The huge data can be handled in several ways which is what has given birth to the subject area of data mining. Some termed it as knowledge discovery and some data science. It is also what has brought about the buzzword "Big Data".
Basically, data mining involves finding "interesting" hidden patterns in data. This patterns are used to understand and predict different outcomes from newly introduced data. A common example is the market basket analysis which can reveal the association between the purchase of different items. This association helps shops to organize there stock so that for example - items that are analyse to be frequently purchased together are move closer or placed on the same shelf.
The importance of this analysis via data mining cannot be overemphasized due to its variety of usefulness in different fields of endeavor; from the biological sciences to chemical sciences to arts and the list is endless. It is an evolving field which is popularly employed by many of the social networking websites, corporate organizations and government.
I hope I have been clear enough.
