Business Intelligence data mining is the process of extracting meaningful information and patterns from the vast quantities of data held in corporate databases. As it is primarily focused on the warehouse data, it is often referred to as data warehousing data mining.
Statistically based, data mining software uses complex mathematical algorithms to identify suitable data sets and trends. While complex to develop, the data mining application is usually GUI based, offering non-statistical users the ability to work with meaningful data.
Data mining is incredibly useful in a wide variety of areas. It can allow organisations to spot trends, allowing it make more accurate forecasts going forward. It can help in the field of finance, identifying the probability of a particular type customer defaulting on a loan or mortgage. It can help with marketing by identifying the groups of people to whom a targeted campaign will gain the biggest rewards or perhaps identify cross selling opportunities based on their current
purchases.
A number of software houses develop data mining software. The biggest of these is SAS. SAS has its heritage in statistical modelling software and is very well placed in this market segment. It works in a wide variety of markets and often has custom developed data mining solutions for specific markets and industries.
Another company producing data mining software is Microsoft. Through the use of it’s SQL Server Analysis Services module, various data mining algorithms can be used to detect patterns and trends.
SPSS is another well established company offering data mining and analytical solution software to the market.