Data mining is the process where businesses convert the raw data into useful information. This process helps the business to bring out decisions quickly with clarity and also provides a better insight into the cons and pros of the decisions made. It has applications in telecommunication, healthcare, financial banking, bio-informatics, research analysis, and more.
Role of a Data Mining Company
1. Understand the business
The first step is to make clear about the objectives of the business and then convert them into a data extract problem and plan. Without a proper understanding of the business goal, a good data extract algorithm could not be achieved.
2. Understand the data
After the first step, then next, collect the data. There are many ways by which data could be obtained from the organization, it allows us to get involved with the data, identify the issues and observe the subsets.
3. Preparation of data
This step involves the preparation of data. It is considered to be the main step of data extract. Here the data is converted to the form people could understand. They transform and clean the data for the modeling step.
Here mathematical models are used to search the patterns in the data. A lot of trial and error is involved in the modeling process.
Once the modeling is over, it must be evaluated and the steps involved in modeling must be checked to meet the business objectives. At the end of this step, a fine decision about the data extract results is made.
It is a simple or complex part of the data extract process. It depends upon the output obtained. If simple, a report would be generated, and if complex, the entire data mining process is repeated.
Achieve the Data Mining Benefits
Some of the data mining benefits to a business are:
• Make most from the data.
• Achieve efficient and fast data entry.
• Allow relevant data processing.
• Give out a forecast which describes the changes in the market.
• Bring out a better insight into new opportunities in business.
• Predicts the future trends.
• Give out better analysis of the target market.
• Help to avoid huge mistakes.
Get Data mining and Data Warehouse tasks done by understanding their differences
• Data mining extracts data from large data sets while Data warehouse involves pooling all the essential data together.
• Data mining analyzes unknown data patterns while the data warehouse collects and manages the data.
• Data mining is done by the business with the help of professionals while data warehouse must take place before the data mining process.
• Data mining deals with factors like customer buying habits while data warehousing works on operational business systems.
Implementing Data scraping as the first step of data mining
Data scraping allows downloading data from web pages by considering certain parameters. The steps involved in data scraping are:
1. Check the URL to scrape.
2. Inspection of the pages and the tags
3. Get the data to scrape
4. Implement the code
5. Run the code and allow data extraction.
6. Store the data in the desired format.
7. The data obtained could be used for the data mining process.
There are many benefits of data scraping which could be utilized by the data mining process. Some of them are:
• Better accuracy
• Low maintenance and better speed
• Implementation is easy.
Data warehouse, data scraping, and data mining play a major role in the business. The role of the data-mining company is to ensure that the data mining steps are done, its benefits are achieved, perform data warehouse and data scraping for better results.