Data mining essentially refers to the process of analyzing previously recorded data to detect trends that can be used in future policies undertaken by companies. All firms have a huge backlog of data that they keep as back-up records but it was only recently that the process of data mining became popular. The process is extremely valuable for predicting future tendencies which can be used to better the productive policy of the firm concerned. Thus it is no surprise that data mining is fast becoming a lucrative sector within the IT industry.
Reality 101
Data mining is a career choice that, though rooted in the IT industry, delves into numerous other spheres of economic activity from business to science and from gaming to surveillance. Fundamentally, it is a procedure that is gaining prominence as it takes valuable time out of the process of formulating future policies by presenting the best possible routes to follow based on past records.
In gaming, data mining has been used widely to predict all possible human actions for games like chess wherein players play against computers. You must definitely be familiar with those complicated chess games in which the computer always wins this happens because it knows beforehand all the possible move you can make!
Mention should also be made of businesses that rely heavily on customer relationships - the reason they know exactly who to call when theyre selling a new product is that their data mining software included particular people as most likely to respond, based on previous data! Data mining is also performed in the retail sector where it is used as a part of market basket analysis to predict consumer preferences.
In the fields of science and engineering, technology already has an enormous role. It is thus no surprise that the process of data has many takers in the areas of genetics, medicine and biochemistry. Specifically, data mining is used in the mapping out of human DNA to establish which genes cause which diseases. This process has given extremely valuable results and continues to be used heavily in this sector. Pattern mining and subject-based data mining are two forms of data mining used in the surveillance sector to combat terrorist threats.
It is thus very evident that data mining is a fascinating profession to look into. It has been utilized in numerous fields and this is testament to its importance in the modern world. A career in data mining will give you the chance to predict captivating trends in numerous areas of life and is accordingly a very interesting career route to take.
The Inside Scoop
Naturally this particular profession demands a great deal of time spent analyzing facts and figures. Thankfully the computer will do most of the hard work for you but you will have to manipulate the program to get the best possible results.
The following is a step-by-step look at the data mining process:
1. Gathering of Data There is no hope for successful data mining without a huge accumulation of past information. The greater the amount, the more accurate the results and so efforts must be made to ensure that records are kept over a long period of time for the data mining process to be effective. Most companies keep detailed records anyway but it is necessary to refine your past records to ensure that the software has the best information to work with.
2. Selection of an Algorithm An algorithm is the program that is applied to your records and it is selected based on the records, the problem in mind and the availability of computer resources. There are two main types: a) regression and b) classification.
Regression is the most popular algorithm that has remained popular throughout many statistical studies. It involves the creation of a mathematical formula based on the given data. Current data is then entered into the formula to receive a prediction for the current trend. This is a very straightforward method but is limited by the fact that it can only be used for continuous numerical data.
Classification refers to the usage of decision trees needing a series of binary decisions to come to the final conclusion about the given data. This method is preferred when the data is discontinuous as it provides a final output that is easier to understand and interpret.
Naturally there are numerous other techniques used but these are the two most popular ones. It might be difficult to grasp just how valuable data mining is as a tool to boost sales and consequently earnings. Take for example a particular chocolate that appeals more to women in their twenties than to those in their thirties, according to results; this concept can be the basis of future advertising campaigns wherein women in their twenties will be the main target. The outcome would probably be greater profits which can only be a good thing!
In essence, data mining allows businesses to prosper by saving them from the hassle of manually seeking out their most reliable market. The information is easily available and it only takes some mathematical skills to come up with the solution that could save a company billions of dollars!
Here is a list of the skills expected of a data analyst:
Dedication to Research Data mining doesnt just involve using computer software. In many cases you will have to organize the data and make sure that everything the algorithm needs is available. This involves a great deal of time spent researching through the archives of the company and even some practical data recording on your part.
Ability to Solve Problems Using Available Data Yes the computer does all the hard mathematical work for you but that doesnt mean you shouldnt have the ability to extract a trend from the raw data you have before you. You need to be familiar with data mapping and data warehousing and you need to be able to use these skills to solve problems.
Statistical and Mathematical Knowledge These are of course rudimentary requirements. No good data analyst can lack basic statistical and mathematical knowledge as these are the fundamental aspects of the entire data mining process. Without a sound appreciation of these areas you cannot expect to be a successful data analyst.
