Introduction: The world is going digital and every time you hear people talking about data and many other words that they normally use. With the increase in the population of the world so does the amount of data in the world increases. Some companies handle big amounts of data and sometimes some of the data they have is unnecessary so they employ analytics to help to sort out what they have to bring out the relevant information in them. There are many terms used to describe this process, some call it data science while others call it data mining. Both terms are similar though but this article will focus mainly on data mining.
What is Data mining?
Data mining is simply defined as the process that is employed in extracting useful data from a bigger set of raw data. This means that a big set of data is analyzed carefully by analysts so that they can bring out the important ones from within them. Data mining is carried out by using one or more software and all of these software help to reduce the workload on the analysts. However to be able to use these software one has to understand a bit of machine language.
Data mining is applied in so many fields, it helps companies to provide better services to their customers and it helps big organizations to make meaningful decisions to move the company forward. With Data mining a company can actually forecast the way sales would go and try to modify their activities to match the demand of the market. The truth is that with so much data out there companies cannot handle data mining on their own, they will need to use big data management firms to help them make sense of the large amounts of data they have piled in their database.
Applications of Data Mining.
Market Basket Analysis
Market basket analysis is simply a modeling technique that believe that if a person buys a specific group of products, the person will buy the same group of products again in the near future. This is used by retail shops and other forms of businesses to try to understand their clients. Because if the purchasing pattern of the client can be predicated then it will be easy to meet the needs of the client and increase his satisfaction, thereby increasing customer loyalty. One of the ways to achieve this is through big data mining.
Data mining is very crucial to the development of the healthcare sector. With data mining analytics will be able to improve the service that is given to healthcare professionals and also to curb things like fraud and drug abuse. Hiring the services of a big data management firm in hospitals will help to improve the quality of service provided by the hospital
Fraud is costing the world billions of dollars and the only way to deal with the issues of fraud is through data analysis. This will involve the use of machine languages that will enhance the methods used in fraud detection. Data mining will help to determine the pattern of money coming in and going out and give information to help detect any form of fraud. Through data mining, the government, companies and businesses will be able to reduce the level of fraud going on.
Data mining is a very important tool that will help economic growth and development. Every person should embrace it as it holds lots of promises.