Data Mining

Data mining tools can help businesses predict future trends and behaviors, allowing businesses to make proactive and knowledgeable decisions. Data mining tools may help companies to answer business questions too complex to answer until now. Data mining involves information extraction. More specifically, data mining tries to discover hidden patterns and relationships contained in company databases.

The first step in the data mining process involves gathering data. The good news is that most companies already are doing so. The key is to find the data critical to the business, and prepare it for the data mining process. Fortunately, data mining techniques can be rapidly implemented on existing software and hardware platforms to enhance the value of existing information resources.

Data mining analyzes large amounts of data using statistical analysis, modeling techniques and database technology. An article in FDA Consumer explains that data mining is a

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uation in which the answer is unknown. In an article in Bank Marketing, readers are told how data extracted through data mining helps banks in referring existing and prospective clients to the right products; in retaining customers; in cross selling; and in acquiring new customers (Making the Best Use of Available Customer Data, online). According to Colleen McCue, Emily Stone, and Teresa Gooch writing in FBI Law Enforcement Bulletin, data mining technology to help public agencies as well as private companies to deploy their resources, including personnel and productive assets more effectively and proactively by forecasting future events based on this historical data. They add that in the face of an ever-increasing flood of information that threatens to overwhelm businesses, a fundamental change must take place in how they process and analyze data. Data-mining technology represents a powerful, user-friendly, and accessible tool that can be used in the private and the public sector to address challenges and make better decisions (McCue, Stone, Gooch, 2003, 1). Realizing that a manual approach to evaluating information stored in a company's databases is an inefficient way to analyze data, some companies are turning to data m
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Approximate Word count = 2068
Approximate Pages = 8 (250 words per page)

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