In the business world, you need to be able to look closely at data to stay ahead of consumer trends. Data mining has enabled companies to make better decisions and avoid potentially costly mistakes. The need to stay on top of data analysis means that computer science skills are in extremely high demand at the moment.
What is data mining in computer science?
Data mining, sometimes known as KDD (Knowledge Discovery in Data), involves analyzing large data sets and extracting bigger patterns and ongoing trends. This is a powerful tool for corporations because it helps them predict the results of critical decisions they are considering. As a result, data mining is a powerful tool that can make all the difference in a company’s success and the success of its clients.
The data mining process follows a logical sequence to get results
The first step in data mining is the collection of the data itself. If the information already exists, this step can be expedited. However, if studies have to be performed, this initial step may be lengthy and require multiple agencies. In addition, competitors will likely refrain from sharing valuable data with your company.
Once collected, the data must be cleaned up for accuracy. Outliers and any other abnormal data points are removed. When everything looks good, data scientists will analyze the most critical factors.
Model building and pattern mining
This is the step where the real magic happens. Standout patterns are analyzed further, and models are built based on the broad emerging patterns.
Data mining applications for businesses
Businesses and industries rely on data analysis for higher levels of success. If you love to extract the big picture, an online master’s of computer science from Worcester Polytechnic Institute will give you the tools you need for an exciting career. Here are just a few examples of how businesses can benefit from computer science analysts.
Increased revenue
If a company has been in business for some time, they likely have more data available for mining than they might think. For example, two years of sales offer information on the most popular products and demographic information that can help a firm set its target customer. This data can be mined so that the company can create better marketing materials and campaigns to reach the customer base that is most likely to buy their product or service.
Streamlined operations and reduced waste
Data processing enables organizations to reduce waste and overhead, thereby maximizing profits and the efficiency of staff. This can make all the difference in today’s global and highly competitive markets. Streamlining operations also results in greater staff satisfaction and less frustration throughout the company.
Reduced fraud
The financial and banking industries are particularly vulnerable to fraud. Data anomalies are used to detect fraudulent activity within individual and business accounts. Reducing fraud leads to higher confidence in a financial firm and minimizes the loss of clients and overall revenue.
As technology continues to advance, the potential for data mining and analysis to elevate businesses to greater success is only expected to grow.
