The idea of Data Mining is growing in popularity in business activities. Everyone is talking about the benefits and limitations of Data Mining. Because companies want to flourish their business. Also, increasing company revenue. We are living in a data-driven age. We have been producing more and more data in every area that you might think about. Each time you make a sale, there’s data being transferring into a database. So, there’s some sort of data download in most transactions you perform. With the increasing amount of available data. It is necessary to make use of this huge resource.
Data Mining is the practice of collecting Data. Real, new, comprehensible, and meaningful information from large databases. Data Mining applies across all industries and fields. Wherever there is data available. The application of the powerful mathematical techniques that make data mining possible remains applicable. To make data usable for the processes. This shows that data is the solution to all problems.
Benefits And Limitations Of Data Mining
There is always a downside to every story. Data mining, no matter how useful it is, poses some real issues in its application. We will compare the pros and cons of data mining. Also, see how the advantages of data mining outweigh the Limitations. This makes the field successful.
Advantages Of Data Mining
We can only make sense of the benefits of some fields when we look at their applications in real life. So here we will discuss the advantages of data mining. In different professions of daily life.
Disadvantages Of Data Mining
Coming with the advantages. We still have some data mining disadvantages that need to cater. These include security, privacy, government concerns, etc. Let’s look into some disadvantages of data mining.
Security is a big issue attached to every data-oriented technology. When huge data is being assembled in data mining systems. The possibility of critical data getting hacked by hackers is always there. Since this has happened with one of the biggest companies like Ford Motors. Organizations own their employee and customer information. Including social security numbers, birthdays, payroll, and much more. But how well this knowledge is being taken care of is still questionable.
Data mining gathers information about individuals. Who use certain market-based approaches and information technology. These processes of data mining include several factors. But while these factors are in consideration, this process breaches the user’s privacy. That’s why its users are deficient in safety and security matters. Also, causes miscommunication among people. There are cases where hackers breached large amounts of customer data. Involving big corporations with so much personal and financial information.
Although data mining technologies make it simple to get data. Still, the information acquired could be extraneous or irrelevant. This could lead to more issues. Moreover, pre-processing mistakes may result in inaccurate findings. As a result, decision-making on inaccurate knowledge will show disastrous consequences.
Data mining information could be misused for personal advantage. Hackers or competitor companies may use the available data. To take advantage of vulnerable people. Therefore, it is the responsibility of businesses to ensure that data is only used for the purposes for which it was collected.
To devise a comprehensive and efficient plan of governance at any level. The government needs access to the data of its people. So that it will come up with an acknowledged and beneficial to all plan. Yet, this implies collecting and analyzing public and private sector data. This means the government’s access to very personal information. Including getting access to conversations, habits, and behaviors.
This would do nothing but legitimize suspicion. To an extent that it will increase the monitoring of individuals by the government. This will end up devising and implying rigid censorship policies. Because of the inherent biases of controlling and protecting opinions and image of government – its various institutions and key personnel.
Data mining offers many advantages for businesses, society, governments, and individuals alike. Still, if they are not addressed and resolved. The privacy, protection, and abuse of information will be the big problems. We need to regulate the use of data mining for businesses. Also, put in place proper security measures in these applications. Otherwise, they will become useless as customers will no longer trust the companies with their data.