Usually, a large amount of information is gathered in various departments including business, government bodies, and research and development organizations. They are usually stored in a large database.
The task of data mining includes gathering suitable data from external sources. In other words, it is the retrieval of useful information from large masses of information.
Most of the companies make use of software to do this tedious task of data mining. There are various tools for data extraction. For some, you need to pay on a monthly basis while some require no monthly payments.
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Data mining is the automated analysis of large sets of information to find patterns and trends that might otherwise go undiscovered. Data Mining is based on mathematical algorithms and analytical skills to drive the desired results from a collection of huge databases.
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 the software.
Data mining covers a number of different technical approaches, such as:
- Data Summarization
- Findings Addiction Network
- Learning Classification Rules
- Changes analyze
- Detecting Anomalies
The software allows 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 overview of the customers who would be interested in a new product.