Cognitive Computing

Cognitive Computing

Cognitive Computing is an emerging technology that aims to have computers mimic the way the human brain works by using natural language processing, image recognition and pattern detection. It can be used to perform a variety of tasks including speech recognition, sentiment analysis, risk assessment and more. The technology is being used in many different industries and can improve operational efficiency, customer service and analytics.

The biggest challenge is that cognitive systems are complex and require large amounts of data to learn. This makes them costly to implement and slow to train. This process takes years, which impedes adoption and prevents businesses from reaping the benefits. Some organizations are working to address this issue by partnering with vendors who have expertise in the technology. One such company is SparkCognition, which specializes in the use of deep learning algorithms to enable cognitive systems to analyze massive volumes of data for faster, more accurate results. Other companies such as Numenta and Expert System are focusing on using natural language processing (NLP) to help cognitive systems understand the meaning of words in context and perform tasks such as sentiment analysis or risk assessments.

These technologies are also able to recognize signals in real world environments that can be captured with sensors and converted into digital information. The cognitive systems can then identify patterns and relationships in that data to understand the context of a situation. They are also iterative and stateful, meaning they can learn from their mistakes by analyzing previous results. This enables them to be more effective at solving complex problems and is an important part of why they are considered a different type of computing than artificial intelligence.

As the technology continues to evolve, it is likely to see widespread implementation across multiple industries. This is because of the unique advantages it brings to business processes. For example, it can streamline operations by enabling businesses to take the guesswork out of repetitive and time-consuming manual tasks. It can also provide a more holistic view of business performance, making it easier to identify opportunities and risks.

In the retail sector, for instance, cognitive systems are being used to help customers find the right products. They can recommend new products that might interest them based on their past purchases and current browsing habits. Additionally, it is being used in banking and finance to improve risk assessment and fraud detection. It is also being used to create chatbots that interact with customers and provide them with answers.

As a business leader, it’s important to be aware of these trends and what cognitive computing can do for your organization. However, Costantini urges organizations to lower their risk by first implementing the technology in a limited area of their business. He suggests starting with something simple, such as image recognition. A recent project by Neurality involved an image-recognition system that reduced the approval process for fake profiles on a dating app by more than 70 percent.