Have you ever imagined what’s more on-trends, what’s next to the current user experience journey?
What’s next with Amazon after next-day delivery, same-day delivery? Will Zomato just understand what I wish to eat and send push notifications, or will take it a step further? What else do they have in their bucket?
What would be the upcoming trends be like?
Will Zomato read my mood and instead of just delivering food, will create a live kitchen experience, send a cook on my special events?
Will Amazon have a drone robot, that will deliver the product on the same day and assist you with the installation of equipment?
Are the organizations going crazy after curating a unique experience for their consumers? The world is all about creating a value chain for thy customers.
Why Data Mining?
Data mining is a process used to extract useful information from raw and scattered data to develop a meaningful insight for further business strategies. When you have enough knowledge about your customer, you can understand their actions, their plans, and what they desire. It is difficult to have a loyal customer in this competitive market, and once you know your customer well you can hit the nail at the right spot.
Why do companies hire Data Mining experts?
With chunks of data piling up on the servers, it’s becoming a challenging task to get a piece of meaningful information from the data. On one website, the customer would be looking for cheap products, on the other, it would a good quality product with a higher price range, then they saw some advertisements on the internet and gain interest in an entirely different product.
Let’s talk about an example here,
Sam is looking for an economic phone for his dad online with bare minimum features on amazon, suddenly he gets a message from his friend that you can get medium range phone with the same features (it’s relatable when you see the market competition in the electronic industry), the next day, his dad says that he will use Sam’s phone and ask him to buy the latest phone for himself and eventually his requirements changes, budget changes and on top of that there is a notification of release date of iPhone 13, his dream phone.
Only if the data would have provided the information about all the electronics in his home and the dream phone of Sam, with the recent release schedule, the organization would have been able to predict when he will buy a new phone and how to market his customer about exchange offers, to buy a phone for his dad.
Companies assign dedicated Data Mining experts to implement data mining services in their environment and seek their help to draw meaningful information out of the data collected.
7 upcoming trends in Data Mining
Data Mining techniques make data more polished and dependable for data miners to achieve the desired results. Let’s find out about the upcoming trends in the data mining industry;
Multimedia Data Mining
With the pace at which the consumers are using varied devices for their personal and professional use, the type of data is also increasing. The data is not just limited to numbers and text, now it’s generated in various forms like numbers, text, images, video, audios as well as hard copies. Multimedia data mining collects data in various formats and converts it into a numerical representation. These visuals then assist decision-makers, in deciding on small and big proposals.
Distributed Data Mining
As the customer doesn’t use a single device for a purpose, similarly neither do organizations have their data stored in a single place. This is an upcoming trend and is gaining a lot of traction. As nowadays it’s common to store data at different locations. Giving a unified experience to all the users anytime anywhere is of utmost importance. This data mining method adopts sophisticated algorithms to deliver sensible insight.
Ubiquitous Data Mining
As the term suggests “Ubiquitous i.e. Omnipresent”, is a technique that involves real-time monitoring of users’ mobile data, to get more information about the individuals. This mining method has associated risks such as violation of privacy, complexity, laws, and cost. But with a big cost, comes huge benefits too. This data can be used for understanding human-machine interactions which will help in AI and ML which is the future of digitalization.
Embedded Data Mining
The embedding of the data mining technology or feature in the industry software helps in real-time predictive analysis. It assists in exponential value creation by forecasting the sales, threats, and also intruders in the business environment. Thus, making it possible for the users to make decisions swiftly and smartly.
AI/ML enabled Data Mining
The use of automation hasn’t spared any industry and is now supporting data mining too. Automation is supporting data mining through the use of AI/ML and replacing many old outdated manual coding jobs. AI/ML helps in developing patterns with the use of discovering the right algorithms. It will be no more necessary to have a “guru of statistics” for drawing patterns through data mining.
Spatial and Geographic Data Mining
All across the aerospace industry, this technique has been widely used and will continue to bloom. It involves predicting data via images taken from astronomical data. The data obtained is used for both civilian as well as military purposes, be it tracking the force on the border or checking the navigation on GPS for daily office.
Time Series and Sequence Data Mining
This technique assists in studying seasonal or cyclic trends. This data reveals the series of events and helps in understanding the behavior of the buyer. This technique also assists in analyzing the out of norms events too.
Conclusion
Data mining is undoubtedly a booming industry. With the increasing amount of data generated every hour, organizations cannot stay stuck with the old methods of data study. They need to adopt the market trends and upcoming technologies to collect the data. And make a piece of meaningful information out of it.
Consulting a robust firm like Oriental Solutions, helps you make the right decision, and keep you abreast with the latest trends in the market. Which will help every vertical of your organization to flourish in the data-driven world. Get expert Data Mining services, from the best professionals in the market. So contact us @ http://orientalsolutions.com/contact.php or call at 044 2498 6018
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