in four cases from firms. All used datasets are based on financial information. Twelve different data mining techniques were applied in selected articles such as: artificial neural network, classification, decision trees, discriminant analysis, k-nearest neighbour, logistic discrimination, multiple criteria linear programming (MCLP), nave Bayes classifier, regression trees, support vector machine, graph-theoretic measures and machine learning techniques. The most used data mining techniques are artificial neural network and logistic discrimination (they were used in three papers) and decision trees and support vector machine (they were used in two papers). Most of the papers have three or more key words which are mostly similar to data mining techniques used in analysis of the data (artificial intelligence techniques, classification, data mining, decision trees, neural networks, support vector machines).
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Table 2 Data, methodology, key words, journal and title of the papers regarding data mining applications in finance Study Journal Title Data Methodology Key words Twala (2010) Expert Systems with Applications Multiple Classifier Application to Credit Risk Assessment Four credit datasets Artificial neural network, decision trees, nave Bayes classifier, k-nearest neighbour and logistic discrimination
Ince & Aktan (2009) Journal of Business Economics and Management A Comparison of Data Mining Techniques for Credit Scoring in Banking: A Managerial Perspective
Credit card set provided by Turkish bank Discriminant analysis, logistic regression, neural networks, classification and regression trees Bank lending, Credit scoring, Data mining, Artificial intelligence techniques
Virag & Nyitrai (2013) Society and Economy Application of Support Vector Machines on the Basis of the First Hungarian Bankruptcy Model Database of the first Hungarian bankruptcy model Support vector machine Bankruptcy prediction, Classification, Data preparation, Outliers, Support vector machines, ROC curve analysis
Kwak & Shi & Kou (2012) Review of Quantitative Finance and Accounting Bankruptcy Prediction for Korean Firms after the 1997 Financial Crisis: Using a Multiple Criteria Linear Programming Data Mining Approach Data sets of bankrupt firms in Korea Multiple criteria linear programming (MCLP) Korean Bankruptcy Data mining, Multiple criteria linear programming Olson & Delen & Meng (2012) Decision Support Systems Comparative Analysis of Data Mining Methods for Bankruptcy Prediction Data sets of 100 US firms that underwent bankruptcy
Artificial neural networks, decision trees, support vector machines and logistic regression
Bankruptcy prediction, Data mining, Neural networks, Decision trees, Support vector machines, Transparency, Transportability
Ma & Pant & Sheng (2011) Electronic Commerce Research and Applications Mining Competitor Relationships from Online News: A Network-Based Approach Data set consists of eight of business news for all companies on Yahoo! Finance Graph-theoretic measures and machine learning techniques Business news, Classification in networked data, Competitor discovery, Web mining Source: Authors survey.
Table 3 Data, methodology, key words, journal and title of the papers regarding data mining applications in human resources management Study Journal Title Data Methodology Key words Kim (2012) Knowledge Management & E- Learning: An International Journal Mining Workflow Processes from Distributed Workflow Enactment Event Logs This paper proposed the distributed structured workflow process mining approaches rediscovering a structured workflow process from the distributed workflow fragment logs
Workflow fragment of data mining algorithm Distributed workflow management system, Distributed events log, Distributed workflow process mining, Workflow fragmentation Albrecht (2012) International Journal of Man Power The Influence of Job, Team and Organizational Level Resources on Employee Well-Being, Engagement, Commitment and Extra-Role Performance: Test of a Model Survey data obtained from 3,437 employees of a large multi-national mining company Structural equations modelling Commitment, Organizational behaviour, Job resources, Extra-role behaviour, Engagement, Employees behaviour, Employee well-being
Chien & Chen (2008) Expert Systems with Applications Data mining to improve personnel selection and enhance human capital: A case study in high-technology industry Large volumes of personnel data Decision tree and association rules Personnel selection, Human capital, Data mining, Decision tree, Semiconductor industry
Ranjan & Malik (2007) The Journal of Information and Knowledge Management Systems Effective Educational Process: A Data-Mining Approach Academia data set Decision trees and artificial neural networks Educational administrative data processing, Change management, Data handling Source: Authors survey.
