Data mining uses information gleaned from past data to analyze the outcome of a particular problem or situation. The technique works by analyzing information stored in data warehouses or other repositories. The particular data used can come from all the various parts of a business or organization from the production end to customer service and support.
Executives and managers can use data mining to improve marketing strategies for their product or to compare and contrast among competitors or vendors. Data mining and analysis techniques can be used to increase sales, promote new products and services, or help recognize products, processes, or services that are not adding value to the organization.
About the Name ‘Data Mining’
In Data Mining: Concepts and Techniques, Jiawei Han and Micheline Kamber, explain:
Simply stated, data mining refers to extracting or “mining” knowledge from large amounts of data. The term is actually a misnomer. Remember that the mining of gold from rocks or sand is referred to as gold mining rather than rock or sand mining. Thus, data mining should have been more appropriately named “knowledge mining from data,” which is unfortunately somewhat long. “Knowledge mining,” a shorter term, may not reflect the emphasis on mining from large amounts of data. Nevertheless, mining is a vivid term characterizing the process that finds a small set of precious nuggets from a great deal of raw material. Thus, such a misnomer that carries both “data” and “mining” became a popular choice. Many other terms carry a similar or slightly different meaning to data mining, such as knowledge mining from data, knowledge extraction, data/pattern analysis, data archeology, and data dredging.
vPrompt coordinates our unique and effective approach to project management and its processes through a staff well-versed in the cross discipline nature of data mining. Our knowledge of statistics, data mining statistical software and base statistical software for data manipulation coupled with our extensive experience in a wide variety of vertical markets — banking, insurance, e-commerce, airline, telecom and retail — makes vPrompt the logical choice for your data mining needs.