Importance Of Data Mining In Today’s Business World
Posted On Wednesday, May 2, 2012 at at 3:29 AM by web researchOnline Web Research with High Quality and Accuracy
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Data Mining's Importance in Today's Corporate Industry
Posted On Friday, November 6, 2009 at at 7:58 PM by web researchA large amount of information is collected normally in business, government departments and research & development organizations. They are typically stored in large information warehouses or bases. For data mining tasks suitable data has to be extracted, linked, cleaned and integrated with external sources. In other words, it is the retrieval of useful information from large masses of information, which is also presented in an analyzed form for specific decision-making.
Data mining is the automated analysis of large information sets to find patterns and trends that might otherwise go undiscovered. It is largely used in several applications such as understanding consumer research marketing, product analysis, demand and supply analysis, telecommunications and so on. Data Mining is based on mathematical algorithm and analytical skills to drive the desired results from the huge database collection.
It can be technically defined as the automated mining of hidden information from large databases for predictive analysis. Web mining requires the use of mathematical algorithms and statistical techniques integrated with software tools.
Data mining includes a number of different technical approaches, such as:
- Clustering
- Data Summarization
- Learning Classification Rules
- Finding Dependency Networks
- Analyzing Changes
- Detecting Anomalies
The software enables users to analyze large databases to provide solutions to business decision problems. Data mining is a technology and not a business solution like statistics. Thus the data mining software provides an idea about the customers that would be intrigued by the new product.
It is available in various forms like text, web, audio & video data mining, pictorial data mining, relational databases, and social networks. Data mining is thus also known as Knowledge Discovery in Databases since it involves searching for implicit information in large databases. The main kinds of data mining software are: clustering and segmentation software, statistical analysis software, text analysis, mining and information retrieval software and visualization software.
Data Mining therefore has arrived on the scene at the very appropriate time, helping these enterprises to achieve a number of complex tasks that would have taken up ages but for the advent of this marvelous new technology.
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Article Source: http://EzineArticles.com/?expert=Flori_Lee
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Data Mining - Types and Tasks of the Process
Posted On Monday, October 5, 2009 at at 10:52 PM by web researchData mining refers to the process of extracting crucial lumps of data from the internet and analyzing it further to discover meaningful new patterns, trends and relationships within them. The process involves scanning through large amounts of data from online and offline sources and using patter recognition technologies and statistical and mathematical techniques to analyze and process it. Large scrapes of observational data are mined and relationships are recognized and further summarized accordingly.
Being an iterative process, progress within data mining is often defined by discovery of crucial information through either automated or manual processes. Data mining services are especially useful in areas of research where there are no standards or predetermined parameters to conform to. In such cases, data mining processes bring out interesting and unique results. It searches for new and valuable information from large volumes of data. For the best results, it is important that the mining process be a healthy balance of human knowledge and computer search capabilities.
Data mining has two prime goals – Prediction and Description
Prediction process usually using some variables and fields in data sets in order to predict and unknown values of other relevant variables. Moreover, the Description process aims to find patterns and trends in the data that can make it much more understandable by humans. Going by this, data mining activities can be further categorized in to two groups:
• Predictive Data Mining
• Descriptive Data Mining
Predictive data mining involves creation of model system based on and described by a given set of data.
Descriptive data mining on the other hand produces new and unique information inferred from the available set of data.
While predictive data mining follows the basis of classification, prediction, estimation and so on, descriptive data mining is more about understanding and analyzing relationships and patterns within a given set of data.
Data Mining Tasks
Though the approaches are different, both predictive and descriptive data mining tasks are:
• Classification – All the information at hand is scanned, analyzed and classified into several predefined classes.
• Regression – Within the processed information is then analyzed further to identify any visible patterns and trends.
• Clustering – It is a descriptive task wherein a finite set of groups and clusters are identified to describe the data.
• Summarization – Various methods are formulated to describe the set of data and information.
• Dependency Modeling – A local model is identified that describes the important dependencies between variables and data sets.
