When companies collect as much as a terabyte of data a day, software can help them dig through that data to find hidden nuggets of information.
Data mining, which uses statistical analysis and modeling techniques to uncover patterns and relationships hidden in large databases, has never been easier. Today's software integrates multiple complex analytics into its programming so that many of the jobs that previously required laborious data input and sophisticated programming can be accomplished by the click of a mouse. The software can now automatically convert raw data into nuggets of information that are available by drilling down through user-friendly menus, which frees up users to do even greater, more sophisticated statistical analysis.