Verbal and Written Skills As a data analyst you will be expected to present your findings to a less-informed audience and it is thus imperative that you are able to convey your discoveries to the people concerned without confusing them!
By having all these skills under control, you will be setting up a sound foundation for a successful career in data mining.
Sweet Sensations
Data analysts are the fortune tellers of the technological world, so to speak! You get to predict which products will be favored and which products will be banished to the outer realms of undesirability and this is definitely a fun process. Plus, most of the really hard work is done by the computer so you can focus your attention on creating colorful histograms and line graphs to best get your points across!
As mentioned before, there is no limitation upon the uses of data mining so you can find yourself working on all sorts of projects from predicting car preferences of college students to discovering which brand of tissues will be most popular amongst working mothers; the results may be shocking!
The art of foretelling can definitely be adapted to your own life and youll definitely be Mr. Popular once you start showing off your ability to predict what the person sitting with you will be buying next year!
Hurdles and Challenges
Unfortunately, data mining will at some point leave you begging for a simplistic career where calculating the change to be given is the mathematical peak! You will be expected to sieve through copious amounts of information just to do away with the unnecessary details so that your algorithm works efficiently and this is a laborious, eye-straining procedure.
Converting whats on your computer screen to a comprehensible report is another mean feat that requires an unbelievable amount of patience. You will be expected to make things as simple as possible to keep the interest of the company concerned and this demands great verbal and written skills.
Fruits of Labor
Primary
The average salary for a data analyst in the data mining field is between $63,000 and $67,000. As your experience grows you stand to earn between $70,000 and $80,000 a year.Thus data mining is a lucrative career choice that promises continuous monetary rewards as you climb up the corporate ladder. Your salary depends heavily upon your position, the firm you work for and the area you work in and if these variables are in your favor you can earn up to around $100,000 a year.
Secondary
This is a desk job which you can definitely have fun with - you are privy to details that can be highly amusing and can form the basis for your next party story! So the next time you spot funny trends for men in their forties, you should write them down!
Moreover, the amount of office gossip you can catch up with while youre waiting for your algorithm to work its magic will give you enough to chuckle about while youre crunching numbers for your report!
Essential Tools
From Home
You will definitely need to hone your SQL coding and programming skills as these are most often used in the data mining sector. This can be achieved by going online and taking tutorials. These are easily available and will teach you everything you need.
You also need to learn variants of SQL like T-SQL as well as database development so that you can be fully equipped to handle the various areas of your job. The website is a valuable resource that you should definitely check out if data mining holds your interest. It offers online courses that can be accessed by anyone, anywhere in the world and is thus a convenient way of learning the crucial skill that is absolutely necessary for this sector of the IT industry.
From School
Employers generally prefer prospective employees to have degrees in either computer science or statistics and so it is definitely advisable to take up one or the other in college. Taking up a college degree will expose you to many new aspects of data mining and will help you choose the best possible solutions for upcoming problems you may be expected to solve. Degrees in computer science and statistics are naturally very common so you should have no problem finding a school that best suits your requirements. These programs are often extremely comprehensive which is what makes the worth the time and money. They can teach you things you would not be able to learn on your own and the advice of experienced professors can only be useful in establishing a foothold in the data mining industry in the future.
However, if you have sufficient work experience and an advanced knowledge of SQL, employers may overlook a lack of a computer science degree as SQL is the cardinal element of the entire industry.
At the Job
Experience is everything in this industry and it is only through intense perseverance that you will find the necessary trends. This is no easy career and it will definitely tax you heavily if you do not manage your time effectively. Hence you should focus your concentration on doing the best possible job with whatever task you are set so that you can progress through all the lower levels and reach a phase where expensive cars are a part and parcel of your life!
To Conclude
Data mining is a lucrative career choice for the dedicated tech whiz. Not only will you get to look through data on a wide variety of subjects, you will also play a major role in the future policies adopted by the companies that hire you and this is definitely something to be proud of! As a data analyst you will be expected to analyze a great deal of data but the remuneration at the end is extremely rewarding. Progression in this industry definitely has its perks and this makes data mining a popular choice for those with an avid interest in the worlds of statistics and computing.
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