Data mining is the process of discovering and extracting hidden, previously unknown knowledge from large data sets. Statistical methods, machine learning algorithms and AI techniques are used to identify patterns, trends and correlations in the data.
The steps of data mining include
Data preparation: collecting, cleansing and consolidating data from various sources.
Exploratory data analysis: Examining the data to gain initial insights and identify potential patterns.
Model building and evaluation: Applying data mining algorithms to recognize patterns and develop models that can describe or predict the data.
Interpretation of results: Analyzing and interpreting the results to gain business insights and support data-driven decisions.
Data mining is used in various application areas, including marketing, finance, healthcare, insurance and e-commerce. It enables companies to extract valuable information from their data to make better decisions, minimize risks and take advantage of opportunities.
