The COVID-19 pandemic has bought massive disruptions in the businesses and has changed the way organizations work due to layoffs, work from home, new work arrangements, etc. Organizations that adopted cognitive technologies into their operations were successful in adapting to these changes due to the pandemic.
Cognitive technologies, a product of Artificial Intelligence simulates the human thought process in a computerized model using self-learning algorithms like machine learning, natural language processing to mimic the way the human brain works. The most important cognitive technology is that of cognitive automation. It uses advanced and complex technologies such as text analytics, data mining, machine learning, etc to make the complex data simple and easy to understand for humans so that businesses can gain valuable insight from them. Cognitive automation offers enormous potential for managers. These systems can manage production, inventory, procurement, financials, manage supply ensuring that products reach the required place via the fastest transportation channel and enhance the customer service experience. Thus cognitive automation proves to be a useful tool for managers especially during the crisis such as the one we face now.
Cognitive automation which uses AI technology to solve complex problems with human intelligence offers a variety of benefits that can’t be overlooked. The advancement of cognitive technologies is providing new automation possibilities that were not heard previously. Cognitive technologies help managers in
- Accurate data analysis: Cognitive automation helps to collect and analyze the massive amount of structured and unstructured data being created each day and respond to concerns as soon as possible. This provides businesses with insight and recommendations to enhance their operations.
- Efficient business processes: Cognitive automation tools can help enterprises to get rid of manual repetitive processes and ensure streamlined operations, transforming business digitally, mining massive volumes of data to provide real-time insights.
Thus it is predicted that the spending on cognitive technologies by businesses will reach $57.6 billion by 2021. Cognitive technologies like machine learning, artificial intelligence, NLG, etc are drastically transforming businesses and reinventing business models. Organizations are rolling out cognitive automation technology across its various verticals and it is considered as the next step in Robotic Process Automation.