Monday, March 8, 2010

Data Mining in Business

Data Mining is the Crux of Smart Software for Business Planning

Data mining deals with the synthesis of useful information from a collection of elementary facts. For this purpose, one approach lies in the panoply of traditional tools such as statistical analysis and graphic displays. The classic schemes are fortified by modern tools like neural networks and genetic algorithms.

Thanks to advances in smart software, nifty schemes can be used to automate some or all of the work required to extract fresh information from inert data. In spite of – or perhaps due to – rapid strides in data mining over the past few decades, the breakouts have had only a modest impact in the business environment. In fact, the majority of companies rarely make much use of modern techniques, with the possible exception of neural networks in certain niches.

Despite the slow uptake, though, the tools of data mining have been playing a growing role in industry. Smart techniques can bring about a wholesale change in the way business is conducted. If the platforms are deployed properly, the result is an uplift in productivity for individuals and organizations as well as the economy at large.

More on Data Mining in Business.

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