WHAT IS DATA MINING?
Data mining is the process of researching and converting raw data into useful data. It is one strategy which is used by almost all the companies. This process involves rigorous research and data analysis. Data mining refers to the collection of data in large volumes, analyze the data patterns and provide suitable recommendations for the business.
This whole process of data mining is very fruitful for domains like marketing and sales. This helps companies analyze the market and target themselves. Also, the data extracted by data mining is used for creating awareness for brands. Moreover, data mining is a brilliant measure before going for email marketing. Data mining can get you a massive number of emails.
EXAMPLES OF DATA MINING:
One of the most common examples of data mining is AI (Artificial Intelligence) and ML (Machine Learning). Companies used data to feed machines with data. The feedable data for devices are retrieved by data mining.
For example, when you visit an online shopping website, you scroll through it. If you like something, you decide to buy it, or you add it to your Wishlist. After leaving that online shopping website, did you ever see those very products somewhere else? Maybe as an ad on some other website. This is made possible through data mining. The company tracks and analyses your data and feeds it to the machines.
Another example is service providers. Did you get some unwanted, unexpected emails for which you didn’t sign up? The company sends these emails as part of their email campaign to create awareness and increase their sales. To do so, they look for their target audience, the market trends and then mail you.
The whole process of data mining involves a lot of research and analysis. Both humans and machines need to work in sync to understand the trends, target the audience and create awareness. Also, it can get good profits in database marketing. Many companies do data mining, collect useful data and sell them.
KEY FEATURES OF DATA MINING:
It is a process with significant advantages. Some of the key features of data mining are bulk data generation, automated data analysis, and predictability. Data mining provides you with useful, convertible data in bulk. It automatically analyzes data patterns and trends, which helps you to understand the market better and make strategies.
Data mining also predicts outcomes. You can predict the result of your strategies with data mining. It helps you to foresee the profits and losses. It allows you time to make strategies that would improve your sales. Overall, it gives you refined data from the scrap. It can help you right really good results.