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Data Mining – Inevitable part of data analysis

  • By admin
  • June 26, 2014

Data Mining is one of the integral parts of data analysis. It refers to the examination and study of large amount of data which is collected at regular intervals. It also involves a number of tools that are used in the process of examination. Data Mining essentially helps to derive patterns and other important derivations which are helpful in strategic planning, business proposals and decision making. The procedure also helps in forecasting various future figures and predicting trends. Hence, data mining has evolved as one of the most important form of strategic tools. The procedure is an important part of all the industries and companies.

The data mining process is referred to as the analytical step of “Knowledge Discovery in Databases” of KDD. Data mining utilizes large databases to draw inferences on to the patterns of growth, future figure influencers and also predicts future figures with proper reasoning. There are many utilities of data mining across various industries. In banking sector, the process helps in finding patterns of bad loans, credit card usage and such like. In production sectors, data mining helps in determining production volumes and machine longevity. The marketing segment can be benefited by detection of customer flow and trend. The healthcare industry is much benefitted from data mining by gaining knowledge about patient illness though symptom study and behavioral patterns. In case of critical illness, the proper measures and their corresponding outcomes can be properly studied and accordingly the treatment can be suggested. The trading and brokerage sector can benefit from the process by prediction in bond and stock prices. Even the government and other related segments are profited from the data mining. Strategic planning, major policy reforms are based over the process. Even the defense sector utilizes data mining for resource utilization, artillery requirements and betterment of homeland security.

Thus, data mining plays an important part to each and every segment of development. Market Quotient understands the gravity of the data mining. Hence, the company provides optimum level of adequacy in data filtering and mining. The company emphasizes on each and every data carefully before deciding on its relevance factor with the current scenario in question. Market Quotient also understands the value of time and tries to deliver the information as and when needed so that its value is maintained. The team of web researchers are dedicated and well trained to handle any request with competency and expertise. The professionals follow an approach of process orientation to ascertain greatest level of data relevance. The effective knowledge management systems at Market Quotient could gain and categorize data in the most comprehensible manner for easy understanding and decision making.

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