Data mining is referred as an automated processing tool used for sorting and analyzing enormous data and information which indeed are ``aimed towards effectively identifying trends and patterns and establishing relationships to solve business problems and generate new opportunities. Furthermore data mining techniques also helps to predict what’s going to happen in the future and act accordingly to take benefit of forthcoming tendencies.
Data mining is applied to a variety of large-scale data-processing activities such as collecting, extracting, warehousing and analyzing data. It also includes decision-support applications and technologies such as business artificial intelligence and machine learning and is used in varied areas of business research such as product development, sales and marketing etc.
Data mining is for taking advantage of data to predict
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Mathematical algorithms, and, data are used for predictive analytics. One can capture information, and, use it to model sales pattern, trends, and, customer behaviour
Data mining uses algorithms to extract, and, analyze information; discover hidden patterns
It uses data patterns, and, is thus closely tied to machine learning
Historical & current information is used to predict future trends
Data mining can be used for the following:
Data mining in gas & oil operations - Mining data in gas & oil operations involves committing to key technologies, and, processes; and, embracing new ways of thinking & problem-solving. Firms can use exploratory data analysis, modelling techniques & model development; approaches to put models into production
Big data - Performance computing & advanced analytics
Magic Quadrant - Evaluate 16 vendors to identify the right ones
Heavy reading, network analytics - Optimize network; evaluate network performance; provide targeted marketing; fine-tune capacity.
