In the digital age, organizations can only remain relevant by creating a digital presence that meets the modern consumer’s needs.
The journey of a company’s digital conversion is never-ending. The cognitive technologies of learning and language processing are driving a more significant shift in how people and machines interact.
Contrary to Hollywood and science fiction, cognitive technologies do not include autonomous or conscious machines. These include AI, neural networks, deep learning, and natural language processing. They will revolutionize everything, from marketing to healthcare.
As technology develops and the amount of information humans produce grows, so will the demand for cognitive systems to help analyze and understand this data. What is the impact of Cognitive Technologies, and how can businesses take advantage of them?
Cognitive Technology: Beyond Digital
Cognitive technologies mimic the human brain’s functions, such as language processing, learning, reasoning, and recognition. Current technologies include:
Natural language processing allows computers to understand and analyze human speech in a manner that goes beyond simply treating it as a collection of symbols.
Artificial intelligence is currently used in chatbots, facial recognition software, and other applications.
Computer systems that use neural networks comprise nodes connected similarly to the brain.
Deep learning is a way to train neural nets using algorithms that recognize patterns.
Cognitive technologies are in their early stages of development but proliferating. They can be integrated into technologies and apps to help with digital transformation, much like Netflix does when it uses machine learning and algorithms to recommend to viewers.
Making Better Decisions
The development of cognitive technology is a perfect fit for many reasons. The supporting technologies that make cognitive technology possible are only now advanced enough to enable it. Computers of the past were good at storing data and transferring it, but they have only recently become sophisticated enough to be capable of understanding it.
Data is the second reason. Now is a great time to use cognitive technology. 90% of the world’s information was created between 2011-2013. In 2016 we made more data between 2014 and 2016. This was more than the human race has produced in the last 5,000 years. 2017 is on track to create even more data.
Humans create enormous amounts of data each day. Therefore, it is more important than ever that intelligent machines can sort, process, understand, and analyze this data to help businesses make better decisions.
Data Management: Managing the Wealth of Data
If cognitive technology helps organizations process vast amounts of data, it will create a greater demand for intelligent machines.
By 2020, 1,7 megabytes of data will be generated every second for each of the 7.8 billion people on Earth. Here are a few ways cognitive technology can keep people and data on track:
Supply chain optimization
Predicting financial markets
Forecasting consumer behavior
Public safety management: a guide
Treatment and prevention of disease
Traffic Management
Organizational management
Skills & Cognitive Tech
Training will be more critical as technological development accelerates and cognitive technology becomes more common in the workplace.
CIOs already feel the effects of a skills and talent deficit, making it difficult for their organization to keep up with technology changes. This problem will intensify as new technologies and more rapid changes are introduced.
Businesses can do several things to address the skills gap in the workplace.
Employees can benefit from microlearning sessions
Employees can meet in collaborative forums to discuss new technologies and exchange skills and information
Investing in digital programs as well as formal skill training
Work with other organizations and educational institutions to find workers who possess specific skills
To achieve digital transformation, companies need to hire and retain talent. It is, therefore, crucial that they explore the options for recruitment and internal upskilling.
Cognitive Systems: How they are Changing the World
Cognitive technology will transform the world in the same way as digital did. You can see this in action today, for example, with IBM Watson for Oncology. This AI system processes millions of bits of data and creates personalized patient treatment plans.
Marketing is one of the areas that cognitive technology will impact across businesses. Intelligent machines will help marketers collect and analyze data more efficiently, allowing them to provide highly personalized shopping experiences to consumers. Cognitive systems can sort through vast personal data to create meaningful customer experiences. Most businesses and marketers do not have the resources or time to do so.
Marketing teams, now called growth drivers, will be able to respond instantly to customer complaints and queries, offer detailed and personalized shopping experiences, and serve customers through various channels.
To remain competitive, every business must be in some stage of digital transformation. This will help them leverage the current technologies and opportunities to optimize their processes and organizational structure.
Cognitive technologies offer opportunities for growth, productivity, and customer engagement.