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Table 3 presents summary of the four investigated articles regarding data mining applications in human resources management. We highlighted several key factors such as: author(s) and publishing year, name of the journals and of the papers which we investigate, data sets that are used, data mining techniques which were applied and key words for each article. Most of the papers were published during five years (2007-2012). All used datasets are based on personnel information (employees of large companies or students from university). In selected articles five different data mining techniques were used: workflow fragment of data mining algorithm, decision tree, association rules and artificial neural networks. Most of the papers have three or more key words.
Table 4 presents summary of the five investigated articles regarding data mining applications in transport. We highlighted several key factors such as: author(s) and publishing year, name of the journals and of the papers which we investigate, data sets that are used, data mining techniques which were applied and key words for each article. Most of the papers were published during the period of eight years (2004-2012). Data sets which were used are dealing with transport (passenger train traffic in Finland, global shipping, data set of three car brands and data of traffic count, flow, headway, occupancy, speed and density). Most of the articles used only one data mining method: northwest corner method, row minimum cost method, column minimum cost method and decision trees. Investigated papers have four and more key words.
Table 4 Data, methodology, key words, journal and title of the papers regarding data mining applications in transport Study Journal Title Data Methodology Key words Abrahams & Jiao & Wang & Fan (2012) Decision Support Systems Vehicle Defect Discovery from Social Media The 4500 threads in our data set were from 3 brands (Honda, Toyota, and Chevrolet). The threads were from 113 unique sub- forums and discussed 61 unique vehicle models and 89 different model The vehicle defect discovery system, case study method Quality management, Social media analytics, Business intelligence, Text mining
Wang & Pulat & Shen (2012)
International Journal of Shipping and Transport Logistics
Data Mining for the Development of a Global PortToPort Freight Movement Database
Transport database
Data mining model
Data mining, Data integration, Transport database, Global shipping, Porttoport freight movement, Freight movement database, Freight containers
Wallander & Mkitalo (2012)
International Journal of Shipping and Transport Logistics
Data Mining in Rail Transport Delay Chain Analysis
Data sets from passenger train traffic on the Finnish rail network
Data mining approach
Railways, Rail traffic, Delay propagation, Primary and secondary delays, Data mining, Rail transport, Logistics services, Transport quality, Decision support, Finland, Rail timetables
Paul & Saravanan & Thangaiah (2011) International Journal of Advances in Science and Technology
Data Mining Analytics to Minimize Logistics Cost Data set from a large third-party logistic company consists of 98,292 transactions Northwest corner method, minimum cost method, row minimum cost method, column minimum cost method and Vogels approximation method Data Mining, Transportation problem, Linear Programming, Object-oriented programming
Lee & Jeng & Chandrasekar (2004)
Journal of the Institution of Engineers, Singapore
Applying Data Mining Techniques for Traffic Incident Analysis
Data consist of traffic count, flow, headway, occupancy, speed, and density
Cluster analysis
_________ Source: Authors survey.
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Table 5 presents summary of the six investigated articles regarding data mining applications in marketing and sales. We highlighted several key factors such as: author(s) and publishing year, name of the journals and of the papers which we investigate, data sets that are used, data mining techniques which were applied and key words for each article. Most of the papers were published during of the period of six years (2007-2013). All used datasets are based on marketing information. Data sets mostly consist of information about customers and their shopping behaviour, suppliers, sales lists, purchasing diaries and donor contributions. Most of the data sets consist of questionnaires filled by customers in pharmaceutical and telecommunication industry. Twelve different data mining techniques were applied in selected articles such as: association rules, neural network algorithm of data-mining, clustering, decision tree, frequency, immune-genetic algorithm, logistic regression model, Money, and Contract term (FMC) model, Recency, Frequency, and Monetary (RFM) methods and Scheffe post-test. The most used data mining techniques are decision trees (they were used in three papers) and neural network and association rules (they were used in two papers). Most of the papers have four and more key words.
