Using data mining practices at this time to extract information is worthwhile and will help organizations adapt to the new normal.
Ever since the pandemic began, organizations have been trying to gauge the change in consumption throughout the world. They want to not only understand consumer behavior in these times, but also adapt to the new normal.
What is Data Mining?
What most organizations have done to generate these insights into consumer behavior, is that they scour the internet for data. This practice is called data mining whereby you analyze pre-existing databases to generate insights.
However, the data mining process is not as straightforward as it seems to be. The entire idea of selecting and processing data is based on the characteristics of data and could often be subject to bias. Any data selected for analysis is also prone to include outliers and include variability that threatens to skew the results.
For that matter, the process does not rely solely on subjective opinion but also on statistical methods. These methods clearly define how to select data and how to deal with it.
However, data is dynamic. It changes with time and with new trends. Failure to account for these changes may result in huge discrepancies that threaten to undo the meaningfulness of data.
Data in the Pandemic
With a clear definition of the concept, it is now possible to assess the implications of the data mining process.
Under normal circumstances, data mining is a technique most effective in developed countries. Statistics suggest that about two-thirds of population in developed countries have access to the internet. This is much lower in developing countries. Given their hesitance in adopting the internet, internet mining methods in third world countries are not as effective because most people have not adopted the internet.
But when the pandemic struck, it did not differentiate between developing and developed nations. With strict lockdowns being imposed, even those that had never explored the world of ecommerce were forced to step into it.
Simply because there is no other way to shop with businesses and public spaces closing down. When you are not allowed to go out to shop for groceries and luxuries, what is the first place you look? The internet!
Data Mining in Developing Countries!
When a large chunk of population moved online, something changed. Suddenly, data mining became worthwhile in third world countries. Suddenly, organizations could scour the internet for insights and get them! This means that they can now change how their organization makes decisions depending on data that is readily available for them.
But most people disregard the benefits of data mining in third world economies. However, the internet mining can and surely has yielded great results for organizations investing in it.
While it definitely is worthwhile new, it is important to understand that the infrastructure in place for data mining may not be adequate. There will have to be a substantial investment in the process before it is fully usable and can help organizations grow. But, with the pandemic underway, there is clearly a way forward.
About the Author
The writer works with a digital agency specializing in design and development of creatives where you can buy logo designs and create them.