As the term indicates, mining is a process of excavating something and in this context it is Data which is freely available on the internet. For each and every organization, the relevant data that they require varies, and is available in abundance too. So extracting only what is needed and discarding the rest is a very significant process and that is called Data Mining. It involves a step by step process and requires an expert team with sufficient experience. A person with industry knowledge can analyze the data well and curate a database according to the needs of the organization and hence, it is usually assigned to a reputed outsourcing company instead of getting it done in-house.
The processes involved in Data Mining are:
- Collection of Data – An analysis has to be done and the data required for the particular organization or company must be understood and then collected from the internet.
- Cleaning of Data – The collected Data will be in abundance and may also contain some errors and insignificant values and text which has to be cleaned out in order to only capture what is important.
- Extraction – in this process the relevant data is extracted.
- Evaluation – the relevant data that is extracted must be evaluated. It’s like double checking its significance.
- Interpretation – the evaluated data is presented in such a way that it is easily understood and can be useful to the organization.
The benefits of Data Mining are:
Data Mining is very beneficial to every strat of society be it infrastructure, medicine, banking or marketing. This process of mining helps to approach the already specified data in an organized fashion so that they can be deciphered in a legible manner. For this process data mining has to be more adaptable or flexible, because not all data can be mathematically reproduced. Data mining can be used to Implement new market strategies by creating a model with previously stored in information which can be referred to predict whether they would be successful or not. Many BPO outsourcing companies depend on data mining for reaching out to relevant customers.
It can also be used to curate information based on a particular drug in medicine and to know about its discoveries and clinical trials. Patient records, insurances and disease registries are some other few examples where data mining services come of significant use. In finance and banking sectors data mining will be very useful to keep a track on records with suspicious illegal activities. Data Mining is very useful in the field of Biology. A new evolution of various sectors within this field like genomics, proteomics and biomedical research has occurred and hence data mining tools can be used for genetic data analysis.
The telecommunication industry is one of the fastest developing industries expanding in many ways. Data mining can help keep track of its services and any unusual patterns. Another very useful feature of Data mining is to detect intrusion in any application. The data mining tools can develop algorithms which can help detect any intrusions as security is a major issue in today’s network administration.
With today’s fast expanding world, offshore data mining services is yet to be explored and utilized to its maximum benefit.