In its simplest form, data mining automates the detection of relevant patterns in a database, using defined approaches and algorithms to look into current and historical data that can then be analyzed to predict future trends. Because data mining tools predict future trends and behaviors by reading through databases for hidden patterns, they allow organizations to make proactive, knowledge-driven decisions and answer questions that were previously too time-consuming to resolve.
Traditional Data Mining Tools: Traditional data mining programs help companies establish data patterns and trends by using a number of complex algorithms and techniques. Some of these tools are installed on the desktop to monitor the data and highlight trends and others capture information residing outside a database.
Dashboards: Installed in computers to monitor information in a database, dashboards reflect data changes and updates onscreen — often in the form of a chart or table — enabling the user to see how the business is performing. Historical data also can be referenced, enabling the user to see where things have changed (e.g., increase in sales from the same period last year). This functionality makes dashboards easy to use and particularly appealing to managers who wish to have an overview of the company's performance.
Text-mining Tools: The third type of data mining tool sometimes is called a text-mining tool because of its ability to mine data from different kinds of text — from Microsoft Word and Acrobat PDF documents to simple text files, for example. These tools scan content and convert the selected data into a format that is compatible with the tool's database, thus providing users with an easy and convenient way of accessing data without the need to open different applications.
Traditional Data Mining Tools: Traditional data mining programs help companies establish data patterns and trends by using a number of complex algorithms and techniques. Some of these tools are installed on the desktop to monitor the data and highlight trends and others capture information residing outside a database.
Dashboards: Installed in computers to monitor information in a database, dashboards reflect data changes and updates onscreen — often in the form of a chart or table — enabling the user to see how the business is performing. Historical data also can be referenced, enabling the user to see where things have changed (e.g., increase in sales from the same period last year). This functionality makes dashboards easy to use and particularly appealing to managers who wish to have an overview of the company's performance.
Text-mining Tools: The third type of data mining tool sometimes is called a text-mining tool because of its ability to mine data from different kinds of text — from Microsoft Word and Acrobat PDF documents to simple text files, for example. These tools scan content and convert the selected data into a format that is compatible with the tool's database, thus providing users with an easy and convenient way of accessing data without the need to open different applications.
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