Deloitte profiles cognitive technology
Despite challenges, many organisations across industries are using cognitive technologies, realising the benefits they bring go beyond cost savings, according to a report by the global consultancy Deloitte.
The survey suggests cognitive technologies are already changing how work gets done, how decisions are made, and how machines drive interactions and outcomes for many organisations in industries including financial services, healthcare, life sciences, government, oil and gas, and manufacturing.
The “Deloitte Insights on Cognitive Technologies” report found industries are deploying cognitive technologies in their products, processes, and services.
Between 2017 and 2021, global spending on artificial intelligence (AI)focused systems — including AI-focused hardware, software, and services — is expected to grow at a compound annual growth rate of 50%, reflecting some $200 billion (6.54 trillion baht) in cumulative spending across an array of sectors including healthcare, retail, banking, and manufacturing.
Research found there is no single definition of cognitive technologies. They are often described as technologies that can perform or augment tasks, help in making better decisions and accomplish objectives that traditionally require human intelligence, such as planning, reasoning from information, and learning.
Deloitte’s survey said companies are already benefiting beyond automation and cost-cutting from enhanced product performance, better and faster decisionmaking, improved outcomes, optimal resource allocation, greater efficiency, product and service innovation and quicker scaling of operations.
In addition, the survey suggests the adoption of cognitive technologies allows greater worker freedom and creativity.
Cognitive technologies also present the opportunity to transform how organisations get work done by breaking up the trade-offs between speed, cost and quality.
Despite the benefits that cognitive technologies offer, most organisations are at a nascent stage in adopting these technologies in their processes and offerings. Even among organisations within the same industry, adoption levels vary.
One factor that could explain the disparity between expectations and adoption levels is challenges to integration and a lack of understanding of cognitive technologies.
Respondents to the 2017 survey on cognitive technologies identify integration with existing systems and workflows as the single biggest hurdle that companies face in adopting cognitive technologies. Considering that cognitive technologies perform individual tasks and not complete processes, organisations should consider the feasibility of integrating them with existing systems, said Deloitte.
The survey found 40% of respondents cited a lack of understanding about how to use cognitive technologies to meet business needs.
Most organisations that are successful in adopting cognitive systems have a good understanding of these technologies, including what can be accomplished, the data required for training the algorithms, and the training processes involved, among other factors, said Deloitte.
The decision to become a cognitive organisation should be considered and grounded in reasonable expectations. While there are no hard and fast rules, some guidelines can help stakeholders as they consider their cognitive plans.
Understand each cognitive technology — what it does well and how it is limited, said the consultancy firm.
There is no single way in which organisations will or should adopt cognitive technologies. Much depends on what an organisation is trying to achieve and the culture within which it operates.
Between 2017 and 2021, global spending on AI-focused systems — including hardware, software, and services — is expected to grow at a compound annual growth rate of 50%, reflecting some $200 billion.