Cognitive analytics might be the one you need for your business.
Data has become one of the most vital elements in today's business landscape. Before you make a decision, whether big or small, you must go through all the data at your disposal. This way, you have a competitive advantage over your competitors and a high return on investment.
But with the huge volumes of structured and unstructured data, how do you arrive at business solutions in the shortest time possible? Thanks to the availability of analytics tools, you can now analyze all the data collected from different IoT devices in real time and from anywhere. While analytics help you get ahead of the competition, you still need knowledge-based insights for better decision-making.
This is where cognitive analytics comes in. In fact, the cognitive computing market is estimated to reach about $87 billion by 2026 as businesses look for ways to make massive advances. So, what is cognitive analytics, how can companies use it, and why is it important? Let’s get into more in-depth details about this new paradigm shift.
What is Cognitive Analytics?
Cognitive analytics seeks to exploit the advances made in computing by using both data analytics and AI practices. In other words, it’s a field of analytics that mimics the human thought process to draw insights and inferences from existing data models. It helps enterprises arrive at better conclusions and decisions based on the available information.
Also, this combines technologies like Deep Learning, Machine Learning, algorithms of Artificial Intelligence, and Semantics. By applying these technologies, cognitive analytics delivers more effective outcomes due to the interactions with humans and data. You can easily search through the information in a knowledge base and arrive at conclusions in real time. You can find answers through unstructured data sources like social media posts, images, and text documents and get real-time solutions.
Why Cognitive Analytics Is Important
The major reason why many businesses have adopted cognitive analytics is to overcome the challenge of creating an algorithm. After collecting large volumes of data, enterprises needed to develop a customized methodology to get critical insights. To tackle these challenges, cognitive analytics and machine learning make it more effective for organizations. By implementing this new technology, you can expect increased speed when searching for specific information.
Who Can Use Cognitive Analytics?
Several industries that deal with large amounts of data have implemented cognitive computing to boost their growth. Some of the major sectors that have adopted cognitive analytics include:
- Retail industry
- Banking and Finance
- Cybersecurity
- Power and energy
- Health
- Logistics and transportation
- Education
How Your Business Can Use Cognitive Analytics?
Businesses that embraced cognitive analytics in their early stages have seen tremendous growth in various aspects. Statistics from IBM show that approximately 65% of the early adopters of cognitive analytics view it as a very critical aspect of their success. Even better, using this technology gives enterprises a significant edge over other organizations. Below are some of the areas where you can leverage this key technological advancement in your business.
Customer Engagement
Customer engagement is one of the most critical aspects of growing your enterprise. Better engaged customers know you value their money, and they always prioritize your brand. Adopting cognitive analytics will help you identify your client's unique needs and wants, enabling you to deliver personalized customer experiences. As a result, you can deliver tailored offers, products, or messages to each individual, which makes them feel more valued.
Cognitive analytics also helps companies to increase customer engagement by providing faster and more accurate responses. The rate at which you respond to a customer’s query also shows you care about them, and they can trust your brand.
Customer Acquisition
Whether you have just started your enterprise or have been in business for decades, you want to keep attracting new customers. Using cognitive analytics, you will sift through volumes of data to arrive at relevant and accurate insights. By utilizing human-like intelligence, this technology recommends solutions based on patterns and trends.
Companies can also respond quickly to changes in the market to suit new and existing customers. For instance, organizations can refine prices based on market trends and purchases, which increases customer loyalty, which is vital for sustainable business growth.
Improve Customer Service
Your customer service team acts as the face of your organization, and customers expect to have a seamless experience every time they interact with your agents. You can leverage cognitive analytics to automate routine customer service operations. This allows your agents to concentrate on high-performance interactions, which improves efficiency.
Plus, using this technology in conjunction with artificial intelligence eliminates common poor customer service habits. Your customers will no longer have to repeat similar issues to different agents without getting a solution, wait for long periods while on hold, and more.
Risk Management
With this technology, you can get relevant recommendations and insights much faster than relying solely on humans. Whatever form of data you have, you can rely on cognitive computing to process it, which increases business capabilities to mitigate risks.
Notably, businesses in the financial sector rely on cognitive analytics to aggregate information from various documents, reports, and medical and economic histories. This helps to reduce risks and improve regulatory compliance.
Increase Productivity and Efficiency
Limited resources make it difficult for many businesses to grow. You can overcome this problem by harnessing the power of cognitive analytics. This technology enables organizations to gather valuable predictive data that assists in increasing productivity and efficiency.
Staying competitive in the current digital market requires you to derive predictive insights accurately. Thanks to cognitive analytics, you can find answers to relevant questions from data in various formats. This is also critical for reducing costs and improving decision-making.
Bottom Line
Cognitive analytics gives you immense power to take your enterprise to the next level by providing robust and agile solutions. And since cognitive analytics is an extension of human intelligence, leveraging this new technology will help strengthen your overall business capabilities. That’s why several modern organizations have started harnessing the power of cognitive analytics to help them solve issues.
You risk falling behind the competition if you’ve not yet started implementing this technology in your business. This is the next big thing, and your organization should be part of it.
How DashboardFox Can Help with Cognitive Analytics
DashboardFox does not currently focus on cognitive analytics. We’re upfront about that; you will not find us on the artificial intelligence, ChatGPT, machine learning bandwagon at this moment.
However, here’s the difference between us and others in the BI industry hyping those features: while we believe there are legit use cases for them, we don’t believe in using them as marketing buzz pretending our BI tool does it.
Here’s why DashboardFox still fits in your BI stack, however. Our focus is on the presentation layer. Securely connecting to your sources of data and communicating that to the people you need in the know.
We can also make it very easy for you to extract data to pass into the tools of your stack (or the data analysts who need it) to run it through a cognitive analytics algorithm. And when you’re ready to communicate those results in self-service, ad-hoc reports and dashboards, DashboardFox shines.
With DashboardFox, you just need to drag and drop features, organize them, and get started. We can help you with embedded analytics, data visualization, dashboard creation, user management tools, and much more.
Plus, it’s intuitive enough to be used by anyone regardless of technical background or experience, thanks to its codeless build reporting. No need to have extensive knowledge of computers and technology when using DashboardFox.
Also, you would be delighted to hear that you don’t have to keep any sort of subscription when using DashboardFox. Pay once, and use everything forever!
What are you waiting for? Take advantage of our free live demo sessions or discuss everything with us through a meeting with our experts. We’ll wait for you!