by Bill McCabe
How is the Internet of Things, or IoT, changing trends in cognitive business? The impact is evident with the alliance between computers and humans. Computers still quickly assimilate and spew out data based on what is seen, heard and read. The difference is that they are now reasoning, understanding, and learning from those processes, whether using older, stored information or real-time data. Swift, accurate decisions are based on facts rather than emotions or circumstances. Here are five exciting business trends motivated by IoT.
1. Intense communication skills: It’s common to hear people wish they could be more like computers. Today’s cognitive systems aspire to be more like humans and they are doing a spectacular job of achieving their goal. Artificial Intelligence can now grasp concepts and emotions including:
- Environmental conditions
- Personal relationships
- Emotional undertones
The result is an analysis of untold amounts of data tempered or enhanced by the lessons and emotions learned from interacting with humans. Rather than a strict response, cognitive systems develop a theory based on probability and the effect of unpredictable information.
2. New operations and processes: Cognitive IoT has the power to achieve unimaginable capabilities that change company operations. Internal and external data have additional value because the system continues to learn how to understand and express possibilities of context, workflows, and environments. Processing speed and calculations are far superior to the human brain, while effective forecasting improves as cognitive IoT learns and understands more about data through interaction with artificial and human intelligence.
3. Smart products and services: Financial services and medical devices are examples of business changes due to cognitive systems. Feedback from consumer reactions guides practices such as greetings, sales events, and fit and comfort of medical equipment.
4. Specialized expertise in the workforce: Cognitive systems can be designed to learn and the unique language of any profession. Expertise in the wording of retail, manufacturing, and medical fields allows the system to efficiently teach specialized words in any field to employees, reducing the time required by humans to study and learn.
5. Advancement and innovation: Cognitive technology results in the IoT searching for business opportunities and consumer patterns while processing data. It will provide well-documented suggestions for businesses of any size to consider acting upon. The number of sources and intelligence feeding into the system delivers innovative suggestions for advancement. Humans, programmable systems, and traditional research are unable to accomplish the swift sorting and determination of data. The results, however, are well documented to allow management to make a rational decision about the future of any suggestion.