Data Mining Process

Markusoski, Ljupce and Zdravkoski, Igor and Andonovski, Miroslav (2019) Data Mining Process. In: XII. IBANESS Congress Series on Economics, Business and Management, April, 20-21, 2019, Plovdiv / Bulgaria.

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Data Mining is a powerful tool for companies to extract the most important information from their data warehouse. These tools allow you to predict future trends and behaviors in order to be able to provide activities based on specific knowledge. Such activities are much more effective, and thus, more economical. This tool allows you to obtain information that would be too time-consuming to acquire in the traditional way. At the same time, this tool allows you to obtain information that would probably be omitted by experts due to their unpredictability.
Data Mining is ready for immediate introduction to business due to three factors that are now well advanced:
▪ Mass gathering of information by companies
▪ The enormous computing power of computers
▪ Ready algorithms
Data Mining got its name from the similarities between searching for valuable information in large databases and searching for a new vein of ore, eg iron in the mountains. Both of these activities require a huge amount of work and a precise search to be able to find a place where real and real value is located. If we provide a database of sufficient size and quality, Data Mining will allow us to gain new business opportunities.
Keywords: Data Minig tools, databases, data warehouse, knowledge.

Item Type: Conference or Workshop Item (Paper)
Subjects: Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions: Faculty of Economics
Depositing User: Mr Dimitar Risteski
Date Deposited: 18 Feb 2020 09:47
Last Modified: 18 Feb 2020 09:47

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