What is Data Mining?

Whenever you hear the word “mining”, you immediately think of people wearing helmets with lights and digging underground in search of valuable natural resources. And the term data mining is quite similar to the actual mining process wherein enormous amounts of datasets and information are extracted to help us solve problems, prediction of trends, and mitigation of risks to find new opportunities.

One can relate the term data mining to actual mining because, in both processes, people search for valuable resources and elements from a large heap of data. As the basic idea of data mining is to search for valuable information, there are vast applications of data mining in almost every field of science and technology, including finance, retail industry, telecommunication, biological data, and scientific applications.

In the business world, data mining has opened an ocean of possibilities. It has not only explored a large number of opportunities in the market but also has been used to compare millions of segregated data points with the help of computational statistics, which has been further used for the detection and prediction of behaviours of consumers.

Applications of Data Mining in Various fields

In business strategy, data mining has been extensively used to convert a large amount of scattered information into knowledge-based data and has been used in combination with statistical analytics, artificial intelligence, and automatic learning to connect and establish connections between records. It could be used to clean noise and repetitions from the data, which assists in searching and refining for the most accurate data. Then this data could be used for the evaluation of possible results. Data mining has a lot of applications, which helps to make fast and best business decisions. Given below are some of the domains where data mining could be applied for better results:

Marketing

In marketing, data mining could be used to enhance sales by predicting what interests the customer and what does not. The past rends and analysing of the data help to improve market segmentation. Several parameters like customer age, gender, and choices could be analysed, and decisions could be made according to these behaviours and interests. Similarly, this also helps to analyse what services customers are not liking. In this way, optimised marketing strategies could be made to get more profits and better results.

Retail

Marketing is indirectly linked to sales where based on the purchasing patterns, it could be inferred which products are more demanded by the customers and how to increase the sales of products.

Banking

In the banking industry, data mining is used to understand the market risks in a better way. It is most commonly used for credit ratings and intelligent anti-fraud systems to find out the transactions status, card transactions, patterns of purchase, and the financial data of each and every customer. With the increased use of online banking by so many customers, data mining could be used to optimise the online preferences and habits of customers. All in all, it helps to optimise the experience of banks as well as customers for better results.

Medicine

Another one of the most important and current applications of data mining is to use it for better diagnostics. We know how many patients need different treatments, including tests, physical examinations, and personal data. It makes up a large amount of data. Data mining helps to sort the most relevant data of any particular patient to help them provide optimised treatments. It also ensures effective, efficient, and cost-effective management of health resources. It could help identify the patients' risks or even forecast the illness in certain localities. With the past data collected of the patient, data mining could even forecast how much time a patient will stay in the hospital. Data mining has helped a lot in the emergence and improvement of the medical field by detecting frauds and irregularities and strengthening ties with patients. Hence their needs could be more easily evaluated and taken care of.

Television and Radio

The best example of the application of data mining in the media and entertainment field is to optimise the preferences of the customers based on their interests in channel viewing. This helps to make personalised recommendations to different customers with the help of data mining and improve their overall experience.

Steps Involved in the Process of Data Mining

Till now, you must have a got brief idea of what is data mining and what are its various applications, but it is not enough to understand the complex process of data mining used in our real-life experiences. To understand better, several scientists and data analysts have divided the whole process of data mining into several steps. These steps would help you to undertake any data mining project and complete it successfully. Given below are the sequential steps of data miming, discussed in brief:

• Understanding the business
• Collection of the data
• Preparation of the data
• Modelling of the data
• Evaluation of the data
• Deploying the solution

Advantages of Data Mining

Data mining benefits include:

• Help industries collect reliable information
• It’s an effective, cost-effective approach to data collection and data analysis
• It helps businessmen make substantial profits
• Data mining includes both new and legacy systems
• Informed decisions could be made
• Help detect fraudsters and risks
• A large amount of data could be easily analysed by the scientists and in less time
• It could be used to build risk models and improve product safety

How our Experts help Students solve Data Mining assignments

Many students in Australia are trying to enhance their career opportunities and knowledge associated with data mining and data analytics as it is a trending topic. Students could opt for several courses related to data mining in their colleges to better understand the topic and its applications in several fields. However, while completing their courses, students are required to write many complex assignments. But, sometimes, due to the short deadlines of assignments and insufficient subject knowledge, it becomes difficult for students to draft their assignments. Thus, they seek help with assignments. Many essay writing services hire qualified experts who work round the clock to help students complete their assignments.