Data and analytics can be described as the oil required to run the business machinery. The ocean of data available in both structured and unstructured formats can be used to arrive at solutions that help in making strategic and business decisions. In other words, data analytics is the process that can drive the economy of the organization. This process includes inspecting, cleaning, transforming, and modeling data to retrieve useful information that helps in arriving at conclusions and decision-making.
The approach of data analytics has evolved over the years from Descriptive to Diagnostic to Predictive to Prescriptive analytics. The next exemplar shift is toward cognitive analytics advancing to high-performance computing by combining artificial intelligence and natural language processing, machine learning, and deep learning techniques with data analytics.
To understand how can businesses tap into cognitive computing systems, let us first understand what is cognitive analytics?
What is Cognitive Analytics?
Cognitive analytics imitates human brains to do certain jobs that enable them to draw inferences and insights from the existing data patterns. This helps businesses to arrive at critical business decisions and conclusions based on existing data.
Combination of technologies like Semantics, algorithms of artificial intelligence, machine learning, deep learning, and natural language processing results in cognitive analytics. Cognitive analytics thus becomes more effective from the interactions with data and humans. By searching through the entire data present in the knowledge base, cognitive analytics arrive at real-time solutions.
It all boils down to getting the right information, in the right hands at the right time. Organizations are using cognitive analytics to tap unstructured data sources such as images, emails, text documents, and social posts for finding out real-time answers to arrive at conclusions.
Now that we have understood what is cognitive computing, it’s time to look into the ways cognitive analytics is benefiting businesses.
Learn more about cognitive analytics and create a better understanding of the concept.