The viability of companies depends on their ability to use data and analytics to identifying new patterns and derive actionable insights that address business challenges and help take advantage of opportunities to fuel growth.
“When your business thinks, you can outthink”
Ginni Rometty – IBM CEO
According to IMB in today’s data-driven economy, more than 30% of all companies are expected to pursue advanced analytics and cognitive computing to stay competitive and drive revenue.
Today’s leaders are now inundated with so much data and information that it’s difficult to detect meaningful knowledge and insight.
90% of the world’s data has been created in the past 2 years. According to Domo, a BI and data visualisation company, analysed that every minute more than 4.2 million posts are liked, 350,000 tweets are sent and over 300 hours of videos are uploaded.
In this way, we may be creating 2.5 quintillion bytes of data every single day, but 80% of this is unstructured and therefore practically unusable for humans.
Examples of unstructured data include scientific data (atmospheric data), photos and videos (from traffic and surveillance cameras), sensors, things that computers can store but they don’t really know what they are, company data (documents, emails and logs), and social media data (from platforms like Facebook, Twitter, Linkedin, YouTube, Flickr).
In order to analyse and make predictions, information must be screened for patterns. Cognitive Systems using technologies — designed to simulate human thought — like Machine Learning and Natural Language Processing, enable humans to interact more naturally with machines and are capable of filtering, analysing and putting data and information into context.
“Cognitive systems are very good at doing the heavy lifting-pulling data together, analysing the information and then presenting the relevant answers to users so that they can make more confident and effective business decisions that impact performance and revenue.”
Vincent Thomas, Client Engagement Leader, IBM Watson
This requires computing systems able to simulate human thought processes, but also continuously learning and adapting. It looks at data, images, pulls insights, sounds, as to understand, reason and learn, like your brain does.
Now with cognitive, systems that you do not program, learn as they can understand that kind of information and it is going to help deal with some of the most difficult challenges, providing companies with opportunities to make significant gains in terms of how their workforce operates – enhancing productivity and efficiency.
In this cognitive era as we go forward, there will be a shift from digital to cognitive and in the next five years, every important decision will be aided by cognitive inferences.