Application of Data Mining in Business Management | Basic Concepts of Data Mining

There is a huge amount of data available in the Information Industry. This data is of no use until it is converted into useful information. It is necessary to analyze this huge amount of data and extract useful information from it.

Extraction of information is not the only process we need to perform; data mining also involves other processes such as Data Cleaning, Data Integration, Data Transformation, Data Mining, Pattern Evaluation and Data Presentation. Once all these processes are over, we would be able to use this information in many applications such as Fraud Detection, Market Analysis, Production Control, Science Exploration, etc.

What is Data Mining?
Data Mining is defined as extracting information from huge sets of data. In other words, we can say that data mining is the procedure of mining knowledge from data. The information or knowledge extracted so can be used for any of the following applications −

Market Analysis
Fraud Detection
Customer Retention
Production Control
Science Exploration
Data Mining Applications
Data mining is highly useful in the following domains −

Market Analysis and Management
Corporate Analysis & Risk Management
Fraud Detection
Apart from these, data mining can also be used in the areas of production control, customer retention, science exploration, sports, astrology, and Internet Web Surf-Aid

🧐 What we are going to Cover in the Video: 🧐
0:00 – 4: 35 Introduction to Data Mining
4:36 – 7:09 What is Data / Data vs. Information
7:09 – 9:13 What is Data Mining
10:00 -11: 00 Data Mining Process
9:14 – 11:45 Why Data Mining
12:04 – 14: 00 Application of data mining