Data mining is the process of analyzing data from different perspectives and summarizing it into useful information that can be used to increase revenue and cut costs. It allows users to analyze data from a multidimensional standpoint in order to sort and summarize any relations that are derived. Data mining can be interpreted as the process of finding correlations among a multitude of fields in large relational databases.
Companies use data mining to sift through data for market research, report creation, and report analysis. Technology innovation continuously increases capacity for analysis whilst driving down costs. Associations and correlations lead to discovery of information useful to a business. Sales, stock, shipping, and any other number of factors can tell a story and influence managers' decisions.
Information attained this way allows for the discovery of historical patterns and trends that can help predict future performance. Data mining is used to determine relationships amongst controllables that enable managers to visibly view impacts of certain factors on a business. It also allows users to drill down and discover correlations in the information that makes up the data.
Typically large systems are required as an infrastructure to support data mining applications. The prices for these systems range from several thousands of dollars for the bare minimum applications to $1 million dollars per terabyte for the largest.
The size of the database itself impacts how powerful the required system is. InetSoft does not require a huge database to operate. It is a web-based application that can grab data from just about any source. Style Intelligence does not discriminate based on database size. It will function regardless.InetSoft offers a one-stop-shop for dashboard reporting, data analysis, and business intelligence in general. InetSoft's technology is easy, agile, and robust.
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