• Deviation Detection – The important and significant changes in the data set are recorded.
Data mining is a fast growing realm of services. as business owners wake up to realize the benefits of hiring data mining services, more and more projects are outsourced to developing countries like India that provide efficient services and very cheap rates. Increased quality at lower prices makes for an efficient business decision. Data mining services can be used to strengthen marketing campaigns, make them more effective and further improve their outcomes by making business processes more customer centric and more focused.
Article Source: http://www.articlesbase.com
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• Extracting precise and updated information about your competitors' pricing
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Source: http://www.prlog.org
Why Data Mining Services is Useful?
Posted On Monday, September 21, 2009 at at 10:11 PM by web researchToday, Data is essential for the growth of business. Data mining helps to extract useful information from plenty of data, which can be used for doing practical analysis for business. It is being used increasingly in business applications for understanding and then predicting valuable information, like profiles of customers, industry analysis, etc. Data mining is a process of collecting information from web structure, content and usage. The importance of data mining processes has risen in the highly competitive business environment of the present times.
All businesses rely on data some way or the other. While some have data as their underlying procedures, others base their business proceedings on it. Data mining services are use in direct marketing, e-commerce, customer relationship management, healthcare, scientific tests, telecommunications, financial services and utilities.
Useful data gets generated every year. To search particular information from them required lots of time. Data mining techniques are the result of a long process of research and product development. Data mining takes this evolutionary process beyond showing data access and navigation to prospective and proactive information delivery.
Data Mining Services for:
• Data mining involves a series of steps and procedures.
• Collection of information
• Assessment of the collected data
• Internet research to acquire more details of the collected content
• Extracting more information from online resources
• Merging the data obtained from the internet with the existent ones
• Processing the entire accumulated data and extracting useful information out of it
The different kinds of data mining service are: text mining, web mining, social networks data mining, relational databases, audio data mining and video data mining Some advanced web data mining tools can perform database addition, automated model scoring and exporting models to other applications, business templates, computing target columns, and more.
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Source: http://www.prlog.org
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Source: http://www.prlog.org
Importance of Data Mining Services in Business
Posted On Sunday, July 19, 2009 at at 9:46 PM by web researchData mining is used in re-establishment of hidden information of the data of the algorithms. It helps to extract the useful information starting from the data, which can be useful to make practical interpretations for the decision making.
Data mining can be technically defined as automated extraction of hidden information of great databases for the predictive analysis. In other words, it is the retrieval of useful information from large masses of data, which is also presented in an analyzed form for specific decision-making. Although data mining is a relatively new term, the technology is not. Data mining is thus also known as Knowledge discovery in databases since it grip searching for implied information in large databases.
Data mining is primarily used today by companies with a strong customer focus - retail, financial, communication and marketing organizations. Data mining is having lot of importance because of its huge applicability. It is being used increasingly in business applications for understanding and then predicting valuable data, like consumer buying actions and buying tendency, profiles of customers, industry analysis, etc. Data Mining is used in several applications like market research, consumer behavior, direct marketing, bioinformatics, genetics, text analysis, e-commerce, customer relationship management and financial services.
However, the use of some advanced technologies makes it a decision making tool as well. Data mining is used in market research, industry research and for competitor analysis. It has applications in major industries like direct marketing, e-commerce, customer relationship management, scientific tests, genetics, financial services and utilities.
Data mining consists of major elements:
- Extract and load operation data onto the data store system
- Store and manage the data in a multidimensional database system.
- Provide data access to business analysts and information technology professionals.
- Analyze the data by application software.
- Present the data in a useful format, such as a graph or table.
This article is courtesy of Flori Lee " an executive at Outsourcing Web Research offer complete Data Mining Services and Solutions to quickly collective data and information from multiple Internet sources for your Business needs in a cost efficient manner. For more info please visit us at: http://www.outsourcingwebresearch.com/ or directly send your requirements at: info@outsourcingwebresearch.com
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