Across a wide variety of fields, data are being collected and accumulated at a dramatic pace. It has been estimated that the amount of data stored in the world's databases doubles every 20 months. This increases the opportunities for data mining and brings it to the forefront of new business technologies. Intelligently analysed data is a valuable resource which leads to new insights, better decision-making, and in commercial settings, competitive advantages.
Data mining, also known as knowledge discovery from data, is an interdisciplinary subfield of computer science which aims to solve problems by analysing data already present in databases. It is the computational process of discovering patterns in large data sets involving methods of artificial intelligence, machine learning, statistics, text mining and database systems. The overall goal of the data mining process is to extract information from a data set and transform it into an understandable structure that can be examined, reasoned about and used to inform future decisions.
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