Benefits of Data Mining:
• Data mining technique helps companies to get knowledge-based
information.
• Data mining helps organizations to make the profitable adjustments in
operation and production.
• The data mining is a cost-effective and efficient solution compared to other
statistical data applications.
• Data mining helps with the decision-making process.Ahmed Yasir Khan Page 9 of 11
• Facilitates automated prediction of trends and behaviors as well as
automated discovery of hidden patterns.
• It can be implemented in new systems as well as existing platforms
• It is the speedy process which makes it easy for the users to analyze huge
amount of data in less time.
Disadvantages of Data Mining
• There are chances of companies may sell useful information of their
customers to other companies for money. For example, American Express
has sold credit card purchases of their customers to the other companies.
• Many data mining analytics software is difficult to operate and requires
advance training to work on.
• Different data mining tools work in different manners due to different
algorithms employed in their design. Therefore, the selection of correct data
mining tool is a very difficult task.
• The data mining techniques are not accurate, and so it can cause serious
consequences in certain conditions.