`Data mining will upstage gold mining'

`Data mining will upstage gold mining'

Geeta Nair

Pune, June 5: Senior Professor at the Tata Institute of Fundamental Research (TIFR) Narendra Karmarkar has said that data mining, an emerging area in the IT industry, is going to be more lucrative than gold mining. Many of the Fortune 500 companies are putting money into data mining and are expecting returns worth billions of dollars.Data mining would allow corporations to improve their marketing and customer support operations through better understanding of its customers, he said. The rate of growth of data has outpaced manual techniques of analysis and there is a need to convert the raw data into actionable information for enhancing business performance.Karmarkar was delivering the key-note address on the topic `IT Revolution and the Role of Mathematical Programming' at the two day `Update'99' organised by the Software Technology Parks of India (STPI) to mark the 9th Foundation Day here today.Karmarkar advised IT companies to get into software solutions instead of concentrating only on just providingservices.

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