It helps advertizers push right advertisements to the internet surfer on web pages based on machine learning algorithms. This way data mining benefit both possible buyers as well as sellers of the various products.
The retail malls and grocery stores arrange and keep most sellable items in the most attentive positions. It has become possible due to inputs obtained from data mining softwares. This way data mining helps in increasing revenue.
It helps in obtaining desired search results of queries posed to e-commerce websites (e.g. amazon, Taobao, Alibaba, snapdeal, Walmart, flipkart, BestBuy, ebay etc.) , search engines (google, yahoo, bing, Ask.com DuckDuckGo etc.)
It has been used in many different areas or domains viz. bio-informatics, medicine, genetics, education, agricultural, law enforcement, e-marketing, electrical power engineering etc. For example, in genetics it helps in predicting risk of diseases based on DNA sequence of individuals.
It helps in identifying criminal suspects by law enforcement agencies as mentioned above.
Do you think the advantages of data mining are superior to the disadvantages?
Data mining techniques are indeed very useful. From my point of view, it is all about transforming raw data into knowledge by applying supervised and unsupervised learning methods. Then comes the ability to deliver the knowledge (tell the story) to various stakeholders (technical and non-technical).
I think that there are some challenges rather than disadvantages. Some of these challenges are:
- The lack of open source datasets.
- Space and time limitations when dealing with massive datasets
- No quality control on the data mining project phases (collecting, preprocessing, building models, testing models, visualization)
- The lack of labeled datasets for classification techniques.