key term - Data mining

Definition

Data mining is the process of analyzing large sets of data to discover patterns, trends, and relationships that can inform decision-making. It involves using software tools to extract useful information from a database, which can then be used for various purposes such as market analysis, fraud detection, and customer relationship management.

Related terms

Big Data:

The collection of extremely large datasets that can be analyzed computationally to reveal patterns, trends, and associations.

Predictive Analytics:

The use of data, statistical algorithms, and machine learning techniques to identify the likelihood of future outcomes based on historical data.

Data Warehouse: A centralized repository for storing all of an organization's historical data, which is used for reporting and data analysis