Simply put, Data mining is extracting meaningful insights from huge data sets. It involves processes to extract information by identifying patterns, anomalies, trends, etc., which decision-makers can use to make important decisions. With the advent of technologies like Big Data and Data Science, businesses worldwide have benefitted from data mining to achieve their business goals by identifying opportunities and making their organizations lean by cutting waste.
It involves Mathematical Algorithms to break down a complex set of data to gain meaningful insight like discovering patterns, forecasting trends, etc. This process is transforming raw data into useful insights or information. This process is called data Mining.
Need to learn Data Mining
As discussed, it is of utmost importance in today’s time for Businesses and Organizations across the globe to make use of the data which they generate every second and throughout various business processes. Therefore, learning Data Mining techniques is. Therefore, one of the most sought-after skills organizations seek. However, because the study area is relatively new, there is a shortage of experts in this field. As a result, the importance of data mining is unmatched, and almost all kinds of businesses, from Retail to banking and from Defense to Agriculture.
Applications of Data Mining
In Healthcare, it can be used with the help of Machine Learning and Artificial Intelligence to prescribe best practices, diagnose diseases, track patterns of symptoms and provide first in some cases.
In Finance, it can be used by Banking and other institutions to customize solutions, lending decisions, customer profiling, fraud detection, etc.
In Manufacturing, it can help decision-makers to cut down on production time, idle inventory,
It can also be of great use in matters of Regulations and Compliance to various organizations like Taxation, Legal and Other Governmental commitments by reducing human intervention.
Data Mining in Education has also shown huge potential by getting insights from data generated by educational institutes to improve the learning behavior of students and the overall quality of education provided.
One of the examples of Data Mining that we encounter daily in our lives is how Facebook has “targeted Ads” for its users. Facebook accumulates much data from likes, comments, photos, videos, chats, etc. It is one of the most data-rich companies, along with Google and Amazon. Using data mining tools and techniques, it targets its users based on patterns and trends, as discussed earlier with custom ads based on their tastes and preferences, making Marketing more effective and efficient for Advertisers and Companies.
Before considering taking on this course, one needs to be well versed in certain topics like Structured Query Language, Schema, and basic knowledge of Data Warehousing concepts.
Although it can be learned by anyone interested in understanding the concepts of Data mining from an Academic or Career perspective, it is ideally suited for Computer Science graduates and people looking to advance their careers who are already actively involved in Data Mining and allied projects directly or indirectly.