Data Mining

by jessica sa Digital Marketing Expert

Data Mining is referred to the process of sorting data in huge amounts from the database to identify the pattern and to establish relationships in order to solve problems via data analysis. Data mining tools help enterprises to predict the trends in the future.

It is an interdisciplinary subfield of computer science and statistics which has an overall goal to extract information and transform them into a comprehensible structure for using it in future purposes.

The techniques used in data mining are for research purposes including mathematics, cybernetics, genetics, and marketing. If used correctly, data mining can be used to set a business apart from its competitors through predictive analysis.

The types of data mining include web mining, network approaches based on multitask learning for classifying patterns, etc.

In general, the benefit of data mining is its ability to uncover hidden patterns and relationships from the set of data which is used for making a good impact for the business through predictions. Sales and marketing departments mine data of their customers to improve its lead conversion rates or to create successful marketing campaigns. It also helps them build prediction models for sales of new products or services of the company.

Financial companies use this technique to build risk models and to detect any fraudulent practices. Whereas, manufacturing companies use this to improve their product safety, then identify any quality issues and to improve operations and manage the supply chain.

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