What does the term "data mining" refer to in analytics? 🔊
The term data mining refers to the analytical process of discovering patterns, trends, and useful information within large datasets. Techniques in data mining involve statistical analysis, machine learning, and database management, enabling organizations to extract insights that can guide decision-making. It is commonly used in fields such as marketing, finance, and healthcare to identify customer behaviors, predict trends, and improve operational efficiency. By leveraging data mining, businesses can uncover hidden correlations and make informed, data-driven decisions that enhance competitiveness and strategic planning.
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