Data mining is frequently described as ‘the process of extracting valid, authentic, and actionable information from large databases.’ In other words, data mining derives patterns and trends that exist in data. These patterns and trends can be collected together and defined as a mining model. Mining models can be applied to specific business scenarios, such as:
- Forecasting sales.
- Targeting mailings toward specific customers.
- Determining which products are likely to be sold together.
- Finding sequences in the order that customers add products to a shopping cart.