Numerous industries worldwide are witnessing the rise of cognitive computing, the technology that works by stimulating the human thought process. It not only brings in the best of natural language processing, machine learning, and real-time Computing but also indulges in the analysis of the incredible volume of structured as well as unstructured data.
Getting into the Basics:
Cognitive Computing undoubtedly takes you a level beyond the conventional Artificial Intelligence-based systems by allowing machines to decipher and understand the way humans do. This is done through self-learning algorithms that depend on various processes that synchronize together to enable the computers to simulate how a person’s brain works.
As provided in the report by Markets and Markets, the global cognitive computing market size is forecasted to touch USD 77.5 billion by the end of 2025, from the current valuation (Year 2020) of USD 20.5 billion. It is bound to rise at a CAGR of 30.5% during the given timeline of 2020-2025.
But what drives the cognitive computing market? Well, the primary growth factors are –
- Ceaseless evolution in the computing domain
- The need for mitigating extra operational costs
- Skyrocketing demand towards developing smart business processes
A positive way ahead, it looks like! Our next section brings in the merits and applications of cognitive Computing. Take a look…
Merits presented by Cognitive Computing
Data Analytics Done Precisely:
Indulge yourselves in precise data analysis when you have cognitive systems by your side. Being highly efficient in collecting and cross-referencing information, Cognitive Computing helps analyze the situation effectively. For instance, cognitive abilities help physicians collect and analyze data from different sources like previous medical reports, medical journals, diagnostic tools, etc. This further helps them attain a data-backed treatment recommendation that benefits both the patient and the doctor. Also, this turns out to be an excellent way for medical treatment, as instead of fully taking the status or place of doctors, Cognitive Computing employs robotic process automation to advance the data analysis.
Compact Yet Effective Business Process:
Cognitive Computing gifts your business process a much leaner and efficient aspect by helping companies analyze the emerging patterns, spot business opportunities, and take care of critical process-centric issues in real-time. A cognitive computing system helps ease the business process, besides mitigating risk factors and streaming as per the changing scenarios. This further equips businesses in forming a proper response to factors devoid of control, while also assist in developing a lean business process.
Enhanced Customer Interaction:
Cognitive Computing can be employed to deliver exceptional customer interactions driven by robotic process automation. Cognitive abilities-driven robots can present contextual data to customers without having the requirement to communicate with other team members. As cognitive Computing only renders appropriate, contextual, and valuable information to the users, it enhances customer experience, drawing in satisfied customers and engaged business.
Cognitive Computing: Industry-wise Use Cases
Cognitive Computing in the finance sector has brought tremendous possibilities. The digital assistants powered by cognitive abilities can learn how customers ask common questions, manage queries, and assign to a human agent in case of rich complexity.
Take your healthcare services to the next level with cognitive Computing that provides you with updated and relevant health information, driven by processing a vast amount of medical data. It is because of the cognitive capabilities that allow for data collection from various sources and instant processing of questions by end-users. Moreover, such healthcare assistants leave you with custom health recommendations to enhance the health quotient.
Travel & Tourism Sector
Cognitive-powered tools can help the travel and tourism industry help travelers lessen the time spent hunting for flights, reserving hotels, and planning pursuits without examining numerous websites before settling travel. Travel agents have been favorably employing such tools that have aided in building their revenues and customer pleasure at the same time.
Veterinary Services Sector
One of the most intriguing applications of cognitive Computing is that it assists veterinarians in taking better care of the animals. Hence, being a unique application that lends to animals as well, apart from humans.
Many other sectors effectively use cognitive computing technology like the Sports industry, Insurance industry, Customer Service industry, and more.
The Challenges and Remedies Portfolio
Cognitive Computing brings with itself an array of benefits and uses, but still, it faces resistance due to the challenges met in its way. Check out the few challenges that businesses face when opting for Cognitive Computing –
Data security is crucial, primarily when digital devices are handling such critical information. There’s no doubt that cognitive Computing can manage a substantial amount of data and analyze it. Still, it undoubtedly stands a considerable challenge when it comes to data security and encryption.
This challenge surely requires to be addressed by cognitive Computing as with the increasing technological front, more and more connected devices are coming into the picture. This obstacle needs to be mitigated by forming a comprehensive security system equipped with a mechanism to recognize unusual activities, promoting data integrity.
A long-term vision is mandatory if cognitive Computing is to develop a voluntary adoption. Cognitive Computing technology needs to make things clear for its users how it could lend value to making the businesses and their processes better and effective.
The adoption process can be contoured through the association between different contributors like technology developers, government, enterprises, and individuals. Simultaneously, it is necessary to have a data privacy structure that will additionally promote cognitive computing adoption.
With the most obvious fear that cognitive Computing would play a significant role in technology replacing humans, change management is complex and needs to be reconsidered.
It has to be made aware that cognitive technology is formed to work in sync with humans, as it takes the information from humans to work seamlessly. Hence, summing up to a remarkable instance of human-machine interaction and nothing otherwise.
Stretched-out Development Cycles
Though effective, Cognitive Computing consumes time when it comes to developing scenario-based applications. Being developed as a generalized solution, cognitive Computing falls short of industry-wide application. It requires a team of expert professionals and a considerable amount of time to develop a solution.
Usually, smaller companies face issues adopting cognitive Computing because of its lengthy development cycles. It is believed that followed by the lessening of the development cycles, cognitive Computing would acquire a bigger platform in the nearing times.
The Final Lines
Data is being generated in heavy bulk with every passing second. Analysis of this data stands vital to gain acumens of past episodes and enhance current and future processes.
With cognitive Computing by your side, you are set free with accurate data analysis on the go, besides predicting future events. Unfailing to transform the numerous industries worldwide, cognitive technology makes an excellent case for producing leaner business processes. Buckle up for rising to the next level of advancement with Cognitive Computing. Connect with Teksun’s techies and come across a broad gamut of Cognitive Services delivered according to your unique business requirements.