Five Data Mining Techniques That Help Create Business Value
The term data mining first appeared in the 1990s while before that, statisticians used the terms “Data Fishing” or “Data Dredging” to refer to analysing data without an a-priori hypothesis. The most important objective of any data mining process is to find useful information that is easily understood in large data sets. There are a few important classes of tasks that are involved with data mining:
- Anomaly or Outlier detection
- Association rule learning
- Clustering analysis
- Classification analysis
- Regression analysis
Data mining can help organisations and scientists to find and select the most important and relevant information. This information can be used to create models that can help make predictions how people or systems will behave so you can anticipate on it. The more data you have the better the models will become that you can create using the data mining techniques, resulting in more business value for your organisation.
If you have any opinion about how data mining help to create business value, post it in the comment box. And contact us for discussion.
