Data mining is the process of analysing data and finding the relationship between different fields. This information can be used for a variety of purposes, depending on the requirement. This process is very helpful when the data is extensive and wide-ranged. Around for a long time, the method has proved useful and has been a continuous innovative process, over the years.
The process involves categorising the data into patterns from which conclusions can be made. The kind of data that can be subjected to this method is also wide. This increases the different kind of industries that can use this method well. This includes:
1) Operational or transactional data which is used in sales, cost, inventory, payroll, and accounting
2) Non-operational data used in industry sales, forecast data, and macro economic data
3) Meta data i.e. logical database design or data dictionary definitions
When an industry runs on information, and therefore data, it is important that the best methods are used to get the most of out of the data.