Some business owners are turning to cognitive technology to gain an advantage over their competitors. Some examples of cognitive technologies include machine learning, computer vision, and natural language processing. These technologies depend on artificial intelligence to complete tasks on behalf of humans. Unfortunately, many business owners are unaware of how cognitive technology can benefit their business. Read this article to learn more about how cognitive technology can transform your business.
What Is the Difference Between Cognitive Technology and AI?
A common misconception that many people have is that artificial intelligence (AI) and cognitive technology are one and the same. The truth is that AI is considered a subcategory of cognitive technology. In general, cognitive technology encompasses any technology that is designed to imitate the human brain. Other examples of cognitive technology include pattern recognition, data mining, and deep natural language processing.
AI involves the use of the best algorithms to solve a specific problem. On the other hand, cognitive systems are intended to help humans. Instead of just completing a single task or making a decision, cognitive systems serve as personal assistants for humans. The interaction between humans and cognitive systems is intended to reflect normal human to human relationships.
Automating Business Processes
One way cognitive technology can change your business for the better is by automating business processes. Today, businesses are increasingly turning to robotic process automation technologies to automate digital and physical tasks. Some examples of tasks that businesses are automating include the following:
- Using natural language processing to process legal documents and contracts.
- Transfer data parsed from call center systems and emails into recording systems. For example, if a customer changes their phone number, this change will be reflected in all relevant systems of record.
- Parsing information from different types of documents to handle the failure to charge for a service across several billing systems.
Another way that cognitive technology can transform your business is through enhanced data analysis. Businesses can use cognitive technology to identify patterns in big data. This type of cognitive technology is typically referred to as machine learning. Some applications for machine learning are as follows:
- Prediction of which products and services various types of customers are most likely to purchase.
- Identification of potential cases of insurance claims fraud and credit card fraud.
- Automation of the targeting of advertisements to the most suitable consumers.
The insights from traditional analytics differ from those derived from cognitive analytics. Cognitive technology is able to process and interpret more data. In general, the more data, the more trustworthy the insights derived from the data. Also, machine learning models are usually trained on a large portion of the data set. This makes the machine learning models more accurate and better able to use new data to make valid predictions.
Experts are lauding the advantages of cognitive technology for businesses, and for good reason. Cognitive technology is getting better each and every day and business owners are slowly but surely recognizing the many merits of cognitive technology. For more information about how cognitive technology can transform your business, don’t hesitate to contact us.