The term "data mining" encompasses the practice of analyzing and extracting valuable insights from large datasets. It involves various techniques such as statistical analysis, machine learning, and database systems to uncover patterns, trends, and relationships within the data. Businesses use data mining to enhance decision-making, improve customer relationships, and identify market opportunities. Applications include fraud detection, market basket analysis, and predictive modeling. By harnessing the power of data, organizations can gain a competitive advantage and drive innovation.