Web Data Mining Facts

Web Data Mining is one of the recent technologies that have been developed to harvest and manage data from large databases and websites

. Though Web Data Mining is a new technology the concept has been used in the past to gather information and use it for decision making and predictive analysis.Web Data Mining services are nowadays managed by specialized companies that have well trained staff.This has led to the growth of Web Data Mining industry.The information harvested has found many wide applications for both offline and online businesses in the following ways:

Marketing/Retailing

Web Data Mining is used by marketers in provision of accurate and useful trends concerning the customers purchasing behavior. By analyzing these trends, marketers are able to direct their attention to the customers in a more precision way.For instance, marketers that are dealing with a software company may decide to advertise the launch of a new software product to customers with a history of purchasing software products. This is possible by mining data that is related to such customers from other websites and thereby creating a large potential of customers.By use of Web Data Mining it is possible for companies to make predictions and thereby making the shopping experience of customers an easy one.

Retail stores are also positioned to benefit from Web Data Mining services just like the marketers. For instance, the trends derived from the process, store managers are at liberty to arrange their shelves, adjust their stock levels and even offer a discount and thereby attract new customers and also retain the existing ones.

Banking/Crediting

Web Data Mining has been used widely by financial institutions in the sectors of loan information and credit reporting. For instance, a close examination of the previous customers that have similar characteristics, it is possible for a bank to estimate the level of risk associated for a loan administered to a given client.Web Data Mining can also be employed by credit card issuers to detect potential and fraudulent transactions involving credit cards. It is important to note that Web Data Mining servicesmy not 100% accurate on the basis of prediction and may misinterpret some credit card transactions.

Law enforcement

Web Data Mining services act as important tool aiding law enforcers to identify criminal suspects. They can also use the same techniques in apprehending the criminals through examination of trends such as crime type, patterns of behaviors, habit and their location. This makes Web Data Mining services important tools in monitoring the security of countries.

Researchers

Researchers are after information. They are after large amounts of data.Web Data Mining can be used to speed up the process of analyzing the data obtained and therefore enabling the researchers to concentrate on many projects.

Reasons for the Growth of Web Data Mining Services

Web Data mining services has realized significant growth in the past years and it is currently employed by many firms and companies.The following are some of the reasons why this process has received such recognition and growth:

Growing Data Volume

There is more data that is acquired by companies and therefore the need for intelligent analysis and data that is in need of processing. There is enormous amount of data which is accumulated every day and by many business, government organizations and even non-governmental organizations.Recent studies reveal that scientific institutions store up to 1 TB of new information each and every day. It is also important to realize that the academic world is also the leading supplier of fresh data. With such huge sources and amount of data, it calls for an effective technology that should analyze and process data.

Limitations of Human Analysis

There is inadequacy for human brains to process such huge amounts of data that may have complex algorithms.This is a fact that cannot be ignored and we therefore needa technology that mines the data, processes the data and gives predictive analysis.

Low Cost of Machine Learning

Web Data Mining is one the cheapest methods of mining and processing data. This is because the process employs highly qualified staff to handle the data harvesting and management. It is important to realize that Web Data Mining does not do away with the human participation in giving complete solutions to tasks.

by: Abel Nyarangi

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