Data mining has had a marked impact on virtually every organization, regardless of size or industry, throughout the past several years. Globally, data volume growth has been unprecedented, with individual firms generating, collecting and storing more information than ever before. Much like a snowball effect, the digitization of operational processes has directly led to a constant acceleration in data proliferation.
"The value of data will not be realized without the right solutions."
Interestingly, data is not only rising in size, it is also diversifying quickly. Last summer, Gartner forecast mobile data traffic alone to hit 52 million terabytes in 2015, which is 59 percent more than what was recorded in 2014. Looking forward, the analysts predicted that 2015's rate would more than triple through 2018, at which point 173 million TB will be achieved.
Storing and sharing information is no longer enough, and the value of data will simply not be recognized without the right solutions in place to manage and analyze the files. Data mining tools are key in today's analytics and general information management landscapes, and some industries have been using the technology to accomplish major goals. Although certain sectors have been more aggressive in their pursuits of advanced data automation and mining, all can benefit from such investments.
Financial services has always been an information and analysis-heavy industry, which is why digital data mining was instantly popular among firms in this industry upon becoming available. Investment advisor Brian Haskin recently published a blog post in Seeking Alpha regarding the ways in which data mining is transforming some of the more advanced financial tactics across the sector, notably smart beta.
Smart beta, as a note, involves the analysis of indices to identify and capitalize upon under-performing areas of the financial marketplace. The author quoted one strategist, Peter Hecht, on the general prospect of smart beta in the investment arena.
"Smart beta is one of the most popular, cutting-edge investment products available today," Hecht explained, according to Haskin. "As is the case with many investment products, the largest risk confronting smart beta investors is what to assume about returns on a prospective basis."
Haskin went on to note that reports have been released by Hecht and others to try and guide investment advisors in the right directions when it comes to enhancing data mining strategies. Such information, the author stated, can help to position leaders and decision-makers to excel within their financial performances, especially given the power of advanced mining tools today.
Data mining tools are helping to inform investment decisions.
A tool for population health
Population health management was one of the first areas of interest among government adopters of advanced analytics. Thanks to the widespread availability of valuable patient information, today's data mining and analysis technologies can help uncover risks more quickly and accurately than ever before.
MD reported that one example of this came in the form of a study from the Semel Institute for Neuroscience and Human Behavior at UCLA, which used data mining tactics to identify otherwise invisible cases of diabetes. Remember here that diabetes is among the gravest and most pressing threats to population health in the United States today, with a massive prevalence across the nation.
According to the news provider, researchers from the school stated that this was just one small victory, and that the technique could very easily be used on a larger scale to get a better idea of how diabetes is spreading.
These are only a couple examples of how data mining can revolutionize entire industries, and there are many more to be had. Companies that have not yet started to leverage advanced mining, and data automation tools should consider doing so soon.