76% of businesses to be transformed by cognitive technology within two years

Research recently completed by international advisory Deloitte found that some 76% of businesses expect cognitive technologies to transform their businesses within two year. Some 16% suggest that this transformation is occurring now, and only 1% do not anticipate it happening at all.

Techopedia defines cognitive technology as – ‘a field of computer science that mimics functions of the human brain through various means, including natural language processing, data mining and pattern recognition.’ In effect is one of two streams of digital technologies currently transforming business around the world:

• Business automation
• Cognitive technology

Business automation involves using technology to strip out processes and reducing resource requirements, in turn, saving both time and money. Cognitive technologies, a term which incorporates still more jargon, including machine learning and artificial technology, involves the facilitation of data processing with a view to augmenting superior decision making.

In 2019 there is no shortage of data and so much of that data can be very useful in providing a foundation for making better decisions. The reality is, however, most of us lack the time or capability to efficiently gather and analyse all of this data. There is arguably too much data.

Cognitive technologies will become increasingly useful in bringing together the plethora of data available, processing that data, analysing it and then presenting it in a format – perhaps a dashboard – which managers and strategists can use to make better decisions.

According to Deloitte data, businesses are already recognising the benefits that cognitive technologies offer. They found the following in relation to the economic benefits of artificial technology:

• Substantial benefits – 21- 49%
• Moderate benefits – 43 – 60%
• No benefit – 5 – 26%

A Harvard University study looking at 152 business users of AI, found that:

• 71 are now using robotics and cognitive automation
• 57 are now using cognitive insights
• 24 are now facilitating cognitive engagement

Research suggests that cognitive technologies work best when they are fully customised to the business requirements of the enterprise. With cognitive technologies – one size does not fit all. It is essential to pinpoint the needs of the enterprise, identifying the technology options for addressing those needs, identifying the optimal technology and then fully customising that technology to ensure the technology adds as much value as possible.

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