Many large companies use massively parallel computers to mine through the large amounts of data they have. This is often not necessary for small businesses, as they don’t have as much data. Whether you are a small or large business, there are a number of benefits you will gain by using data mining.

Many fortune 500 companies are now using data mining to search through terabytes of information, because they know it will give them an edge on their competition. Financial analysts are also pouring through large amounts of information, and this is allowing them to make smarter financial decisions. Despite this, data mining technology has continued to evolve over time. 

Data mining is a direct result of the increasing use of computer databases in order to store and retrieve information. Data collection technology existed in a primitive form starting in the 1960s. It was used to find out basic information about how much a company earned over a given period of time.

At this time, the primary methods of storage were tapes, disks, and some computers. The computers at this time had very little storage capacity, and only the largest companies or organizations could afford them. By the 1980s, computers had become smaller, faster, and cheaper, and they also had more storage capabilities. By this time, data access was used to find out how many product sales occured within a given period of time.

It was during the 1980s that true computerized databases begin to be widely used for the first time. The introduction of computerized databases allowed data warehouses to be created for the first time. The databases used for this were called multidimensional databases. It was during the late 1980s and 1990s that data mining begin to exist in the form that is present today. Instead of simply finding out how many sales occured within a given period of time, companies could now find out more about the customers who contributed to those sales. Computers are now faster and cheaper than ever before, and they also have high storage capabilties.

This has led to the creation of what is called computer algorithms. Computer algorithms can be used to automatically search a database looking for specific information or patterns. Once these patterns have been generated, a person or organization is able to make a decision which is based on the data that has been presented. A cutting edge technology that is even more advanced than computer algorithms are called neural networks. Neural networks can be used to look for patterns that may not be detected by humans. As the name implies, neural networks are artificial networks which are modeled after the human brain.

Like data mining, neural networks are a technology which is still quite new. It is likely that advanced neural networks will be the next stage of data mining technology. Neural networks are more advanced than computer algorithms because they can find patterns and relationships which a computer algorithm is too rigid to recognize. Because a neural network is modeled after the human mind, it can find connections that are too difficult for standard computer algorithms to handle. However, computer algorithms are the current tools that are being used in most data mining applications.

The evolution of data mining technology is directly related to Moore’s Law. Moore’s Law states that computer processing power would double in eighteen month intervals. This is precisely what has happened since the 1960s, and the predictions correctly shows where data mining technology should be today. For now, data mining technology will continue to bring profits to businesses that choose to utilize the technology. A number of predictions have been made about the future of data mining technology. One thing that is certain is that companies will be able to advertise to their customers with a higher degree of precision.

However, the long term possibilities of data mining are much more amazing than what is currently available. Highly advanced computers may be capable of predicting the best treatment for a disease. Cosmologists could use data mining to help them find out more information about the nature of the universe. Data mining may have a technological impact that could even be compared to the internet itself. However, this is a technology that is not without controversy. One of the biggest concerns is privacy.