Cognitive Wave is Set to Bring a Paradigm Shift in Human-Machine Collaboration
A new era of cognitive technology is bringing about a paradigm shift in how the humans used to work with machines. The development of self-learning systems that use data mining, pattern recognition and Natural Language Processing (NLP) has enabled Cognitive Technology to replicate how the human brain works. Similarly, at the rate in which digital storming is taking place in India, the country is shifting gears to become a cognitive technology hub in the near future. According to Dr. Harrick Vin, Global Head of Digitate, a TCS venture, “Cognitive Technologies are inclusive of the capability to assimilate and mine unstructured data in a wide range of formats, extract relevant information from them (e.g. existence of a person or an animal in a picture or extract sentiments from a blob of text), handle multiple overlapping data sources and versions, and perform data integrity and completeness checks among other tasks, is set to open up a complex new world of possibilities.”
The applications of cognitive technologies have been divided into three main categories - Product Application - Providing end-customer benefits by embedding technology in a product or service, Process Application - Embedding the technology in an organization’s workflow to automate or improve operations and Insight Application - Uncover insights that can inform operational and strategic decisions across an organization with specifically advanced analytical capabilities such as machine learning.
Factors Impeding Adoption of Cognitive Technology
For organizations to really benefit from the ongoing Cognitive wave, they must adopt cognitive technology practically by analyzing various pain points on implementing those technologies to resolve overall business challenges. Furthermore, the foreseeing of what and how the implementation of Cognitive technology could benefit all the related stakeholders. In reference to a study conducted by The Hackett Group, majority of procurement leaders believe that cognitive technologies will transform their operations in next 3 to 5 years, with only 32 percent of them having the capability to employ these technologies and only 25 percent of them with enough resources and intelligence to efficiently execute these technologies.
Although Cognitive Technology happens to be in its nascent stage, there is no doubt about its significant role in revolutionizing the various aspects of our lives in coming years.