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Data Mining and ForecastingData mining uncovers patterns in data using predictive techniques. These patterns play a critical role in decision making. Using data mining, companies and organizations can increase the profitability of their businesses by uncovering opportunities and detecting potential risks.
Companies have used powerful computers to sift through volumes of supermarket scanner data and analyze market research reports for years. However, continuous innovations in computer processing power, disk storage, and statistical software are dramatically increasing the accuracy of analysis while driving down the cost.