Using Cognitive Analytics for Better Business Outcomes
July 19, 2022
The ocean of data available in structured and unstructured formats can be used to generate decisions that help make strategic and business decisions. In other words, data analytics is a process that can drive the economy of an organization. This process involves checking, cleaning, transforming, and modeling data to produce useful information that helps in drawing conclusions and making decisions.
The approach to data analysis has evolved over the years from descriptive to diagnostic, from predictive to prescriptive analysis. Cognitive analytics moves towards high-performance computing by combining artificial intelligence and natural language processing, machine learning, and deep learning techniques with data analytics.To understand how businesses can use cognitive computing systems, let’s first understand cognitive analytics.
What is cognitive analytics?
Cognitive analytics mimics the human brain to do some work that allows inferences and conclusions to be drawn from existing data models. It helps businesses make essential business decisions and draw conclusions from existing data. The combination of semantics, artificial intelligence algorithms, machine learning, deep learning, and natural language processing leads to the emergence of cognitive analytics. Thus, cognitive analytics becomes more effective by interacting with data and people. By searching through all the data available in the knowledge base, cognitive analytics arrives at solutions in real-time.
Organizations use cognitive analytics to work with unstructured data sources such as images, emails, text documents, and social posts to find answers and draw conclusions in real-time.Now that we understand what cognitive computing is, it’s time to consider how cognitive analytics benefits businesses.
Business outcomes from cognitive analytics
Cognitive computing is emerging as a technology that gives organizations an edge for business benefits. Organizations that have embraced this technology at an early stage have benefited the most from the positive outcomes of their investments.Listed below are some instances where early adopters of cognitive technology are leveraging their capabilities:
Businesses take a strategic algorithmic approach to sales and marketing using cognitive data. A vital attribute of the cognitive system is sifting through vast amounts of data to help arrive at meaningful conclusions. The process does not stop there. Cognitive analytics can predict and recommend decisions based on trends and patterns with human-like intelligence. With cognitive analytics, companies can refine product prices based on purchase data and market trends, which increases the likelihood of customer engagement and leads to revenue growth.
To further optimize sales and marketing, insights can be drawn from a growing body of information, which is critical for audience targeting. The cognitive analytics approach helps accelerate the process of data analysis to generate relevant insights. It helps improve decision-making to achieve, attract and maintain valuable customer relationships.
Cognitive analytics can significantly help companies improve customer experience; data analytics helps identify customer needs and wants and better serve them. Cognitive analytics benefits both the consumer and the company. Early adopters in the e-commerce industry can personalize the customer experience through cognitive inference. Technology has also helped companies increase customer engagement and respond quickly to market and customer needs.
By enhancing customer engagement and experience through a cognitive approach, more satisfied customers show increased engagement and loyalty, critical for sustainable growth.
Improved customer service
Automating routine customer service operations allows for more efficient use of agents for high-performance interactions. Organizations that offer customer service across multiple channels can benefit significantly from cognitive computing as it improves operational efficiency.
Cognitive analytics and artificial intelligence combine to solve most of the problems associated with poor customer service, such as long call hold times, repeating the same information to different agents but not solving the problem, and long IVR options to get through to a live agent, and more.
Cognitive assistants have emotional intelligence and mimic live agents. By recognizing patterns, analyzing data, and learning from experience, they offer personalized interaction through natural language processing.
Increased productivity and efficiency
Organizations can leverage the power of cognitive analytics to overcome resource bottlenecks while gaining valuable predictive data that improves productivity and efficiency.
Taking the lead and remaining competitive in this digital age will help if you find the shortest path to the best results. Combining machine learning, parallel processing, and sophisticated analytics technologies makes it possible to find answers to many questions and provide recommendations for predictive insights.
Data presented in considerable volumes in various formats can be processed, which increases productivity and efficiency and helps in decision-making and planning.
As we’ve said before, cognitive computing can process large volumes of data to produce meaningful conclusions and models, providing relevant recommendations much faster than humans can. The financial services industry depends entirely on data to be integrated with regulatory requirements.
Cognitive computing can process data in any form, both structured and unstructured, from various sources, thereby enabling risk reduction while improving value, customer experience, security, and compliance.
Particularly in the data-driven financial services sector, cognitive analytics is a boon that can bring together information from various reports, documents, and economic and medical histories, improving regulatory compliance and reducing risk.
Cognitive Analytics has the power to change your business with robust and agile solutions. As an extension of human intelligence and skills, cognitive analytics has the potential to strengthen overall business capabilities. It’s not an exaggeration when we say that cognitive analytics is becoming a must-have business attribute.