Wikipedia definition. Data mining is a process of discovering patterns in large data sets.
- Involving machine learning,
- and database systems.
The concept of data mining is growing in popularity. The realm of commerce, business activities in general.
But data mining is kind of a misconceived or misunderstood topic.
If you want a idea of what data mining is all about read on.
Basically, we are in the information economy. What you have is more and more data being generated in every aspect you can think of.
Every time you swipe your grocery card. When you try to get a discount for buying whatever products you want. That’s data being downloaded to a database. On most transactions you do. There is some sort of data download.
Organisations are storing processing and analysing data more than, any time in history. This trend is going to continue to grow.
So, what exactly is data mining?
Data mining is the corporation of quantitative methods computer scientists call mathematical techniques.
These methods may include:
All of the above methods are utilised in data mining mathematics.
Data mining has application across industry sectors.
- Generally, wherever you have processes.
- Wherever you have a data.
It is the application of powerful mathematical techniques in corporation with some statistical type of inference testing that enables the extraction of tends and patterns.
Data mining can be used in healthcare processes, advertising and marketing effectiveness. Data mining can be applied to e-commerce initiatives, supply chain processes.
They are many businesses that can be mined with these techniques.
Simply put any organisation that has data and processes can be analysed with data mining.
The aim of extracting information. Is to identify actionable information from data resources that organisations have. When applied the goal is to fine-tune their processes. Increase productivity and increase efficiency.
So the data mining is going to grow in popularity. Why because data continues to grow. Think about social networking. LinkedIn, Twitter, Facebook. It's more data that describes people.
These factors mean everyday more and more data is gathered.
Data capture is the way a data economy functions.
Data mining is the methodology to extract strategic information from data. A way to extract competitive advantage.