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Why is Cognitive Technology A Must-Have for Businesses?

By CIOReview | Tuesday, August 4, 2020

Cognitive technology extends the power of information technology and enables organizations to break prevailing trade-offs between speed, cost, and quality.

FREMONT, CA: Today’s businesses must deal with complexity and vast data while making decisions faster than at any previous time in history. Fortunately, cognitive technologies are maturing to help. Cognitive technologies like computer vision, machine learning, and natural language processing use artificial intelligence to perform tasks that only humans could perform. Cognitive technologies allow organizations to break prevailing trade-offs between speed, cost, and quality. Below is an outline of principles that might help business leaders make better decisions about implementing and using cognitive technologies.

Businesses can embed cognitive technologies to raise the value of their products or services by making them more effective, convenient, safer, faster, distinctive, or more valuable. Not only can cognitive technologies be used to enhance products and services, but they can also bring about an entirely new range of products and services that can create new markets and generate large profits. Automated voice response systems that replace real-time human customer service representatives for customer support are well established.

To increase the speed and reduce the cost of operations, it is expected that organizations of all types will deploy cognitive technologies to automate processes that could not be automated without them. Understanding how to gain maximum benefits from cognitive technologies requires a careful analysis of an organization’s processes, data, talent model, and market.  For most organizations, cognitive technologies will restructure work and make it more efficient. Despite all the challenges, the benefits of cognitive technology cannot be overlooked. It will be in favor of organizations, to start the transition process and adopt advanced technology for a bright and efficient future. To utilize the full potential of cognitive tech breakthroughs, firms need a resilient cognitive computing tech partner that understands the modern trends and is involved in developing cutting-edge business solutions.

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