Data Mining

Data Mining is the process of sifting through massive amounts of data and analyzing these large batches of raw data in order to identify hidden patterns and extract useful information. Successful companies diligently use data mining tools and techniques to learn more about their customer base, markets and industries in order to fine-tune their strategies. It can help business leaders to develop more effective marketing strategies, increase sales, and decrease costs. A good analogy here is how a prospector is searching for gold in a riverbed — the process of extracting valuable, insightful information (“gold nuggets”) from large datasets of raw data (“the mine”) by using data mining techniques to organize and filter data for uncovering hidden patterns and key insights that are considered highly valuable for decision-making. Leveraging of Data Mining can facilitate significant improvements in organizational decision making process through insightful data analyses.