What is cognitive computing?
Cognitive computing technology is an evolution of the AI technology that we know. As its name implies, it combines human cognition with computer science. The result is an AI system that is more dynamic and adaptable, just like the human decision-making process.
Cognitive computing can deal with complexities that earlier AI technology cannot. It can learn and imitate the human thought process. It can process changing scenarios. And it can weigh conflicting data to come up with a prediction.
This technology does not replace humans in decision-making, though. Cognitive computing technology is best seen as a consultant that can provide a person, such as a doctor, with intelligent advice. It will synthesize enormous amounts of data and weigh all variables involved. Then it will study data patterns to come up with a “best fit” solution rather than a boxed response.
Cognitive computing technology has a wide range of applications. Here are some benefits.
Get to know your customers better
Stitch Fix is an apparel subscription service. They provide their clients with clothes tailored to their tastes, needs, and physique.
To do this with precision, Stitch Fix uses a sophisticated data analytics tool. This cognitive analytics tool can synthesize information from their client to decipher their fashion style and clothing preferences. Their professional stylists use this tool as a guide when they shop for the brand’s clients.
Create more efficient systems
IBM Watson created Cora, Royal Bank of Scotland’s Intelligent Agent who handles a huge portion of its day to day customer interaction.
In a day, Cora can handle 5000 queries, analyze these, make a list of most commonly asked questions, and provide 1000 possible responses. This task, if not delegated on Cora, would cost them thousands of man-hours.
Speed up data analysis
IBM Watsons designs AIs called a Watson Assistant.
This assistant can help doctors come up with data-backed treatment recommendations. Before giving a recommendation, this assistant analyzes data from a plethora of sources like medical records, textbooks, science journals, and diagnostic tools. With this tool, what make take days to finish can be done in a few minutes with very little sweat.
Similarly, Welltok has a healthcare concierge called CafeWell, which also consolidates an overwhelming amount of information to provide customers with health recommendations.
Get investment recommendations
VantagePoint developed an AI-enabled trading software. The software can increase the accuracy of your trading decisions by predicting market trends with 86 percent accuracy.
Enhance business acumen
CustomerMatrix’s Insights and Data Enrichment platform can help you or your managers make decisions based on data-driven projections.
The platform helps you connect the dots between the different aspects of your business. This allows you to decide with a better grasp of what is at stake, resulting in better ROI.
We’re only scratching the surface of cognitive computing technology. And like any new tech, this kind of program comes with a premium cost.
But who knows? Tech solutions for every size of business are now available where before, only big companies can afford them. Perhaps, soon, each household will also have a cognitive AI butler.