There is a lot of buzz about Cognitive Computing. I plan to write a series of blogs on it as cognition is framing the future of the digital economy. In this blog, lets explore the need of Cognitive technology.
In today’s world we see the business models converge across categories and industries. The Ubers’ and Airbnbs’ have shifted consumer behavior very rapidly threatening the existence of very strong, established players in the market. This new dynamic was result of their on demand model powered through the immediacy of technology. Now, with emergence of such new business models, organizations can no longer continue to see their competitive set from within industry; they need to be structured to look beyond their traditional boundaries. As brands, businesses and organizations shift to become lifestyle centric, competition can come from anywhere. Piotr Ruszowski, chief marketing officer, Mondial Assistance, Poland says, “The biggest threat is new competitors that aren’t yet classified as competitors.”
To win in this dynamic age, there is a need for organizations to become all knowing. This means getting insights from all data including the ‘dark’ data that sits outside of the firewall of the organization. It includes unstructured information – books, emails, tweets, journals, blogs, images, sound and videos. The challenge here is that this pool of dark matter is only going to get bigger – the statistic here that “By the year 2020, about 1.7 MB of new information will be created every second, for every human being on the planet” represents the magnitude of how much we really mean when we say big.
As you go outside your firewall to the data that’s coming, it is increasingly unstructured. Traditional systems are programmed and so are not structured to be able to glean insight from dark data. Therefore organizations need to look to cognitive systems that have the capability to be able to make sense of it How? We will explore later, but the key difference here is structured data will tell you that your sales are down for instance, but it’s the unstructured data that can tell you why?
With Cognition, Business technologies that automate and detect can now also advise and enhance human expertise, powering organizations to be able to make richer, more data driven decisions.
Here are the benefits of a cognitive business:
- Puts to work all forms of data, whether structured or unstructured
- Facilitates evidence-based, confidence-weighted decisions.
- Discovers new insights and patterns in new kinds of data.
- Learns and adapts with use, actions, outcomes and new data to stay current.
- Navigates natural language to allow conversational-style interaction, enhancing adoption and use
The success of cognitive computing will not be measured by Turing tests or a computer’s ability to mimic humans. It will be measured in more practical ways, like return on investment, new market opportunities, diseases cured and lives saved. How cognitive systems work and what are some of the industries already benefiting from cognitive systems? Stay tuned.