Mining largely is a practice which involves combing through the earth’s crust for valuable minerals. Data mining, thus, follows the same path. In data mining, analysts study mountains of data to spot trends, patterns, and recurring cycles which again help in understanding the core fundamentals of a business.
Data mining has many applications. It is a key part of data analytics and is used for other purposes besides business development as well. The fundamental ethos of data mining is simply finding patterns in a data set. The attributes of a data set can vary in this day and age. Unlike the old days, data sets now tend to be very large owing to the sheer variety in data collection sources.
In this article, we study the basics of data mining.
Data Mining Basics
Data mining refers to the practice of discovering patterns and trends in a data set. There are many reasons why identifying patterns and trends in a data set is important. Their presence suggest a certain cause-effect relationship which is not apparent otherwise.
For example, let’s say a business is failing but the reason is unknown. Data mining can be used to find patterns and trends which give away a correlation between the failure of a business and a certain factor playing a role in this failure.
The role of data mining in business analytics cannot be overstated. The entire point of having a field like business analytics is to find the absolute reason why certain things in a business happen. Business analytics and data mining help identify these reasons.
In the future, data mining would become automated by new technologies like machine learning. This again is a reminder for analysts to keep updating their skills.
In Conclusion
Data mining is fundamental to the practice of business analytics. Since the entire point of business analytics is to identify underlying trends and patterns in a given set of data, it is not strange to call data mining the fundamental base of business analytics.
In conclusion, this article covers the basics of data mining. There are many techniques associated with data mining as well. If you feel you will be a good fit for a field like data science and mining, consider joining a business analytics course in Delhi at a good institute like Kapil Heera Academy.
About the Author
Shrestha Agarwal is a famous blogger and writer. She is well-known for her penchant in writing on business-related topics, especially comparing different business growth strategies.