In the last decade, advances in processing power and speed have allowed us to move from tedious and time-consuming manual practices to fast and easy automated data analysis. The more complex the data sets collected, the greater the potential to uncover relevant information. Retailers, banks, manufacturers, healthcare companies, etc., are using data mining to uncover the relationships between everything from price optimization, promotions, and demographics to how economics, risk, competition, and online presence affect their business models, revenues, operations, and customer relationships. Today, data scientists have become indispensable to organizations around the world as companies seek to achieve bigger goals than ever before with data science. In this article, you will learn about the main use cases of data mining and how it has opened up a world of possibilities for businesses.
Today, organizations have access to more data than ever before. However, making sense of the huge volumes of structured and unstructured data to implement improvements across the organization can be extremely difficult due to the sheer volume of information.