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Data mining, a process that involves identifying patterns and anomalies in large data sets, is widespread among many of today’s companies. Experts predict the big data market will reach $103 billion in revenue by 2027, far exceeding 2019’s predicted $49 billion.
One of the main reasons why data mining is so pervasive is the wide variety of applications it has. Brands across nearly all industries can utilize it in multiple ways to improve decision-making and enhance overall operations. Here are five ways modern people and businesses are using data mining, and the impact it’s having.
1. Fraud detection
Fraud is a growing issue for both businesses and their customers. 45% of business executives reported that they were significantly more concerned about fraud in 2018 than they were just one year earlier, and that concern has likely only increased since. And 27% of digital shoppers abandoned a transaction due to a lack of visible security.
But data mining is proving to be an effective way to combat fraud. A good example comes from a group of Iowa State graduate students who created a mathematical model to identify potential instances of fraud at self-checkout stations in grocery stores without having to inspect innocent customers.
Part of the …
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