Data mining

<h5>What is data mining?</h5> <p>Data mining is the process of examining large databases to determine patterns in data. This field is a combination of statistics, advanced analytics and <a adhocenable="false" href="/content/cognizant-dot-com/us/en/glossary/artificial-intelligence.html">artificial intelligence (AI)</a>. Data mining helps companies make informed decisions about future products or service offerings, and improve their business processes and customer engagement.</p> <p>While analytics is associated with generation and dissemination of insights and foresights at an industrialized scale, data mining for business analytics&nbsp;occurs in the innovation and experimentation stages, where data scientists and analysts find hidden patterns in data and test business hypotheses.</p> <h5><span class="text-blue">What are the business benefits of data mining?</span></h5> <p>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:&nbsp;</p> <ul> <li>Improving decision-making, planning and forecasting.</li> <li>Helping reduce risk, exposure and cost.</li> <li>Opening up new revenue streams and improving customer relationships.&nbsp;</li> </ul> <p>In addition, different types of organizations may experience different types of data mining transformation—with discreet <a href="/content/cognizant-dot-com/us/en/services/ai/data-management.html" target="_self">data management</a> and techniques—and realize industry-specific business benefits. For example:</p> <ul> <li>Retail organizations can learn about customer shopping details and habits to enhance store layout, improve customer experiences and increase profits.</li> <li>Pharmaceuticals companies can determine the best treatment for cancer patients in their clinical trials, and healthcare providers can receive alerts on patients that are at risk for opioid addiction.</li> <li>Financial and banking organizations can determine risk models for mortgages and other loans, as well as detect fraud.</li> <li>Sales and marketing teams can improve their content, increase customer engagement and satisfaction, as well as more accurately target their advertising and other campaign-related efforts.</li> </ul>

<p><br> Back to <a href="/content/cognizant-dot-com/us/en/glossary.html" target="_self">glossary</a></p>