As data continues to increase in size and form, it is becoming increasingly challenging to aggregate, normalize and decipher all the information stored across the enterprise and beyond. Data – be it from traditional legacy systems, data warehouses, social platforms, mobile devices, sensor-enabled products or the like – contains a wealth of valuable information from which to glean insights. However, many organizations struggle to leverage and capitalize on the insights and intelligence hidden within.
Whether the inhibitors are the immense volume of unstructured data, the many disparate data silos within the organization, or the inability to scale the business’ expertise and performance, the untapped potential of leveraging data and analytics to accelerate business drivers can be significant.
Cognitive analytics addresses many of the data challenges experienced by organizations today, and is a powerful vehicle for finding real-time answers hidden within massive amounts of diverse data. While traditional analytics extracts meaning from structured data based on specific problems, outcomes or predetermined data points of interest, cognitive analytics takes a broader and much more adaptable approach to data discovery. Through machine learning algorithms and natural language processing, cognitive analytics takes a human-like approach to interpreting data, understanding its context and revealing its trends, patterns and correlations.
Take, for example, the following ways in which a cognitive analytics solution can add value to an organization:
- A consumer products company needing to uncover the factors contributing to the decline in the appeal of its products and subsequent sales revenue: A cognitive analytics solution can gather and analyze millions of customer inquiries from call center logs and social media platforms, enabling the company to quickly understand the current market demand and ensure its product planning and marketing efforts align with the needs of its customers.
- An automotive manufacturer needing to proactively identify defects: A cognitive analytics solution can unite all the data across the company, integrate it with millions of National Highway Traffic Safety Administration (NHTSA) records spanning 10 years, and identify trends in the complaints allowing the manufacturer to proactively discover defects and initiate recalls that could save lives and millions of dollars in penalties.
- A marketing organization needing to assess the effectiveness of cross-sell/up-sell campaigns without having to depend on IT for report generation: A cognitive analytics solution allows marketing analysts to ask questions of the data in natural language, guides them in finding customer insights and opportunities, and automatically uncovers patterns and variables that drive customer behavior. This enables the organization to maximize their marketing and campaign ROI and increase customer retention by offering the right mix of targeted campaigns that best serves their customers’ needs.
Cognitive analytics is gaining momentum and is used in many innovative ways to solve problems across all industries. For more information about how Sirius can help you manage your big data challenges and kick-start your cognitive journey, talk to your Sirius representative, or visit the Sirius Data & Analytics Solutions page