Data Mining Definition
Data mining isn’t the grueling process that it sounds like. There was a time when people mined the web, sifting through endless data points. That time is over. Now, machines collect data and analyze it to find hidden connections. However, a data mining definition is still tough to come by. Many accept it as the process of reducing huge quantities of data into smaller, more useful data. Some believe it is the process of collecting those huge amounts of data. Basically, data mining builds databases. The exact scope and usefulness of the data within those servers up to debate.
However, businesses will still be able to use the data collected through data mining and analysis. With it, they can improve themselves and succeed in a digital world. Keep reading to see how, and why you should care.
A Solid Data Mining Definition: Statistics, AI, and Machine Learning Coming Together
Data mining uses some of the most cutting-edge technologies there are today. However, it all started with a person and one of the oldest technologies there are. The term ‘data mining’ wasn’t actually coined until the 1990s. People were sifting through data to find hidden connections long before then. They were called statisticians. The methods they used were implemented recently in artificially intelligent programs. These programs were designed to automatically pick out hidden trends in the data.
Even newer technology is teaching machines how to learn about data. Through a technique called unstructured data mining, machines are learning about the data itself. Rather than be told to what trends to look for, machines are picking up on trends themselves. Machines are producing data about data, called metadata. This metadata is crucial for any analyst and successful business.
Data Mining Leads to Better Business Decisions
Data mining gives business leaders more information. Having more information leads to better business decisions. Data mining is making businesses better across different industries. Some of the ways it has found a place in different businesses are by analyzing markets and customers. It basically predicts the future. The healthcare industry uses data mining techniques to predict how many patients it can expect. With data mining, doctors can estimate how many people will get a broken leg or catch the flu.
Now is the Time to Invest in Data Mining
Since data mining is so new, it is also cheap. While people are still trying to find a data mining definition, you can invest in it. Then after it takes off, you will have a leg up against your competition. Even better, by investing now you will be investing in a better industry and market. Data mining can improve industries by making the businesses in them more efficient. That means better customer experiences and a better world for everyone.
However, the technology can also be intimidating. If you’re ready to invest in data mining, but need help taking the first step, contact us and we’ll help you out!