We live a data-driven life as every human action generates data that keeps multiplying at an astronomical rate. Every day we generate 2.5 quintillion byte data, and the pace of data generation has reached such an incredible level that in the last 2 years, only we generated 90% of data currently in circulation. Data is an invaluable asset because analyzing data makes it possible to extract valuable information that helps draw conclusions and chart the future course of action for improving our lives. Data analytics plays a crucial role in human development by supporting decision-making processes and providing suggestions that can transform lives. Therefore, data analytics is a critical economic driver that has evolved over the years while progressing through various stages and finally culminating in cognitive analytics.
Cognitive Analytics – An Advanced Method of Using Data Analytics
Let’s start by understanding what cognitive analytics is.
Cognitive analytics uses technology to simulate the human thought process for learning by analyzing data to discover hidden patterns from data. As data sources keep expanding because of deeper technological penetration in all walks of life, the latest data analytic technique captures data from numerous sources like audio, video, images, and texts. Then, with the help of high-performance computing aided by artificial intelligence (AI) and Machine Learning (ML), the process undertakes sophisticated data analysis. The information generated in the process is helpful for business intelligence and decision-making.
Cognitive applications become more effective by learning from human interactions and data. The analytical process uses human-like intelligence to perform tasks like extracting an entire text summary instead of individual words. For sophisticated data analysis, the process uses technologies like algorithms of artificial intelligence, Semantics, Deep Learning, and Machine Learning.
Imitating the Human Personality
The combined technologies that constitute cognitive computing aims at imitating human personality by mapping the thought process and understanding sentiments and personality to deliver solutions. We see a lot of cognitive analytics examples around us like Microsoft’s Cortana, Google Assistant, Apple’s Siri, and Amazon’s Alexa that have become our trusted companions. As people fondly call them, all smart assistants use intelligent technology that helps the devices imitate human personalities. As a result, the devices can engage in human-like interactions by understanding the spoken language. The voice assistant built into a smartphone is the most common example of using cognitive analytics. Technology helps the assistant to understand the human conversation and respond accordingly.
The Benefits of Cognitive Initiatives
Businesses rely heavily on cognitive initiatives to understand how the business is growing. The method provides valuable insights into the business processes to understand what works and does not. Constant feedback about the performance of the business processes based on critical data analysis helps improve customer engagement, efficiency, and productivity and drives business growth.
Cognitive analytics is creating a huge impact on our lives as data analytics help identify various vulnerable social groups and work for their improvement. Increased situational awareness is leading to increased public safety. The technology helps protect the environment by providing directions about actions to take to improve the environment.
