August 22, 2014 | Written by: THINK Leaders
Categorized: Innovation | New Thinking
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Business leaders make thousands of decisions over the course of a year. Fortunately, we have more data, more evidence to help support those decisions than ever before. But the sheer volume and complexity of the information that could potentially inform a decision far exceed the analytic capabilities of the human mind. Imagine if some of those big decisions—which products to develop, how to price them, whom to hire—those decisions that collectively determine the success or failure of your organization—were informed by a powerful new tool that can sense, predict, infer and, in some ways, think—using artificial intelligence and machine learning algorithms exposed to massive data sets. How would your role and your organization change?
Cognitive computing is that new tool—and some of those changes you’re likely to see are:
1. You will be working more on questions than answers. IT will play a critical role in rooting out the business challenges. Cognitive tools will be able to do the basic research, assimilate the data and draw inferences and conclusions over huge volumes of information.
2. You will be collaborating more closely with new partners. IT will work even more closely with functions like marketing and finance to understand complex scenarios that may benefit from the language processing and reasoning that a cognitive tool offers.
3. You will be working with entirely new technologies—and entirely new team members. IT will need new technologies—and new business intelligence competencies—to understand and analyze natural language.
And those who ask the right questions, collaborate with the right partners, and build a new kind of organization could find themselves with a significant competitive advantage.