Move from insight to action, results
In this hyper-connected world, following instincts can result in lousy outcome
The world is inundated with data and the volume is growing exponentially. Consider this: by 2020, about 1.7 megabytes of new information will be created every second, for every human being, on the planet. Additionally, as per an Ericsson Mobility report, around 29 billion connected devices are forecast by 2022, of which 18 billion will be related to IoT. In this hyper-connected world, following instincts can no longer be a business strategy. The imperative is to curate data from an increasingly wide variety of sources and deliver intelligent insights which can be applied to drive desired outcomes.
The next generation of consumer, accustomed to a digital life, demands preference-based personalised services. Hence, it is important to converse with her in a familiar language — instant and relevant. The need is to create deeper human interactions by generating impactful insights, based on individual requirements. To achieve that, businesses need to deliver exceptional experiences at the right moment. Now imagine a new datadriven system that enables businesses to “think, advise and prescribe” actions which have the highest probability of success, based on data and not mere instinct. Cognitive computing is making it possible and it will redefine how businesses connect with the consumers in future.
What exactly is cognitive computing? Broadly speaking, cognitive systems are the next era of computing which have the unique capability to learn from inputs, develop expertise, continuously, as they consume data. They are designed to crunch vast quantities of different kinds of data, reason over the information, learn from their interactions with data and people, and provide insights based on reasoning and logic. As much as 2.5 quintillion bytes of data is being generated every day, of which 80 per cent is in the dark and goes unused because it’s not machine-readable, not easily accessible and so not leveraged properly. By applying cognitive technology companies can derive insights that will provide competition advantage for businesses.
The key decision-makers are perennially looking for sophisticated and modern methods to enhance the relationship with their stakeholders, particularly the customer. The customer loyalty landscape is changing rapidly and it will only accelerate. With large troves of unused data, as well as numerous touch points in social media, mobile and location services cognitive machines can learn an individual customer’s behaviour, her personality and what will resonate best with her traits. Imagine a shopper visits a retail store to shop for a trip to the hills. What if she place her requirement on the kiosk or the website of an online retailer, which shows it’s going to be snowy and windy at the time of visit. One would require something more than just woollens. They are then presented with relevant options like a warm water-proof or sub-zero insulated jackets. With access to such insights, through cognitive computing, a brand can create a strong personal connect with customers.
When we look at any industry, huge investments have come into the forefront to improve customer marketing efforts. The focus remains on enhancing the customer experience and creating a connect. The leaders in various businesses require information on the go to move beyond hardselling and towards intelligent selling. Cognitive computing provides new information, scenarios and responses — the data talking to decision-makers like an advisor. It’s time businesses recognise data and consumers with the potential of cognitive computing and move from insight to action and to best possible results.