DATA MINING
ADVANTAGES OF DATA MINING:
👉 Data mining empowers organizations to extract valuable insights from their data.
👉 Leading to informed operational and production adjustments.
👉It is more cost-effective compared to other statistical methods .
👉Supports decision-making by uncovering hidden patterns .
👉Predicting trends and behaviors.
👉Data mining can be integrated into both new systems .
👉Existing platforms, providing a swift process that allows even new users to analyze large datasets quickly
DISADVANTAGES OF DATA MINING:
👉 Organizations might sell valuable customer data to other companies for profit; for example, there have been reports of American Express selling credit card purchase data.
👉 Additionally, many data mining analytics tools are complex and require advanced training to use effectively.
👉The variety of algorithms used in different data mining tools means that choosing the right one can be a challenging task.
👉Furthermore, data mining techniques are not always precise, which can result in serious consequences under certain conditions.