Why modern enterprises need to adopt cognitive computing for faster business growth in a digital economy
Cognitive computing (CC) technology revolves around making computers adept at mimicking the processes of the human brain, which is basically making them more intelligent. Even though the phrase cognitive computing is used synonymously with AI, the term is closely associated with IBM’s cognitive computer system, Watson. IBM Watson is a supercomputer that leverages AI-based disruptive technologies like machine learning (ML), real-time analysis, natural language processing, etc. to augment decision making and deliver superior outcomes.
The primary aspect of cognitive computing is its ability to learn and make decisions based on its experience. It is technologies like AI and ML that enable cognitive computing systems to analyse a tremendous volume of data and generate insights, and use them as a learning experience to give optimised results. Owing to the amazing performance of these systems, more and more industries and organisations are leveraging cognitive solutions to enhance their operations – like data accruement, insight generation, action planning and management – and boost productivity.
A cognitive computing expert at IBM describes the impact of the technology’s transformative capacity on businesses:
“Cognitive systems are very good at doing the heavy lifting — pulling data together, analysing the information, and then presenting the relevant answers to users so that they can make more confident and effective business decisions that impact performance and revenue.”
As discussed above, cognitive computing systems are typically based on multiple technologies like natural language processing and queries, machine learning algorithms, real-time computing, and so on. Enterprises must be equipped with necessary digital strategy and technological infrastructure to integrate these systems into key business processes to elevate the value proposition of services on any scale.
The rise in the number of software-as-a-service (SaaS) based enterprise management solutions has helped more and more entrepreneurs and business leaders digitise and automate their enterprises by providing the essential technological framework.
The right SaaS products can make a great deal of difference to emerging startups, SMEs and big organisations alike. For example, to maximise the impact of cognitive initiatives, digital architecture must have cloud integrated into the system. It is so because for cognitive computing systems to process a massive amount of data for analysis, pattern identification and prediction, an extensive computing power is required.
And cloud application services prove to be the most cost-efficient and smartest option as they do not require any physical infrastructure for their installation and offer greater capabilities such as inter-operability and easier customisation. With the virtual foundation of cloud established, enterprises can leverage automated systems of cognitive computing to manage their core business operations such as sales planning, managing finances and supply chain, marketing, etc. as well as to plan each stage of the customer lifecycle, beginning from discovery to building loyalty.
The following are the few major benefits that organisations obtain by adopting cognitive computing systems:
Heightened data analysis
The driving idea behind all AI-based technologies is to make machines behave more like human brains. Without even realising the pressure, the human brain regularly sifts through a tremendous quantity of data. Therefore, cognitive computing, too, relies on a very large amount of data to process. As one component of the system, machine learning is responsible for “teaching” computers how to process the ocean of data as is done by humans.
Therefore, cognitive computing systems collate information and data fed into them, process them in a logical manner, “learn” to identify emerging patterns, trends and insights, and make accurate evidence-based predictions.
Enterprises can leverage cognitive computing to mine information patterns from integrated data and enhance their services through data-driven insights on customer behaviour, preferences, demands, etc.
Enhanced operational efficiency
Cognitive computing systems can help enterprises stay competitive and propel higher revenues in today’s data-driven economy. The cutting-edge technologies driving the systems can help bridge the gap between teams and enhance intra-organisational processes. The superior computing faculty of these systems offer the services of improved decision-making, elevating employee expertise, acquiring an all-round customer view and implementing faster end-to-end business practices.
Additionally, the exceptional data analysis also solves major security issues that enterprises might face as cognitive computing systems monitors data usage and crash reports, and can thus readily identify the source of device malfunction. Based on available evidence, they can also determine the best course of corrective action.
Improved customer interactivity
Cognitive computing can combine various elements of the integrated data like customer behaviour, market trends, product demand, service preferences, etc. to generate important insights that can then be evaluated by experienced analysts for further analysis. Thus, enterprises can leverage the output to enhance their services accordingly and ensure an efficient service delivery that directly translates to maximum customer satisfaction.
Considering these factors, it is no wonder that the demand for cognitive computing technologies has seen an exponential rise. The global market is expected to cross $12.5 billion by the end of 2019 alone. In the wake of such advancements, the Indian business sector, too, is increasingly choosing digitisation over conducting off-line operations. With the adoption of cutting-edge technologies like cognitive computing, an increasing number of enterprises are enhancing their processes and internal operations to make their services more efficient and optimise productivity.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)