Data Mining Defined
Data mining is the exploration and analysis of patterns, correlations and anomalies within large data sets to predict outcomes. Data mining is a discipline under data science and is apart of prescriptive analytics.
There are five steps in data mining:
- Businesses collect data and load it into data warehouse
- Businesses store and manage the data in the cloud or on in-house servers
- Information technology professionals, business analysts and management teams access the data and determine how to organize it.
- Application software sorts the data based on users results
- End user present the data in an easy-to-share format
In a business sense, businesses can use data mining to increase revenues, cut costs, improve customer relations, and reduce risks. It also allows businesses to:
- Sift through chaotic and repetitive noise in the data
- Understand what is relevant and then make use of the information to predict outcomes
- Accelerate the pace of making informed decisions
In Data Defined, we help make the complex world of data more accessible by explaining some of the most complex aspects of the field.
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