Cognitive services to improve your business strategy
What if data were put to better use? What if, instead of wasting the time, effort, and resources that go into managing it, we used more of that data for the benefit of businesses and the consumers they serve? Or maybe we should ask, what would you do with $2.01 billion dollars?
$2.01 billion is the increase in revenue that a median Fortune 1000 business would see by making use of just 10 percent more of overall data resources. Fortunately, technology is available to help organizations build applications that provide a unified view of often hidden data such as customer data, customer interactions, product information, research and other types of internal and external data.
While most organizations see the value in capitalizing on new technology like cognitive business solutions, one common impediment is determining how to use this new technology to make a significant process improvement. When ideas get closer to becoming reality, business leaders are then challenged to determine the return on investment. To help address this, here are four strategic ways to apply cognitive business solutions to impact your bottom line.
Build Strategic Business Relationships
Collecting and analyzing business information on companies, competitors, financial data and performance gaps can be both time-consuming and labor intensive. With the help of natural language processing and machine learning, businesses can accelerate research, analysis, and evaluation. Cognitive services like entity recognition give computers the ability to classify news and sources into relevant business categories, such as internal restructuring or mergers and acquisitions. This can reduce the time and effort it takes to collect, digest and synthesize information and provide businesses with the tools required to better understand customers to improve confidence and relationships. Ultimately, helping you build strategic relationships and grow your business.
Make Better Decisions
According to multiple sources, the average adult makes about 35,000 decisions a day. For businesses, many of these decisions have major implications. Fortunately, there is a much smarter alternative to costly boardroom meetings, thanks to solutions like tradeoff analytics. This service helps people make decisions when balancing multiple objectives by using a mathematical filtering technique called “Pareto Optimization”. When your company makes decisions, how many factors need to be considered? What’s the process like? How do you know when you’ve found the best option? Avoid lists of endless options and identify the right option by considering multiple objectives. The business impact is pretty clear: the ability to make data backed decisions much more quickly. Just think of how many expensive meetings you could eliminate.
Both internally and externally, communication can set the stage for success or failure. Do you ever wonder how your message might be perceived by your client or your boss? Linguistic analysis can detect emotion, social tendencies, and even language style all from text. Tone analysis services help businesses improve the effectiveness of messages and how they are received, improving the impact of your message on people, colleagues, and customers.
The average knowledge worker spends 2.5 hours a day looking for information. Technology can drastically reduce manual time and effort. This manual effort translates to higher operating expenses, less competitive advantage, poor customer service, and missed goals. As data increases across all industries, cognitive services can make siloed structured and unstructured data from many difference sources accessible in a unified way – across the organization and beyond.
These are just some of the ways technology can improve your business, helping you to save time, resources, and money. Learn more about the benefits and consider how you can use cognitive services to get ahead of your competitors.
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