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Data mining is the process of examining large databases to determine patterns in data. This field is a combination of statistics, advanced analytics and artificial intelligence (AI). Data mining helps companies make informed decisions about future products or service offerings, and improve their business processes and customer engagement.
While analytics is associated with generation and dissemination of insights and foresights at an industrialized scale, data mining for business analytics occurs in the innovation and experimentation stages, where data scientists and analysts find hidden patterns in data and test business hypotheses.
Whether enterprises choose to use data mining software or contract with data mining companies (experts in how to scale data), data mining yields multiple business benefits including:
In addition, different types of organizations may experience different types of data mining transformation—with discreet data mining management and techniques—and realize industry-specific business benefits. For example: