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Research Note Description:
Generally, data mining (sometimes called data or knowledge discovery) is the process of analyzing data from different perspectives and summarizing it into useful information - information that can be used to increase revenue, cut costs, or both. Data mining software is one of a number of analytical tools for analyzing data. It allows users to analyze data from many different dimensions or angles, categorize it, and summarize the relationships identified. Technically, data mining is the process of finding correlations or patterns among dozens of fields in large relational databases.
Data Mining - its Applications:
Data mining is being primarily used these days by companies with a strong customer focus - like retail, financial, commercial, and marketing organisations. It enables these companies to determine relationships among "internal" factors such as price, product-positioning, or staff skills, and "external" factors such as economic indicators, competition, and customer demographics. And, it enables them to determine the impact on sales, customer satisfaction, and corporate profits. Finally, it enables them to "drill down" into summary information to view detail transactional data.
A more out-of-the-ordinary and recent use has been the use of data analysis and data mining technologies as effective tools by FBI investigators for observing certain distinct behaviour/spending patterns of US civilians to ferret out the possible future-terrorists among them.
For further details kindly refer to the following article:
How does Data Mining Work?:
For a comprehensive explanation of how data mining works and the various technologies used, kindly refer to the following links:
Prof. Ashay Dharwadker