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Data Management - Essay Example
Technology is advancing with light speed, the technology, particularly with reference to computing, has undergone rapid changes during the last thirty years. As technological has advanced the cost of computing has decreased particularly with reference to hardware…
Soumen et al (2009) agree that data quantity surrounding us is humongous and the amount of information bombarding us is increasing. Making sense of this increasing data volume requires data mining skills and techniques that have evolved with increase in computing power. An allied discipline is Competitive intelligence which is a discipline used for improving market standing, improving strategic thinking - seeing through morass of disinformation and market disruptions and interpreting events without getting emotionally swayed with "pregnant" data. It is about analyzing an opportunity or threat before it has materialized (Reviews 2007).
Finding patterns in data is a common way of analysis. Scientists want to discover the pattern and use the patterns for developing theories that can be extended beyond the concerned data in allied fields. This helps the scientists predict what will happen in newer situations. Intelligence is thus about using the available information in an efficient manner based on picture which may or may not be perfectly clear and exploiting the gleaned intelligence for making strategic decisions. Data mining calls for electronic data storage and using of specified search for pattern identification. ...