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Over the past 2-3 decades there has been a huge increase in the amount of data being stored in databases as well as the number of database applications in business and the scientific domain. This explosion in the amount of electronically stored data was accelerated by the success of the relational model for storing data and the development and maturing of data retrieval and manipulation technologies. While technology for storing the data developed fast to keep up with the demand, little stress was paid to developing software for analysing the data until recently when companies realized that hidden within these masses of data was a resource that was being ignored. The huge amounts of stored data contains knowledge on a good number of aspects of their business waiting to be harnessed and used for more effective business decision support. Data mining methods seem very appropriate to extract this useful information. A good number of them are presented and briefly analyzed. Possible applications in utilizing these techniques are outlined. An overview of both the data mining techniques and potential application to solve many challenging problems of the society is been carefully analyzed and presented. Very interested future research directions are briefly presented.

A Critical Overview of Data Mining for Business Applications