Modern technology has enabled the storage of huge chunks of data possible. While storing data is indispensable to any technology based industry, using this data in the most productive way should be the chief objective of any storage. Data mining is the process of searching for patterns or irregularities in stored data. The stored data is analyzed from different perspectives and summarized into useful information - information that can be used to increase revenue, cut costs, or both. Data mining is seen by modern business as an effective tool to transform data into business intelligence reaping an informational advantage. Although data mining is a relatively new term, the technology to collect, store and process, data is not. Companies have used powerful computers to scrutinize volumes of supermarket scanner data and analyze market research reports for years. However, there has been continuous innovations in computer processing power, disk storage, and statistical software that has increased the accuracy of analysis while bringing down the cost. Data mining software is one of the many different types but a very popular of analytical tools for analyzing data. This software enables you to image and search every kind of electronic device in which data is stored. These days this not only includes the hard drives of laptops, desktops, large servers and databases, but also portable memory devices and hand-held devices such as mobile phones and MP3 players. Data can be in the form of facts, numbers, or text that can be processed by a computer. Data that is generally accessed by organizations is operational data or transactional data such as sales, cost, inventory, payroll etc. Organizations also access non operational data like future forecast, economic data, industry sales, meta data, data about data such as logical database design or data dictionary definitions etc. Related to data mining are data dredging, data fishing and data snooping that are processes to sample parts of large chunks of data which are normally small to make statistical suppositions about the patterns discovered. These techniques can be used to create new interpretations to test against larger data. Data mining is used by organizations with a strong consumer focus in retail, financial, communication and marketing domains. Data mining is also used in a range of profiling practices such as marketing, surveillance, fraud, detection and scientific discovery.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
