| What is data mining? | | | | enhanced by predictive analysis. |
| Data mining is a process of analyzing data from | | | | • The data mining operations take place in the |
| various angles and perspectives and then | | | | background. The users can only see the end |
| summarizing the data into relevant information. | | | | report. The users can see the results and reports |
| This information can be used for increasing the | | | | through their mails and can go through the |
| revenue, cutting down the costs or even both. | | | | recommendations through e-mail and other web |
| What is data mining software? | | | | pages. |
| The data mining software is used for analyzing | | | | • The process of data mining indicates the |
| the data. It helps in the accumulation of data from | | | | discovery of tactics and trends. Once you |
| various sources, categorizing them and ultimately | | | | discover the market trend you get to know what |
| summarizes these data into useful form. | | | | is sold most and which item is sold with another. |
| Continuous innovation and its impact on data: | | | | This trend has a vast impact on the business. The |
| Data mining is a new term but the software that | | | | business is enhanced since the market is analyzed |
| is used to mine the data was also used previously. | | | | in a proper manner. These correlations increase |
| But with the constant upgradation of the market | | | | the performance of the organization. |
| tools, software and processing power, the | | | | • Data mining also provides an opportunity to |
| accuracy of data mining software has also | | | | increase the performance in future. According to |
| increased. Previously the data mining software | | | | the famous philosopher, George Santayana, |
| was used by businessmen for market research | | | | “Those who do not learn from history are |
| and analysis. Few companies even used powerful | | | | doomed to repeat it”. If the predictions are |
| computers to sift through volumes of | | | | made according to historical data, then one can |
| supermarket data. | | | | gain sufficient idea on how to improvise on the |
| Other definitions of data mining: | | | | products. |
| Data Mining is actually the way of running data | | | | • Data mining also enables embedding of |
| through sophisticated algorithms to discover | | | | recommendations in your application. The display |
| meaningful patterns and correlations that | | | | can show simple summary statement and |
| otherwise remain hidden. This is helpful since it | | | | proposals within operational applications. |
| helps you to understand the business techniques | | | | • Data mining requires powerful machines. |
| and apply your intelligence according to the recent | | | | Algorithms may be applied directly to a dataset or |
| market trend. The future performance is also | | | | Java code may be used. |