Although computers are better for data processing and making calculations, they were not able to accomplish some of the most basic human tasks, like recognizing Apple or Orange from basket of fruits, till now.
Computers can capture, move, and store the data, but they cannot understand what the data mean. Thanks to Cognitive Computing, machines are bringing human-like intelligence to a number of business applications.
Cognitive Computing is a term that IBM had coined for machines that can interact and think like humans.
In today’s Digital Transformation age, various technological advancements have given machines a greater ability to understand information, to learn, to reason, and act upon it.
Today, IBM Watson and Google DeepMind are leading the cognitive computing space.
Cognitive Computing systems may include the following components:
· Natural Language Processing – understand meaning and context in a language, allowing deeper, more intuitive level of discovery and even interaction with information.
· Machine Learning with Neural Networks – algorithms that help train the system to recognize images and understand speech
· Deep Learning – to recognize patterns
· Image recognition – like humans but more faster
· Reasoning and decision automation – based on limitless data
· Emotional Intelligence
Cognitive computing can help banking and insurance companies to identify risks and frauds. It analyses information to predict weather patterns. In healthcare it is helping doctors to treat patients based on historical data.
Some of the recent examples of Cognitive Computing:
· ANZ bank of Australia used Watson-based financial services apps to offer investment advice, by reading through thousands of investments options and suggesting best-fit based on customer specific profiles, further taking into consideration their age, life stage, financial position, and risk tolerance.
· Geico is using Watson based cognitive computing to learn the underwriting guidelines, read the risk submissions, and effectively help underwrite
· Brazilian bank Banco Bradesco is using Cognitive assistants at work helping build more intimate, personalized relationships
· Out of the personal digital assistants we have Siri, Google Now & Cortana – I feel Google now is much easy and quickly adapt to your spoken language. There is a voice command for just about everything you need to do — texting, emailing, searching for directions, weather, and news. Speak it; don’t text it!
As Big Data gives the ability to store huge amounts of data, Analytics gives ability to predict what is going to happen, Cognitive gives the ability to learn from further interactions and suggest best actions.