Businesses collect and store an unimaginable amount of data, but how do they turn all that data into insights that help them build a better business? Data mining, the process of sifting through massive amounts of data to identify hidden business trends or patterns, makes these transformational business insights possible.
Data mining is not a new technology. Its roots have been traced to the 1930s, according to Hacker Bits, but the term became more widely used in the 1990s as businesses attempted to grapple with the ever-increasing amount of data our society was producing to derive value from it.
The advent of modern computers and application of data mining techniques meant businesses could finally analyze exponential amounts of data and extract non-intuitive, valuable insights; forecasting likely business outcomes, mitigating risks, and taking advantage of newly identified opportunities.
Due to its usefulness across many industries, and its critical role in business success, data mining is a promising career path. Companies need data scientists skilled in mining techniques who can present their findings in understandable ways. According to the U.S. Bureau of Labor Statistics, employment for computer and information research scientists is expected to climb by 15 percent through 2029.