What is Data Mining?

It is the age of data. Every seconds millions of data are producing into different ends and day by day data is increasing considering volume, velocity, or variety. Many organizations have the equipment and expertise to handle large quantities of structured data—but with the increasing volume and faster flows of data, they lack the ability to “mine” it and derive actionable intelligence in a timely way. Not only is the volume of this data growing too fast for traditional analytics, but the speed with which it arrives and the variety of data types necessitates new types of data processing and analytic solutions. Data Mining will help in this connection. So, what is Data Mining? Data Mining is a process of sifting through large amounts of data to find previously hidden patterns, discover valuable new insights and make predictions. Data Mining do the following seven things:

  • Attribute Importance-Identify most important factor
  • Classification-Predict customer behavior
  • Regression-Predict or estimate a value
  • Decision Trees-Find profiles of targeted people or items
  • Clustering-Segment a population
  • Anomaly Detection-Find fraudulent or “rare events”
  • Associations-Determine co-occurring items in a “baskets”