How Data Mining Helps Business Intelligence

“Data will talk to you if you’re willing to listen.” –Jim Bergeson

All real-time businesses understand this quite well.

The ultimate purpose of data mining is to extract information from large and complex data sets and make that information comprehensible and easy to use. It is beyond just extracting data. Unlike data analysis which tests the hypothesis on the datasets, data mining is used to uncover the hidden patterns and knowledge in a large volume of data.

Business Intelligence

  • Business Intelligence (BI) on the other hand, is an application and technology-driven process which is used to convert raw and unrefined data into valuable information that can be used by businesses to take important decisions and drive profit.
  • BI helps enterprises reach the next level by helping them make informed business decisions and deeply analyze consumer demands. With such great customer insights, businesses can improve their relationship with their customers and offer them products and services that meet their expectations better.
  • Identifying risks is important for any business to be able to reduce and manage them effectively. BI empowers businesses to identify risks, analyze them, and ultimately manage them to protect the business from unforeseen circumstances.
  • To analyze business information using Business Intelligence, enterprises use a set of strategies and technologies.

Relationship between Data Mining and Business Intelligence

  • Business Intelligence is data-driven. It doesn’t do much to analyze hidden patterns or information in data. All it does is convert raw data into valuable information for businesses. It won’t find the solution for a business problem. This is where data mining comes into the picture.
  • Data mining thoroughly explores data, identifies accurate patterns and blind spots in data, and finds answers to business problems. Data mining techniques can help Business Intelligence decode patterns in complex data and allow businesses to make well-informed decisions.

What Role Does Data Mining Play in Business Intelligence

  1. When large data sets are analyzed, there is always some information that isn’t relevant to your business niche. It is important to filter that information out and only focus on information which is most relevant to your business purposes. Data mining makes use of automated processes to analyze information from large databases and decode data groups that are most relevant to your purposes.
  2. Predictable valued information helps several business niches (especially those with a strong customer orientation) in their research, planning, and strategizing. Consumer spending patterns, shopping habits, and detailed customer demographics are a few examples of predictable valued information that enable businesses to make a stronger relationship with their customers.
  3. Looking at the vast amount of data there is these days, it can get overwhelming for companies which can ultimately impact the way they channelize their data flow. Data mining techniques will not only help manage the large volume of data but also derive value from it.
Conclusion

Artificial Intelligence and cloud analytics play an important role in Business Intelligent applications. Enterprises these days incorporate BI systems to identify their problems and consumer insights essential to make their business grow. Since it is a time consuming and complex process, data mining techniques helps make the process significantly simpler and more effective.


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