What is meant by 'data mining'?

Data mining refers to the process of discovering patterns, correlations, and trends from large sets of data using various analytical techniques and algorithms. This process involves sifting through vast amounts of information to find meaningful insights that can inform decision-making, enhance processes, or identify opportunities for innovation. By utilizing statistical methods, machine learning, and AI techniques, data mining helps organizations transform raw data into valuable knowledge that can drive strategic initiatives and improve overall business performance.

While collecting data, storing it, and backing it up are important aspects of data management, they do not encapsulate the analytical aspect of interpreting and deriving insights from data, which is the essence of data mining.