Data mining can help enterprises identify anomalies, patterns, and correlations within large unstructured data sets to predict business outcomes. In a recent report, global data analytics and advisory firm Quantzig described emerging mining trends that enable organizations to gain an edge.
"Today, data mining techniques have become strategically important to many data-rich firms and play a key role in enterprise decision making,” the report said. “To thrive in an ever more competitive and technologically inclined business world, you not only have to mine data to find similar patterns but should focus on converting them into actionable insights using advanced analytics tools.”
One of the emerging trends is time series data mining, which the report said plays a crucial role in analyzing data sets to identify periodic trends. Its ability to understand customer needs and analyze their buying patterns is one of the main drivers for adoption of the technique across industries, it said.
Another trend is ubiquitous data mining, which involves the mining of data from mobile devices to get information about individuals. This method offers a lot of opportunities for companies to study human-computer interactions.
Distributed data mining is another trend. It revolves around the use of sophisticated algorithms that source and analyze data sets from different locations or business units.
Finally, there’s multimedia data mining, a technique that extracts data from different sources and converts it into a numerical representation for easy analysis. Aside from data clustering and classification, it helps perform similarity checks to identify associations between data sets.
