Data mining is a concept by which we can analyze the current data from different perspectives and summarize the information in more useful manner. It’s mostly used either to derive some valuable information from the existing data or to predict sales to increase customer market.
There are two basic aims of Data mining:-
- Prediction: –
From the given data we can focus on how the customer or market will perform. For instance we are having a sale of 40000 $ per month in India, if the same product is to be sold with a discount how much sales can the company expect.
- Summarization: –
To derive important information to analyze the current business scenario. For example a weekly sales report will give a picture to the top management how we are performing on a weekly basis?