Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource on the key trends in data mining. The process of digging through data to discover hidden patterns and predict future outcomes has a long history. The exponential rise in data volumes has resulted in a new revolution in the field of data and analytics. However, the technological advancements have enabled us to move beyond manual, time-consuming practices to quick and automated data analysis.
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DATA MINING TRENDS (Graphic: Business Wire)
As a result, data mining is now a key aspect of research and strategy building that helps businesses to gather meaningful information and insights from existing data. Retailers, banks, manufacturers, and insurers, among others, are using data mining to discover relationships among everything from price optimization, promotions and demographics to how the economy, risk, competition and social media are affecting their business models, revenues, and customer relationships.
"Data mining is the process of finding anomalies, patterns, and correlations within large data sets to predict future outcomes," says an advanced analytics expert from Quantzig.
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Trends in Data Mining
- Multimedia Data Mining
Multimedia data mining is one of the latest trends in data mining that has witnessed widespread adoption owing to its ability to capture and analyze data. It revolves around the extraction and analysis of data obtained from diverse multimedia sources such as text, hypertext, video, audio, and images.
The proliferation of data sets have not only resulted in the evolution of new business models but have also increased business complexities. In such a scenario, data mining can help you gain visibility into core processes. Request a free proposal to know more.
- Ubiquitous Data Mining
Ubiquitous data mining revolves around mining data from mobile and handheld devices. It offers new opportunities for pricing, product development, and customer experience management.
- Spatial and Geographic Data Mining
Geographic and spatial data mining can help reveal various aspects of datasets such as distance and topology. This finds widespread usage in geographic information systems and navigation-based applications.
- To read more, download this free resource
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
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