Table 5 Data, methodology, key words, journal and title of the papers regarding data mining applications in marketing and sales Study Journal Title Data Methodology Key words Sedighi & Mokfi & Golrizgashti (2012) Journal of Database Marketing and Customer Strategy Management
Proposing a Customer Knowledge Management Model for Customer Value Augmentation: A Home Appliances Case Study Data set consists of 29 500 questionnaires filled by customers Association rules Customer value, Knowledge management, Customer relationship Management, Data mining
Chuang & Chia & Wong (2013) Industrial Management and Data Systems Customer Value Assessment of Pharmaceutical Marketing in Taiwan Data set consists of data from 88 pharmaceutical companies and comprises product master files, supplier files, lists of sales, and purchasing diaries ANOVA, the Scheffe post-test, Frequency, Money, and Contract term (FMC) model, data mining and dC5.0 decision tree Customer value, Data mining, Decision tree, Pharmaceutical marketing
Olson & Chae (2012)
Decision Support Systems
Direct Marketing Decision Support through Predictive Customer Response Modelling
Two sets of data involving catalog sales and donor contributions
Customer response predictive model, Knowledge-based marketing, RFM, Neural networks, Decision tree models, Logistic regression Cheng & Sun (2012) Electronic Commerce Research and Applications Exploring Consumer Adoption of New Services by Analyzing the Behaviour of 3G Subscribers: An Empirical Case Study Data sets consist of mobile users who subscribe or use 3G application services in Taiwan Clustering and association rules
3G application services, Association rules, Data mining, Mobile commerce, RFM model
van Wezel & Potharst (2007)
European Journal of Operational Research
Improved Customer Choice Predictions Using Ensemble Methods
Two real-life marketing datasets
Decision trees, ensemble versions of decision trees and the logistic regression model
Table 6 presents summary of the four investigated articles regarding data mining applications in services. We highlighted several key factors such as: author(s) and publishing year, name of the journals and of the papers which we investigate, data sets that are used, data mining techniques which were applied and key words for each article. Most of the papers were published during of the period of four years (2009-2013). All
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used datasets are based on information about clients satisfaction regarding telecommunication services. Eight different data mining techniques were applied in selected articles such as: classification, decision tree, discriminant analysis, K-means algorithm, logistic regression, neural network, Partial least squares (PLS) and neuro-fuzzy techniques. The most used data mining techniques are logistic regression, decision trees and neural networks (they were used in two papers). Most of the papers have four or more key words.
Table 6 Data, methodology, key words, journal and title of the papers regarding data mining applications in services Study Journal Title Data Methodology Key words Abbasimehr & Setak & Soroor (2012) International Journal of Production Research A Framework for Identification of High- Value Customers by Including Social Network Based Variables for Churn Prediction Using Neuro- Fuzzy Techniques Churn dataset contains datasets of mature subscribers from a major US telecommunicatio n company K-means algorithm, two neuro-fuzzy techniques Data mining, Churn prediction, High-value customer, Word-of- mouth, Neuro-fuzzy
H & Yang (2013)
Information Technology Management
Classification of Switching Intentions toward Internet Telephony Services: A Quantitative Analysis
Data sets of telecommunicatio n services in Korea
Discriminant analysis, logistic regression, classification tree, and neural network techniques
Switching intention, Classification Internet telephony service, Telecommunication industry
Lima & Mues & Baesens (2009)
Journal of the Operational Research Society
Domain Knowledge Integration in Data Mining Using Decision Tables: Case Studies in Churn Prediction
Telecom1 is a publicly available churn data set
The logistic regression and decision tree models
Domain knowledge, Data mining, Churn, Decision tables
Lee & Lee & Cho & Im & Kim (2011)
Decision Support Systems
Mining Churning Behaviours and Developing Retention Strategies Based on a Partial Least Squares (PLS) Model
Data sets by the Teradata 171 predictor variables of 100,000 observations
Partial least squares (PLS)
Partial least squares, Customer relationship management, Business intelligence, Churn management Source: Authors survey.
