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June 23, 2016updated 22 Sep 2016 12:22pm

What is data mining?

The idea has been around for a while but the technology has improved.

By James Nunns

Data mining refers to the practice of examining data in order to discover insights.

Basically it is the process of analysing data from different perspectives, the outcome of which can then be used to do things like increase revenue, cut costs, gain better insights into customers and more.

Numerous data mining software is available to make this an easy task, this software forms part of a wider set of analytical tools for analysing data.

 

The term data mining is a relatively new one but the process is not. Computers have often been put to work to sift through large amounts of data to discover insights.

For example looking at supermarket scanner data, or analysing market research reports.

The technology to undertake these tasks has long been available but thanks to significant advances in the field of analytics, this is now a lot more accurate and takes a lot less time to do.

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