Advanced Data Mining and Forecasting
The processes of data mining and forecasting are two separate but very crucial aspects that can have a significant impact on how business concerns perform.
Need for data mining
The most important factor for a business to be successful is to develop the right connect with their consumers and maintaining it. Now given the changes that prevail in market conditions, companies must first understand their customers and the market equally well.
This quest to gain a better understanding of the market has led to the creation of data mining techniques. So to answer what is data mining – it is essentially the process of exploring data in depth, for spotting valid and useful patterns hidden within user data gathered over time from various sources.
Need for forecasting
With time, user demands keep changing, giving rise to dynamic data that exhibits transformations beyond time limits. It, therefore, becomes a dire necessity for businesses to be able to gauge such changes beforehand, so that they can gear up to provide exactly what their customers are looking for.
This results in what is forecastingor creating prediction models based on the huge volumes of user data that is generated every second.