DISCUSSION AND CONCLUSION
Business organizations rely on data mining techniques in organizing and using large amount of data to maintain competitive advantage. This paper presents a review of published data mining applications in business organizations across business functions through last ten years. According to given results their usage is increasing during last few years.
It is not possible to find all data mining applications in business organizations by the search of scientific data base Web of Science. However, the conducted research can give a significant view into the current applications of data mining in business organizations. Most of the papers were published in the last years, e.g. 2012 and 2013 especially in several areas such as finance, human resource management, transport and marketing and sales. Only three articles were published before 2009 in all areas we investigated which mean that data mining applications in business organizations have high rate of growth and becoming interest of areas of different researchers.
Journals which published selected papers are presented in Table 7 as well as the area of data mining applications. It is evident that there are four journals with two or more published papers. Decision Support Systems published four papers but in four different areas. Two papers are published in journal Electronic Commerce Research and Applications in the area of finance and marketing and sales and two papers are published in journal Expert Systems with Applications in the area of finance and human resource management. Two papers are also published in International Journal of Shipping and Transport Logistics but from the same area of research (transport). In other 15 journals one paper is published in five selected areas of data mining applications.
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Table 7 Data, methodology, key words, journal and title of the papers regarding data mining applications in services Journals Number of papers (%) Area Decision Support Systems 4 (16%) Finance, transport, marketing and sales and services Electronic Commerce Research and Applications 2 (8%) Finance and marketing and sales Expert Systems with Applications 2 (8%) Finance and human resources management International Journal of Shipping and Transport Logistics 2 (8%) Transport International Journal of Production Research 1 (4%) Services European Journal of Operational Research 1 (4%) Marketing and sales Industrial Management and Data Systems 1 (4%) Marketing and sales Information Technology Management 1 (4%) Services International Journal of Advances in Science and Technology 1 (4%) Transport International Journal of Man Power 1 (4%) Human resources management Journal of Business Economics and Management 1 (4%) Finance Journal of Database Marketing and Customer Strategy Management 1 (4%) Marketing and sales Journal of Digital Information Management 1 (4%) Marketing and sales Journal of the Institution of Engineers, Singapore 1 (4%) Transport Journal of the Operational Research Society 1 (4%) Services Knowledge Management & E-Learning: An International Journal 1 (4%) Human Resources Management Review of Quantitative Finance and Accounting 1 (4%) Finance Society and Economy 1 (4%) Finance The Journal of Information and Knowledge Management Systems 1 (4%) Human resources management Source: Authors survey.
To detect main data mining techniques and key words used in selected articles tag cloud analysis of data mining techniques and keywords has been conducted (Figure 2 and Figure 3), which has become a common way of visualising data (de Spindler et al., 2011). We used open source software Wordle (http://www.wordle.net/).
Figure 2 Key word tag cloud Figure 3 Data mining techniques word tag cloud
Source: Authors survey
Source: Authors survey
Given results indicate that the largest words are most used in selected articles. Figure 2 presents the results of keywords tag cloud analysis with words decision, management, mining, customer, business, bankruptcy, intelligence being the largest. Also, our analysis confirmed that main topic of articles investigated are data mining application in the field of business.
Figure 3 presents the results of data mining techniques tag cloud analysis with words trees, mining, regression, logistic, decision, neural, networks, algorithm, techniques being the largest. Also, our analysis confirmed that most of the examined articles used similar data mining techniques in their analysis.
In this research we investigated only scientific data base Web of Science in search of data mining applications in business organizations. However, many other scientific data base can be searched in some future research regarding this topic. Also, we could extend our research by using different key words, specifying data mining techniques and research areas. Results of these limitations should provide directions for future work.
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