Data Mining Can Lead To Information Gold
As Big Data becomes a more centralized component to enterprise IT initiatives, decision-makers need to understand the concept of data mining. In the past, this phrase was generally identified as an umbrella term that encapsulated everything about Big Data, including the collection, analysis, and statistics that derived from the information. In reality, this categorization is too broad and can lead to organizations missing out on critical opportunities.
A Smart Data Collective report highlighted the true underlying meaning of data mining, noting that it is a process that allows teams to navigate uncharted territory within the information realm and provide decision-makers with new and interesting patterns that can set them on the path to success. At the same time, there are several different methods that can be incorporated into the data mining process, all of which take a unique approach to the age-old question: How can data help my organization?
Identify the outcast
Out of the many data mining techniques, anomaly detection ranks among the most popular. Smart Data Collective noted that this process refers to the ability to recognize out-of-the-norm behavior and information, which can be targeted, analyzed, and used to improve certain operations. Many businesses today are using this type of practice to improve their security stance because identifying outliers enables IT teams to pinpoint specific problematic areas.
Data classification is a common approach in today's business world that often struggles to cut through and categorize massive volumes of information. When organizations follow through with this systematic process that allows teams to assess data and metadata, they can identify where the information should be stored and how it should be labeled, allowing for easy access and recognition later. Smart Data Collective stated that many companies use this process to cluster datasets, which allows for easier transfers, better storage, and more efficient evaluation.
A CNN Money report highlighted how data mining is becoming more popular as companies struggle to attract and retain customers in today's fast-moving and highly demanding society. In some cases, businesses can experience major revenue boosts from acquiring new insight into how they can use various digital technologies to customize and personalize end-user experiences.
As Big Data continues to move into the spotlight, enterprises need to understand how taking a unique approach to analytics through data mining processes can provide them with valuable information that can lead to competitive advantages and other benefits.
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