Data mining brings a lot of benefits to business, society, government as well as the individual. However, the privacy, security, and misuse of information are being problems if they are not addressed and resolved properly. So here this article gives information about the advantages and disadvantages of data mining to better understand this topic.
Pros or Advantages of data mining:
- Compared to other computational data applications, data mining approaches are cost-effective and reliable.
- Data mining helps in identifying criminal suspects by law enforcement agencies.
- It helps financial institutions and banks to identify probable defaulters and hence will help them whether to issue credit cards, loans, etc.
- It has been used in many different areas or domains viz, bioinformatics, educations, agriculture, e-marketing, electrical power engineering, etc.
- It allows achieving desired search results for e-commerce website queries.
- It helps advertisers push the right advertisement to the internet surfer items on the web pages based on machine learning algorithms.
- The retail malls and grocery arrange and keep most sellable items in the most attentive positions. It becomes possible due to inputs due to inputs obtained from data mining software. This way data mining helps in increasing revenue.
Cons or Disadvantages of data mining:
- Some of the data mining analytics software are difficult to operate and requires the user to have knowledge-based training.
- The data mining techniques are not 100% accurate and may cause serious consequences conditions.
- The information obtained based on data mining by companies can be misused against a group of many people.
- Many e-commerce firms are aware of the time span during which, based on historical data trends, different customers come online. To secure us, they do not have security measures in place.
- Different data mining tools work in different manners due to their different algorithms employed in their design. Hence the selection of the right data mining tool is a tedious and cumbersome task as one needs to obtain knowledge of algorithms, and some features, etc.
- Companies are willing to offer valuable knowledge about their clients to other firms for money.