Cognitive Computing and the emerging opportunity for startups
The Global Internet population now represents 3.2 billion people. They are uploading more than 400 hours of video to YouTube every minute. Everyday they are sending 196.4 billion emails, tweeting about 500 million tweets and more than a billion people are active on Facebook. Every month, people post 52.8 million new posts on WordPress. There’s an overwhelming amount of data on digital systems that continues to grow exponentially everyday.
Today’s challenge is harnessing all of this data and gaining insights to make better business decisions or even better personal decisions in our daily lives. Because of the limited capabilities of traditional computing technology, the vast majority of data has been largely ignored. This represents a huge gap in the marketplace, and incredible opportunity for startups.
That is where cognitive computing comes in.
With the recent rise in cognitive technology, startups are now able to draw insights by tapping into massive volumes unstructured data, data that was previously ignored. Because cognitive technology is trained and continuously improves, startups are rapidly bringing to market powerful new applications to tackle business problems across countless industries.
As new capabilities continue to emerge, more and more startups are turning to cognitive computing platforms. Here are the top three reasons why:
Cognitive computing offers capabilities not previously available to the marketplace. By tapping into this technology, and applying it to various different industries, startups are rapidly bringing new value to the marketplace. Because cognitive technology is readily available to startups, they can quickly and easily build new capabilities into their offering, without the need to hire multiple machine learning and AI programmers. Better yet, because cognitive technology is trained, not programmed, it continues to get better over time, making things a whole lot easier for these startups.
Make more money with better insights.
Cognitive technology can analyze unprecedented amounts of unstructured data, drawing insights in a matter of minutes. These insights allow companies and individuals to make better decisions, with more complete knowledge. In a recent example, one company is using cognitive computing to draw insights from massive amounts of medical journals, helping doctors make better treatment recommendations for their patients. Another company is analyzing thousands of sports analyst reports to help people make better decisions for their fantasy football teams. The possibilities with cognitive computing are endless.
Gaining a competitive advantage
Cognitive technology is still relatively new to the marketplace. Startups looking to gain a competitive edge are realizing the need to stand out in the marketplace by offering capabilities that their competitors cannot. Cognitive technology provides just the means to do that. With new capabilities continuously emerging, startups are getting in early.
Interested in more? Learn more about how your startup can use cognitive computing and hear from 6 real-life examples of cognitive computing products in the new eBook, Accelerate your Startup with Cognitive Computing.
Get the eBook “Accelerate Your Startup with Cognitive Computing”