Have you ever heard of qualitative data mining? This is something that many people often confuse with information extraction, analytics or even data analysis. This is actually a type of computer science that uses a specific computational process which looks for certain patterns. These patterns are derived and assessed from database systems that use something called artificial intelligence. The goal of this process is to extract information which is then transformed into something that has structure. This is also a buzzword that is often misused, referencing some sort of large-scale data acquisition. However, what it actually does is looks for patterns in data that is extracted, sometimes helping people to understand better ways to market.
Uses For Data Mining
In regard to business, this type of qualitative data process is used to look at trends. If you think about stocks, commodities and other types of financial systems, by finding repeatable trends, people can derive strategies for gaming the system. All you have to do is replicate the trends, or follow it, in order to make a profit. In the same way, people that use this strategy for the business that they are in can look at patterns that their competitors are using, and emulate their success. Other uses for this strategy may include determining rules of association. For instance, if someone has a business where certain products are selling more than others, and they are using a particular type of marketing strategy, by association, the company trying to copy their success can also find success by rules of association. It can also be used for many other things including catalog marketing, decision-making, or considering how a particular market will react. All of this information is very useful when trying to create a successful business, and is why data mining is so in demand today.