Data mining definition
The process of finding and extracting patterns, correlations, and anomalies in large data sets — basically turning raw data into useful information.
Uses of data mining
- Business. Data mining can be used in many business decisions, for example, customer segmentation. Big data allows businesses to sort their customers into distinct segments and then target them with custom ads and offers designed for the highest possible impact.
- Banking. Data mining helps evaluate market risks and is therefore useful to banks when they analyze transactions and their customers’ financial data or put together anti-fraud systems.
- Healthcare. The healthcare industry generates a massive amount of data. It allows researchers to identify risks and predict illnesses and enables more accurate diagnostics and effective treatments.