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It might have taken humanity centuries to produce 12 exabytes of data, but it’s predicted that we are going to double that amount in the next three years. Marketing experts are swimming in an ocean of data that’s only going to get much larger over time.
Big data is allowing industries to thrive like never before. Doctors are finding more affordable and effective ways to treat illnesses. Entrepreneurs are finding much more efficient ways to market their products and services. Pretty much anyone who is successful today relies heavily on data.
The future trends in data mining are going to change the way businesses map out their strategy. At this very moment, we see two things: traditional business plans and intelligent business plans.
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Intelligent business plans use data analysis to lay out the groundwork. In the end, I see them completely replacing their traditional counterparts.
The Future of Data Mining
A huge amount of data is stored in colossal systems where it can be extracted by analytical experts. Data mining is the process experts use to find relevant information.
Technology has grown to the point where we have artificial intelligence and pattern recognition systems to automatically compile lists.
In the coming years, we’ll very likely see data mining and predictive analysis combined in some innovative way. When this becomes reality, it will enrich the medical field, the scientific field, and the way we do business.
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Here are several trends that we can expect to see from data mining in the coming years:
Data Mining Trends
Surveillance of certain types of communication will become automatic. Examples include email logs, web logs, and telecommunications.
Machines can be programs to detect specific information and alert the proper channels. This also ensures privacy since it will be machines doing the work and not humans.
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Financial Data Mining
Investors rely heavily on models in order to determine where to put their money. These models will become more advanced, leading to greater profits.
Protect the Eco-System
Automated data mining will start to trend toward monitoring the eco-system. In the end, we’ll be able to detect potential disturbances much more efficiently.
We are already seeing the emergence of text mining today but this will get much more advanced in the future. Imagine having artificial intelligence compile specific reports based on questionnaires and surveys.
We already see that happening today but human input is still required. In the near future, this will become completely automated.
Data Mining’s Link to Knowledge Management is Fermented
Data mining is already one of the best analytical tools on the planet but data alone does not lead to knowledge. It requires something more. Knowledge is the end result of extracting information from raw data.
Knowledge management is the process of coordinating data with activities within a business in order to develop new strategies.
We will see the link between data mining and knowledge management become fermented. As it stands right now, data mining is seen as a sub-field but technology will pave the way for more automated solutions for discovering information within data.
For example, machines will be able to learn to analyse for statistical patterns in order to predict outcomes. In short, human intuition will be replaced by factual analysis.
We already see this relationship at work in the retail industry. Amazon is the perfect example. When you browse Amazon’s website, they use advanced algorithms to record what you have searched for and what you have purchased.
That data is then put through a knowledge management system that automatically generates ads based on your patterns. It even automatically sends emails of products that it believes you are interested in based on your shopping history.