Data mining is interpreted differently in different contexts
The internet has extensive data about everything that can be used effectively for making intelligent decisions. Business intelligence is a broader arena of decision-making that uses data mining as one of the tools. Data mining is interpreted differently in different contexts but most often it is used in the context of a business or other organization’s need to acknowledge trends. Data mining is being used increasingly for understanding and then predicting valuable information like customer buying behavior and buying trends, profiles of customers, study of clinical data, etc. Business intelligence data mining is used in market research, industry research, and for competitor analysis. Just like mining for gold, data mining navigates through large databases and extracts a wealth of customer data, which is then translated into useful and predictive information. Data mining is gaining a lot of importance because of its vast applicability. There are several kinds of data mining: text mining, web mining, social networks data mining, relational databases, pictorial data mining, audio data mining and video data mining, that are all used in business intelligence applications. It is being used increasingly in business applications for understanding and then predicting valuable information, like customer buying behavior and buying trends, profiles of customers, industry analysis, etc.