As technology advances over time, data mining has emerged as a useful tool for organizations in a variety of areas such as company strategy planning and operations management. Data mining should not be viewed as a threat because it may be used to characterize a target data collection, forecast outcomes, discover fraud or security risks, learn more about a user base, and identify bottlenecks and dependencies.
According to a certain article, data mining is beneficial due to the growth of big data and data warehousing. It allows for the rapid and efficient analysis of large amounts of data, saving both time and resources. It also improved marketing and sales by analyzing consumer data, businesses may get insights into client behavior and preferences. Therefore, it also helps to understand the individuals better. Data mining plays an important role in business but also on other areas, including healthcare, government, scientific research, mathematics, and sports. Without data mining it will severely limit organizations' capacity to survive in today's data-driven economy, resulting in decreased competitiveness, creativity, and efficiency. Furthermore, consumers may receive less individualized services and goods based on their needs and preferences.
Therefore, data mining helps to provide what the business needs for them to know what areas they need to improve or provide. It also helps them to know more about the users and data mining is the practical application of algorithms and techniques to analyze data and extract important insights that may guide decision-making and drive business outcomes.
Reference/For more info (^^) :
Stedman, C. (2021, September). What is Data Mining? SearchBusinessAnalytics. https://www.techtarget.com/searchbusinessanalytics/definition/data-mining
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