Data Mining – An Absolute Essential in Today’s World

Data Mining – An Absolute Essential in Today’s World

There is no process in the present day world that does not use data. Data and data analysis have come to be an absolutely essential in every sphere of life. It is needless to add here that businesses also need data and their analysis, for every aspect of their work processes be it inventory management, sales or even human resources.

Since the requirement to use date is increasing with time, companies now use data mining techniques to unearth the data that they require. They further analyze the data and then make informed decision based on such data. Data mining means making raw data into useful knowledge. Data mining processes help to sieve the data, pick up the most relevant bits, and then take decisions based on those relevant bits. Data mining also helps to check frauds and security breaches.

The process of data mining essentially involves the following steps:

• • • •

Setting up the business objectives - That is defining the problem/issues regarding which the data is required Data preparation - The process involves picking up the relevant data, siphoning out the noise, taking out the relevant bits, and minimizing duplication.

Building the model/pattern mining - This step involves looking at the patterns and the correlations that may be formed with the sieved data.

Implementation the knowledge - With the help of patterns and the correlations that are formed with the given data, decisions are made in this process.

There are several techniques that are used for data mining. Some of the major types of techniques are as follows: • • • •

Association rules Neural networks Decision tree K nearest neighbor (KNN)

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