Keeping an eye on business and tech trends is smart for every business. Not only does it help you better understand the kind of solutions that may be available for your organization, but you can also find out what your competitors and customers might have access to.
The cognitive systems you need to know.
Some of the most exciting and forward-thinking technology right now relates to cognitive computing. Forbes notes, “Cognitive computing comes from a mashup of cognitive science — the study of the human brain and how it functions — and computer science, and the results will have far-reaching impacts on our private lives, healthcare, business, and more. The goal of cognitive computing is to simulate human thought processes in a computerized model. Using self-learning algorithms that use data mining, pattern recognition, and natural language processing, the computer can mimic the way the human brain works.”
What are the latest trends in cognitive computing?
With greater analytical power and intuitiveness, cognitive systems trends have the potential to disrupt the ways that many companies do business and communicate information with customers. Here are some cognitive systems trends to pay attention to.
Current cognitive systems trends
There is a lot of data to absorb, process, and interpret as a finance professional in the service of clients. Finding ways to approach and manage finances is on the minds of many cognitive computing professionals. One of the most notable apps that can help investors is Vantage, powered by Watson, the famous cognitive systems AI software. Financial managers will continue to benefit from cognitive programs like this, which can examine millions of documents and data factors to provide users with the best information.
Another place seeings surge in cognitive systems is the health and wellness industry. Imagine a medical assistant that could synthesize and interpret medical research, studies, and textbooks and provide you with personalized care suggestions. That could be the future of healthcare driven by cognitive technologies. One software company is leading the pack in this cognitive systems health care trend – Welltek’s CafeWell. They currently work with insurance companies, employers, care providers, and similar places to help users optimize their health with personalized guidance.
Technology has already greatly simplified the travel-planning process without having to rely on travel agents. Sites like Travelocity and Expedia provide customers with airline rates, hotel room options, car rental packages, and more. But planning experience is very client-driven and still feels very much like interacting with a digital database. What if the experience was a little more personalized and require even less price comparison? Cognitive-powered travel concierges could soon become mainstream, allowing travelers to ask questions about travel and offering customized data based on available travel data and individual customer travel preferences.
Digital personal trainers? Maybe. Cognitive computing can help fitness-minded clients develop personalized fitness plans and track progress towards their goals, much like any gym trainer can. Cognitive fitness apps would be able to learn from clinical research and track every user’s data to find out what works for them. While robot personal trainers might still be a way down the road, certified trainers at gyms and studios could use this technology to better train their clients, providing more detail and customization for both a better success rate with clients and also a better relationship.
Autonomous driving – like smart self-driving cars – could lead to cognitive computing cars or other forms of transport. This could lead to reduced accidents and improved environmental conditions. There is a lot of data available regarding transportation, particularly traffic accidents, highway construction, dangerous weather, and more. Cars with cognitive computing technology could easily synthesize all this available data and make use of it for the “driver” of the car. It would be like having a chauffer connected to a cellular or wireless network who could make recommendations and avoid traffic jams and improve road safety.
Additionally, cognitive systems trends are no passing fad. Most companies are aware of the value and are investing in technology accordingly. According to Database Trends and Applications, “Worldwide spending on cognitive and artificial intelligence systems is forecast to reach $57.6 billion in 2021, according to a recent update of the Worldwide Semiannual Cognitive Artificial Intelligence Systems Spending Guide from IDC. With many industries aggressively investing in cognitive and AI solutions, spending is expected to achieve a compound annual growth rate (CAGR) of 50.1% over the 2016-2021 forecast period.”
The goal of cognitive computing as it stands today is not to replace people, but to help people and work alongside them to create more solutions, based on a better understanding of more complex information. At its core, cognitive technology is an intelligence building tool that is growing so quickly because of its continued usefulness. Most businesses and industries could stand to investigate the applications of cognitive systems in their own organizations. Analyzing where your systems and processes have cognitive potential is one of the easiest ways to make use of current trend data and better utilize available research. Read more about the value of AI for business here.