for business analytics
Based on Effectiveness
Data mining is the process of extracting data from different sources to analyze and summarize it with reports or dashboards that can help businesses gain insight into their operations. Through this process, organizations evaluate the unrecognized patterns in a set of large raw data. Based on different perspectives, this data can be categorized into useful information, resulting in gaining business insights and solving issues beforehand.
There are several data mining methods, including classification, clustering, and association.
What is data mining in business?
At ECONS we can help you to transform your raw data into business insight via the process of data mining through five steps:
- Extract, Transform, and Load (ETL): The first stage in data mining involves extracting data from one or many sources, transforming it into a standardized format, and loading it into the data warehouse.
- Store and manage
- Access: After the data has been standardized, loaded, and managed into the database, business analysts, IT professionals, or data scientists gain access to the data to determine how it should be organized.
- Analysis: Application software analyzes and sorts the data based on incoming queries from the end user.
- Present: After the data has been analyzed and sorted, it is presented to the end user in an understandable format, such as a report, chart or graph.