ITS, Mohan Nagar, Ghaziabad, U. P., India.
In the emerging field of data mining as the process of analyzing data from different perspectives and summarizing it into useful information – information that can be used to increase revenue, cuts costs, or both. Technically, data mining is the process of finding correlations or patterns among dozens of fields in large relational databases. As well the field of strategic management defined as an art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to develop policies, plans and allocate resources to implement the policies and plans to achieve the organization’s objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. In this paper, we have divulged that the whole data mining process constructs a part of analysis phase of strategic management. We map the data mining activities to the conceptual and practical phases of strategic management activities. We find that if data mining is used for conducting environmental analysis and creating commercial opportunities, much better results could be yielded by helping the decision-makers to formulate target-oriented strategies more efficiently and effectively. Thus, the boundaries of this emerging field – Data Mining – have been defined as the essence and the key attributes of strategic management. Read more…