Data Mining is used by financial analysts and business organizations
Data mining should be interpreted to give beneficial results. When the data collected involves individual people, the issues concerning privacy, legality and ethics crop up. Data mining is the art of extracting nuggets of gold from a set of seemingly meaningless and random data. Some important factors to consider when selecting a data mining tool include the platforms supported, algorithms on which they work (neural networks, decisions trees), input and output options for data, database structure and storage required, usability and ease of operation, automation processes, and reporting methods. Although it can be quite a bit of work, data mining is a truly powerful way to dramatically increase your profit without incurring the cost of capturing new customers. Numerous Fortune 1000 companies all over the world have effectively installed many data mining and campaign management. Data Mining is basically used by financial analysts and business intelligence organizations, but it is more and more being used in the sciences to take out important and useful information from the enormous data sets developed by modern observations and experimental methods This new technology takes the process of knowledge and information acquisition beyond retrospective data access and navigation to prospective and proactive information delivery. The main kinds of data mining software are: clustering and segmentation software, statistical analysis software, text analysis, mining and information retrieval software and visualization software.