Data Mining Data mining is the

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Data Mining Data mining is the Powered By Docstoc
					Data mining is the process of extracting patterns from data. Data mining is seen as an
increasingly important tool by modern business to transform data into an
informational advantage. Data mining is functionality that processes data through
sophisticated algorithms to uncover meaningful patterns and correlations that may
otherwise be hidden with standard analysis and reporting. Data mining is popular in
the science and mathematical fields but also is utilized increasingly by marketers
trying to distill useful consumer data from Web sites.
  Software
  Data mining software is one of a number of analytical tools for analyzing data. Data
mining software analyzes relationships and patterns in stored transaction data based
on open-ended user queries. Some software tools for data mining are specifically
designed and documented to fit into one of these specific frameworks. To run the
analyses using the datamining software, a person having a good experience in data
analysis is highly recommended, as the statistical analyses often require a difficult
interpretation stage.
  Marketing
  Data Mining is a highly effective tool in the catalog marketing industry. As the
marketing director you have access to a lot of information about all of yourcustomers:
their age, sex, credit history and long distance calling usage. Some successful
application areas include: A pharmaceutical company can analyze its recent sales
force activity and their results to improve targeting of high-value physicians and
determine which marketing activities will have the greatest impact in the next few
months. It can equally well be integrated into ongoing marketing research, CRM
(Customer Relationship Management) projects, etc. By successfully applying
predictive data mining, you not only will be able to target the right audience, thereby
increasing return on invested marketing money.
  Google
  Google has access to all sorts of information that marketers would love to get their
hands on. Google's ability to spot outbreaks of flu-like activity is one example.
Google was able to spot outbreaks of flu-like illnesses before government agencies
could, because government agencies rely on traditional reporting, waiting for
hospitals to send in statistics, whereas Google relies on queries. If you're still in the
dark and cannot understand this explanation, then perhaps you need to sign on with
Google for its free email, because for those of you who have ever used any of
Google's free services, it's easy to understand what data mining is all about.
  Data mining is mostly used by marketers and people who need to analyze large
volumes of data and make sense of it for some purpose or the other. Data mining is
finding increasing acceptance in science and business areas which need to analyze
large amounts of data to discover trends which they could not otherwise find.
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