What is data mining?
Data mining is an analytics tool that allows executives to predict the future of customer behaviour. The results from data mining can be utilised to increase revenue, identify new business ventures and offer a new competitive edge. The innovative technology has many benefits, and of course as with any technology some drawbacks.
There will always be advantages and disadvantages of any new technology that arises. One advantage of data mining is that it can help to identify shopping patterns and patterns in consumer behaviour, common data mining methods can identify and analyse trends in shopping and consumer behaviour, this can consequently be used to enrich the customer experience through, for example, recommending the user products that are similar to ones they have looked at.
Data mining can help you boost the performance of your marketing campaign through data discovery and analysis. In addition, data mining is also beneficial for marketing campaigns because it is able to identify how customers respond to certain products available in the market and how companies should differentiate from competitors. Innovative data mining technology allows for business operations to run with ease which is beneficial for their profit earning ratio.
On the other side, it is commonly known that data mining collects potentially sensitive information about people using some market-based techniques and innovative technology. However, while involving those factors, the data mining system can be seen to violate the privacy of the user, which may put the business' reputation at stake. This information could also be misused inappropriately throughout the mining process. Secondly, the collected data could be out of date and therefore inaccurate. This is one of the most possible limitations to occur in the data mining process and therefore changes need to be made soon, to enhance the process for technology corporations and the user.
Logi Analytics Webinar: Meet the speaker
Data allows business owners to leverage digital insights and embrace the power of data-driven business intelligence to make more informed decisions that are better for business growth and evolution. By using data to drive its actions, an organisation can contextualise and/or personalise its messaging to its prospects and customers for a more customer-centric approach.
BizClik Media Group and Logi Analytics invite you to explore next-gen embedded analytics in our live webinar. There’s still time to sign up for the event entitled ‘Application Imperative: How Next-Gen Embedded Analytics Power Data-Driven Action’, which is taking place on 10 June at 4 pm BST.
The webinar will be led by Constellation Research’s Principal Analyst, Doug Henschen, who focuses on data-driven decision-making. Henschen’s Data-to-Decisions research examines how organisations employ data analysis to reimagine their business models and gain a deeper understanding of their customers.
Henschen's research acknowledges that innovative data analysis applications require a multi-disciplinary approach starting with information and orchestration technologies, continuing through business intelligence, data visualisation, and analytics, and moving into NoSQL and big-data analysis, third-party data enrichment, and decision-management technologies.
Constellation Research is a technology research and advisory firm based in Silicon Valley. Prior to joining Constellation, Doug Henschen led analytics, big data, business intelligence, optimisation, smart applications research, and news coverage at InformationWeek.
What will the webinar cover?
This exclusive webinar will explain next-gen embedding capabilities that will enable your company to:
- Eliminate unproductive toggling between transactional interfaces and purely analytic dashboards
- Drive two-way interactions between app features and embedded analytics to drive data-driven action
- The compounding impact of embedded analytics on your overall ROI
- Harness analytics as triggers for automated workflows and suggested next-best actions
- Enable developers to build quickly without coding while customising self-service options for end users
Logi Analytics is the only developer-grade analytics solutions provider focused exclusively on embedding analytics in commercial and enterprise applications, empowering the world’s software teams with the most intuitive data analytics solutions and a team of dedicated professionals invested in your company’s success.
Why not sign up today to find out exactly how Logi Analytics can revolutionise your data analytics game?
We look forward to seeing you there!