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Key Business Analytics by Bernard Marr

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6

Data mining

What is it?

Data mining is often used as a buzzword of generic description applied to any form of large-scale information processing, but this is not very accurate. Plus the term itself is actually a misnomer because it implies that the goal is the data extraction rather than the insights that data can yield.

More accurately, data mining is an analytic process designed to explore data, usually very large business-related data sets – also known as ‘big data’ – in search for commercially relevant insights, patterns or relationships between variables that can improve results and elevate performance.

Data mining is essentially a hybrid of artificial intelligence, statistics, database systems, database research and machine learning. ...

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