Future proof your career with MBA in Data Mining
The term data mining was introduced in the late 80s among the data researchers and gained popularity as and when the use of Computer Science became an established scope. The increase in popularity and use of the term data mining was the outcome of technological advancement, the processing power of computer Science and its data storage capabilities. Thus, all the data related to the commercial enterprise began to be stored in order to support commercial activities. The popularity of data mining continued to grow over years, putting emphasis on the mining of non-standard data generating a lot of data mining jobs.
Future proof your career with MBA in Data Mining - What is Data Mining?
Data mining, in essence, refers to the process of extraction of useful information from raw data sets in order to help companies make better decisions, policies and strategies. Also referred to as knowledge mining, knowledge extraction, data/pattern analysis, data archaeology, data dredging or the more popular Knowledge Discovery in Data or ‘KDD’, data mining involves studying patterns or trends in ‘big data’ which can help businesses formulate strategies, market effectively and improve sales.
Also Read: 15+ Courses for Learning Data Mining
Steps involved in Data Mining
There are primarily three steps involved in process of data mining mainly involves three steps:
Studying the data to uncover themes, trends or patterns
Building models to help explain the data and verify the patterns
Applying the models to make new predictions
Data mining is being used across economic sectors today by companies large and small to make better and prompt decisions. The fast-paced rate at which big data and data warehousing technology has evolved over the past few decades has only accelerated this process of adoption of data mining tools and techniques.
“The major reason that data mining has attracted a great deal of attention in the information industry in recent years is due to the wide availability of huge amounts of data and the imminent need for turning such data into useful information and knowledge,” says Dr. Rajeev Srivastava, Assistant Professor at the School of Business, UPES, Dehradun. “The information and knowledge gained can be used for applications that range from business management, production control, and market analysis, to engineering design and science exploration,” he adds.
Data Mining Groups
Data mining techniques can be broadly categorised into the following two groups according to their use:
Study of the target datasets
Prediction of the outcomes using machine learning algorithms.
MBA in Data Mining and Its uses
An MBA in data mining will help you stand on a firm footing in this burgeoning industry. Let us check some popular applications of Data Mining which can be mastered with an MBA in Data Mining degree. Some of the applications are mentioned below:
Loan/credit card approval
Website designing and promotion.
MBA in Data Mining - Sales and marketing
Companies collect a huge amount of data about their customers. This data could reveal information about their behaviour, tastes, spending habits, visiting times, and other activities which, in turn, could help companies optimise their marketing and sales strategy in such a way as to boost profits while also ensuring customer satisfaction.
MBA in Data Mining - Education
The education industry is another sector where the use of data mining techniques is widespread. Educational institutions today use data mining to collect information about their students, their performance as well as factors which will contribute to success. As more and more courses and programmes are offered online, a variety of metrics and tools are being used to study and evaluate student performance, such as keystroke, student profiles, their time spent in classes, and other students activities.
MBA in Data Mining - Operational optimisation
Data mining techniques have also helped reduce costs on improving operational functions by helping organisations identify costly bottlenecks.
MBA in Data Mining - Fraud detection
It is not just patterns and trends among data sets that can provide companies with useful information on customer behaviour, but even studying data anomalies can help companies detect fraud. This, in fact, is quite a popular use case among banking and financial institutions. Nowadays, SaaS-based companies have started using this technique to spot fake user accounts and remove them from their datasets.
Other course in Data Mining
Apart from pursuing a degree in MBA Data Mining, a learner can pursue other courses or certification programmes in data mining. There are many providers offering the course which will help the learner get a hang of the subject and excel in the industry. Some of the courses are mentioned below .
Also, go through some of the providers offering the data mining courses mentioned in the table below: