Home Business Can‌ ‌Data‌ ‌Mining‌ ‌Give‌ ‌My‌ ‌ Business‌ ‌a‌ ‌Competitive‌ ‌Edge?‌

Can‌ ‌Data‌ ‌Mining‌ ‌Give‌ ‌My‌ ‌ Business‌ ‌a‌ ‌Competitive‌ ‌Edge?‌

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Data mining, which can also be referred to as knowledge discovery in data, refers to the process of uncovering patterns and trends in large data sets. The information obtained in this process can be utilized in a number of ways, including in the creation of predictive models and within the field of artificial intelligence. For students studying for technology degrees, understanding how to mine data and use it to improve a business is an essential skill, and one that should be practiced early on. It’s worth investing time in educating yourself on mining and learning how to use it in a work setting. If you’re interested in data mining, keep reading to learn more about what it is and how it can be used to give businesses a competitive edge.

What is data mining?

Before going further, it’s important to understand what exactly data mining is. Data mining is the process of extracting and examining patterns in data sets, especially those that are too large to be analyzed manually. Data mining involves machine learning, statistics, and the basics of managing and utilizing database systems. Many computer science and statistics majors will need to mine data and learn how to effectively use mined data frequently over the course of their careers.

One way the average person hears about mined data is when it is leaked online, often to uncover unrevealed specifics about media properties like video games. Hackers mined data from the Pokémon games, for example, to tell fans which characters will appear in games and what content they can expect to be unlocked in the future before any of it had been officially announced by the game developer. While this is an unscrupulous use of mining, there are many legitimate ways data can be mined and utilized by individuals and businesses.

How can mining data give my business an edge?

Once you understand the basics of data mining, you can start to explore the ways that it can be used in business and technology. Making the most of your data starts with asking the right questions. For example, think about queries that can help you identify the most significant trends in your industry and find the areas where they overlap. These trends can include economic developments, technological advances, and demographic shifts. Translating the data you have into action items to improve your company and customer service is invaluable for any business.

Analyzing new types of data, like unstructured data, can also help your business. Unstructured data includes text-based information obtained from social media channels, call center and customer service notes, and even rich media content like images and videos. About 70% of companies that began utilizing this type of unstructured data improved their data viability. Not only that, but companies that collect and analyze unstructured data also had a 14% year-by-year increase in organic revenue, whereas companies that did not only saw a 10% increase.

Tech students know that collecting and analyzing data effectively is the underpinning of almost every successful business. Learning how to do just that will be the focus of most educational programs, with slight differences depending on your major and primary area of interest. Data mining is the process by which individuals and organizations can obtain information on trends and patterns from large data sets. Understanding these patterns can help you create an action plan that gives your business an advantage over competitors. Collecting unstructured data is especially helpful if you want to improve data viability and overall profitability. Given data mining’s importance in the technology sector, any student should be knowledgeable about the subject well before they finish their degree program.