How Cognitive Technology gives your Business the Edge
Author: Mark Roger
How cognitive technology gives your business the edge
Cognitive technology is one of the most widely used tech phrases of the last few years. Often, businesses and market-leaders find themselves turning to cognitive technology for the answer to complex problems. This has led to the widespread integration of comprehensive software solutions with established business networks. As a result, it has become clear that those unwilling to evolve face the very real risk of lagging behind. But what does the cognitive phenomena really mean for ordinary businesses? And how does it help you take the right business decisions? While it may seem like an arbitrary and, above all else, abstract concept, cognitive technology really can help your business solve real life challenges. The only challenge, however, is to find the right technology for the right problem. But before you can do that, you must understand the full scope, magnitude, and potential of these cognitive technologies. This understanding will help your business identify the right cognitive strategies for your situation and will help you to measure their impact on your growth.
The power of data
Data is just data. At the end of the day, it’s all just a bunch of numbers. It doesn’t mean anything until you transform it from an endless stream of figures into useful and relevant information. Oftentimes, it is this transition that businesses struggle with. Cognitive technology helps mould the raw potential of your data into measurable outcomes and configurable business decisions. Crucially, these decisions can withstand the volatility and unpredictability of the market, due to their strong cognitive and data-based foundation. Without cognitive technology, your data is static, and it is only these solutions that allow you to unlock the true potential (and power) of your data. Lastly, it allows you to take that vital step from analysing behaviour to predicting behaviour. After all, your data should work for you, not against you.
Putting the customer first
Not only will this allow you to make decisions that will enhance your customer experience, but it will allow you to put the quality of your product or service at the very core of your business. The data and information that you collect will inform you about potential improvements to your product and will allow you to anticipate customer needs before they develop. As a result, your product, data, and customer knowledge become intricately integrated within your workflow, allowing you to seamlessly develop your business based on trends, not just hunches. Furthermore, IBM reports that deeper engagement is one of the primary advantages of moving towards a cognitive business. In-depth analytics and deep customer insights are just a few of the ways that a cognitive system, like IBM Watson, can allow you to discover who your clients really are.
Scale the right way
The impact that cognitive technologies can have on your workflow are limitless. They will transform the way you do business with clients and customers but will also revolutionise the way you deal with business decisions internally. This will allow you to streamline operational inefficiencies, giving you the opportunity to devote time and resources into research and development work. In turn, these long-term strategies will garner sustained and incremental business growth.
Your business future Investing in your cognitive journey is an investment into the longevity of your business. For every second that you delay, there are other competitors making the jump. If you need advice on cognitive solutions or need help commercialising, growing, and developing your business, then please get in touch with Vivolution today.