Data Mining is the computational process of discovering patterns in the huge data sets involving Artificial Intelligence, Machine Learning, Statistics and Database Systems. It’s main aim being “to dig out information from a data set and convert it into a logical structure for further usage”.
- In general data mining is the process of analyzing data from dissimilar perspectives and briefing it into useful information.
- It generally results in the detection of new patterns in huge data sets.
- It allows users to analyze data from different dimensions/perspectives, categorize it and summarise the relationships.
- It can also be stated as categorising through data to identify patterns and establish relationships.
- Companies use this method to change raw data into useful information.
- It makes use of techniques such as Artificial Intelligence, Neural networks, and advanced arithmetical tools to reveal trends, pattern and relationships.
- Marketing / Retail
Data mining helps marketing companies to build models for chronological data.
- Finance / Banking
It powers information for the monetary institutions about advance and credit reporting.
Applying data mining in functional engineering helps manufacturers to find defective equipments.
Facilitates government agencies to follow and analyze the records.
- Marketing Strategies (Campaigns)
Data mining is used here for the reason of solid customer focus.
- Economic Processing
Data mining is generally used for resourceful means of data collections across the world.
Real Time Examples
Data mining is being used in day-to-day activities both directly and indirectly. Some of them are
- Super Markets
- Marketing Firms
- Search engines
- Customer Research Labs