Data Mining

A process used by companies to turn raw data into useful information. By using software to look for patterns in large batches of data, businesses can learn more about their customers and develop more effective marketing strategies as well as increase sales and decrease costs. Data mining depends on effective data collection and warehousing as well as computer processing.

Grocery stores are well-known users of data mining techniques. Many supermarkets offer free loyalty cards to customers that give them access to reduced prices not available to non-members. The cards make it easy for stores to track who is buying what, when they are buying it, and at what price. The stores can then use this data, after analyzing it, for multiple purposes, such as offering customers coupons that are targeted to their buying habits and deciding when to put items on sale and when to sell them at full price.

Data mining can be a cause for concern when only selected information, which is not representative of the overall sample group, is used to prove a certain hypothesis.

Investment dictionary. . 2012.

Look at other dictionaries:

  • Data Mining —   [engl.], Datenfilterung …   Universal-Lexikon

  • data mining — data .mining n [U] the process of using a computer to examine large amounts of information about customers, in order to discover things about them that are not easily seen or noticed …   Dictionary of contemporary English

  • data mining — data ,mining noun uncount COMPUTING the process of searching a DATABASE using special software in order to find out information, for example what type of people buy a product . It is often used by companies as a way of trying to increase sales …   Usage of the words and phrases in modern English

  • Data mining — Not to be confused with analytics, information extraction, or data analysis. Data mining (the analysis step of the knowledge discovery in databases process,[1] or KDD), a relatively young and interdisciplinary field of computer science[2][3] is… …   Wikipedia

  • Data-Mining — Unter Data Mining (der englische Begriff bedeutet etwa „aus einem Datenberg etwas Wertvolles extrahieren“, eine adäquate deutsche Übersetzung existiert nicht.[1] Der Duden empfiehlt die Schreibweise „Data Mining“[2]) versteht man die… …   Deutsch Wikipedia

  • Data Mining — Unter Data Mining (englisch für „Datenschürfen“) versteht man die systematische Anwendung von Methoden, die meist statistisch mathematisch begründet sind, auf einen Datenbestand mit dem Ziel der Mustererkennung. Hierbei geht es vor allem um das… …   Deutsch Wikipedia

  • Data Mining — Exploration de données L’exploration de données, aussi connue sous les noms fouille de données, data mining (forage de données) ou encore Extraction de Connaissances à partir de Données (ECD en français, KDD en Anglais), a pour objet l’extraction …   Wikipédia en Français

  • Data mining — Не следует путать с Извлечение информации. Data Mining (рус. добыча данных, интеллектуальный анализ данных, глубинный анализ данных)  собирательное название, используемое для обозначения совокупности методов обнаружения в данных ранее… …   Википедия

  • Data Mining — von Professor Dr. Richard Lackes I. Begriff und Motivation Unter Data Mining versteht man die Anwendung von Methoden und Algorithmen zur möglichst automatischen Extraktion empirischer Zusammenhängen zwischen Planungsobjekten, deren Daten in einer …   Lexikon der Economics

  • Data-Mining — Da|ta Mi|ning, Da|ta|mi|ning [ deɪtəma̮inɪŋ ], das; s, s [engl. data mining, aus data ↑ (Daten) u. mining, zu to mine = graben; abbauen, fördern, vgl. ↑ 1Mine] (EDV): [halb] automatische Auswertung großer Datenmengen zur Bestimmung bestimmter… …   Universal-Lexikon

  • data mining — Obtaining information about customers or groups of customers from a data warehouse for marketing or other purposes. American Banker Glossary * * * data mining ˈdata ˌmining also data mining noun [uncountable] COMPUTING MARKETING analyzing large… …   Financial and business terms

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