Big Data has become a hugely important area of business in the last few years. The way that it can be used to make better informed decisions has seen it described by The Economist as the new oil, as data has arguably become the world’s most valuable resource.
Yet, getting useful results from Big Data that can be easily understood by decision makers can be problematic. Gathering and then properly analyzing massive datasets clearly can’t be done manually, so new ways of doing this are needed. This is where data cognition engines are invaluable. What do they do and what are the benefits offered by them?
Source: Pixabay
What Are Data Cognition Engines?
These are business intelligence tools that use AI to rapidly learn datasets and analyze them. They also use machine learning, natural language processing, speech recognition, and human-to-computer interaction to carry this out. As a result, the power of immense amounts of data can be put more easily within the reach of the people who need it.
Through a combination of the above, data cognition engines are able to provide virtually perfect answers in the shortest possible time. In fact, the whole process can be carried out to produce microsecond analytical responses that are over 99% accurate.
How can businesses implement this technology for the first time, though? This can be achieved in a couple of different ways. One approach is to develop a company’s own in-house platform. A simpler method, though, is to purchase a pre-designed tool from an external developer. What existing BI products are out there that you should be aware of when making this decision? The embedded BI tool from Sisense, known as Sisense Hunch, was announced in 2018. This is a new data cognition engine where lean neural networks are replacing huge datasets by learning the patterns in the data and “understanding” it. All of this power is embedded in an internet of things device.
What Are the Benefits?
However, why should businesses look towards this type of tool to solve their data needs?
The most obvious answer is that it makes it far quicker and easier for them to understand all of the data that they collect. Big Data hides incredibly useful information that currently goes to waste in many companies simply because they don’t know what to do with it.
Thanks to IoT devices as well as the internet, it is now easier than ever before to gather large datasets from normal business activity. Yet, not every business is set up to then accurately use this information. By using a business intelligence tool, brands can ultimately make more informed decisions without putting vast amounts of time and effort into the analysis stage.
“Artificial Intelligence & AI & Machine L” (CC BY 2.0) by mikemacmarketing
Which Companies Will Adopt This Technology?
The truth is that data cognition engines can add extra value in just about any type of business. There are some very good reasons why Big Data has become such a vital part of industries such as healthcare, retail, manufacturing, and education. Any company that collects data can use this approach to better understand how their business is currently performing and what changes they should be considering for the future.
Local authorities are among the organizations that can also benefit from using their data more wisely. A good example of how this could work comes from the smart city of Milton Keynes in the UK, where Big Data is gathered as part of the MK:Smart project and then analyzed.
As we have seen, data cognition engines are going to play an increasingly important role in the future of numerous industries. Those businesses that adopt this technology early can expect to reap the benefits that it gives while their rivals run the risk of being left behind.
