Data mining or data discovery is the method of data analysis from various outlooks and abridging it into functional information which can be utilized for increasing revenue, reducing costs or both of them.
Data mining software is one of the analytical tools to analyze data that enables users to evaluate data from various magnitudes, classify it and sum up the identified relationships.
Even though data mining is a new jargon, the technology is not new.
Data can be any figure, fact or content that can be electronically processed using computers.
Currently business enterprises are collecting huge and surging amount of data in manifold designs and databases, which include- transactional or operational data such as accounting, cost, inventory, payroll and sales, non-transactional or non-operational data such as forecast data, industry sales and macro economic data and meta data or data regarding data such as data dictionary definition characterizations or coherent database design.
Mostly business organizations having a consumer focus use data mining it facilitates them to find out correlations among "internal" features such as workforce skills or produce positioning with "external" features such as economic gauges, market competition and consumer demography.
With the help of data mining retailers can make use of point-of sale data of consumer purchases to send targeted advertising on basis of the purchase history of an end-user.
Data mining comprises of five key features- hauling out, changing and loading business data in the data warehouse system, storing and managing data in a multi-dimensional database system, providing data access to market analysts and IT experts, analyzing data using application software and presenting the data in a helpful way such as chart or diagram.
Thanks Gupta for sharing this. It helps me a lot to clear my mind what actually is data mining .
Keep writing like this..