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Data mining is a process used by an organization to turn the raw data into useful data. Utilizing software to find patterns in large data sets, organizations can learn more about their customers to develop more efficient business strategies, boost sales, and reduce costs.
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the objective of discovering patterns/trends/groupings among large sets of data and transforming data into more refined information. It is a framework, such as Rstudio or Tableau that allows you to perform different types of data mining analysis. ... Such a framework is called a data mining tool.
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Data Analytics is extensively valuable for business because it helps to reveal hidden patterns for personal usage. These patterns help to improve business relationships because they are applied for making data analysis and predictions that open wider business opportunities.
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By building a model from historical customer data, the bank, and financial institution can determine good and bad loans. In addition, data mining helps banks detect fraudulent credit card transactions to protect the credit card's owner.
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Data mining, or knowledge discovery from data (KDD), is the process of uncovering trends, common themes or patterns in “big data”. ... For example, an early form of data mining was used by companies to analyze huge amounts of scanner data from supermarkets