What are the major challenges faced in bringing data mining research to market?

Data is at the heart of the disruptions occurring across the economy. It has become a critical corporate asset, and business leaders want to know what the information they hold is worth. But its value is tied to how it will be used and by whom. A piece of data may yield nothing, or it may yield the key to launching a new product line or cracking a scientific question. It might affect only a small percentage of a companys revenue today, but it could be a driver of growth in the future. Objectives Part of the challenge in valuing data is its sheer diversity. Some of the broad categories include behavioral data (capturing actions in both digital and physical environments), transactional data (records of business dealings), ambient or environmental data (conditions in the physical world monitored and captured by sensors), geospatial data, reference material or knowledge (news stories, textbooks, reference works, literature, and the like), and public records. Some data are structured (that it, easily expressed in rows and columns), while images, audio, and video are unstructured. Data can also come from the web, social media, industrial sensors, payment systems, cameras, wearable devices, and human entry. Billions of mobile phones, in particular, are capturing images, video, and location data. On the demand side, data can provide insights for diverse uses, some of which are more valuable than others. The progress made in hardware technology allows todays computer systems to store very large amounts of data. Exploring and analyzing the vast volumes of data becomes increasingly difficult. The amount of data in our world has been exploding. Companies capture trillions of bytes of information about their customers, suppliers, and operations, and millions of networked sensors are being embedded in the physical world in devices such as mobile phones and automobiles, sensing, creating, and communicating data. Multimedia and individuals with Smartphone and on social network sites will continue to fuel exponential growth. Big datalarge pools of data that can be captured, communicated, aggregated, stored, and analyzedis now part of every sector and function of the global economy. Like other essential factors of production such as hard assets and human capital, it is increasingly the case that much of modern economic activity, innovation, and growth simply couldnt take place without data. The question is what this phenomenon means. Is the proliferation of data simply evidence of an increasingly intrusive world? Or can big data play a useful economic role? Upon completion of this Discussion Board you will have a better understanding how emerging trends are likely to have major impacts on the development and use of BI applications: Describe the potential of cloud computing in Business Intelligence Explore some of the emerging technology that may impact analytics, BI, and decision support Describe how analytics are powering consumer applications and creating a new opportunity for entrepreneurship for analytics List and describe the major ethical and legal issues of analytics implementation By completing the Discussion Board questions, you will gain further insight and awareness into the important but difficult problem involved in the exploration of large data sets. Many may believe that the current approach to data mining has not yet won a large share of the market for system applications owing to the fact that the importance and usefulness of this kind of knowledge has not completely been made aware to the public and the market. Furthermore, success stories regarding the use of data mining could be featured more prominently in the media. What are the major challenges faced in bringing data mining research to market? Illustrate one data mining research issue that, in your view, may have a strong impact on the market and on society. Discuss how to approach such a research issue. Based on your study, suggest a possible new frontier in data mining and explain why you think so?