Data mining commonly referred to as knowledge discovery. It is the process which involves analysing of data from different perspectives and then briefing the useful information which helps in increasing cost, revenue etc.
Data mining software is the most important analytical tool. It is used in analysing, categorisation and measuring various dimensions and angles. In simpler words data mining is finding of correlations or patterns amongst various fields.Everybody uses information system right from the person who pays bills to the person who takes the decision of employment. Even a car dealer can use the information system to track his highest selling product in the market. The online selling portals sell product all over the web by using Information System.
Large part of MIS includes teamwork, data analysis, customer service, project management and services, which involves business theories. Today lot of people are pursuing courses in MIS. In job, market there is dearth of professional MIS experts. This field is highly in demand and the growth rate is estimated to 38% higher than other job prospects.
The data mining involves various processes like data capturing, data processing, data transmission and storage. All this processes has led to the evolution of data warehouses. Data warehousing involves data management and data retrieval.
Data warehousing is also a new term, which has its own concepts. In an organisation, data warehouse represents a central repository of all information. The change in market is never constant and due to this market nature, the data warehouses have become a reality for many companies.
Today the best examples of human frontier knowledge are regarded as advances in genome sequencing, proteomics, microarrays and structural genome. Data mining and machine learning are the impactful technological advances from marketing to science. The researchers have spent a lot of effort and time on data mining for bioinformatics.
There is a very strong integration between the bioinformatics and data mining. Data mining tools render greater opportunities and ease of understanding drug design, gene expression and other problems and loopholes found during genomics and proteomics.
In big organisations where there are different departments. Each department has its own Database Management System. This keeps all critical information at one place. There are different files for different roles according to skills and capabilities of employees. Like separate files for tax status, contact details, performance ratings and other official details.
If you look around yourself, every field and every sphere of life requires data mining and data management processes. At times huge researches are carried out and many deductions and data is collected. However, without proper data management and application techniques the data is often not utilised effectively. Problem arises during storage and compilation techniques.
In this highly competitive world, correct data mining is very important. Through advanced tools, huge pool of customer data can be extracted within seconds, which helps the brands to transform themselves according to their consumers and clients.
Data mining is definitely a very successful tool, which is the crucial requirement of every company. All the strategies and decisions are based on data mining reports. The promotions, launch of new products and brands are all based on the data mined from the consumer buying behaviour and pattern.