10 October 2016
OP/ED: Cognitive analytics gives business the edge
FTSE Global Markets features a bylined article by Cliff Moyce, Global Head of the Finance Practice at DataArt, on the ways cognitive analytics will help support, objectify and rethink business decisions.
“The cognitive analytics revolution in business is underway. It is underpinned by artificial intelligence, cognitive computing and machine learning. Cognitive analytics will give business executives such as the CEO, CFO, CIO and CMO massively enhanced data-driven decision-making abilities, as well as the ability to track and learn from prior decisions.
The way that cognitive analytics achieves its magic over and above current data analysis methods is through (1) ability to analyse huge amounts of unstructured data alongside traditional structured data sets; (2) ability of cognitive analytics tools to generate non-intuitive insights from data; and (3) ability for the tools to learn as they work – including how decisions suggested by the tool previously panned out when implemented (post-hoc analyses).
Insights provided through cognitive analytics will focus us more on the questions that we ask. These insights can help break us free from the prisons of wrong assumptions, faulty hypotheses, and the tendency to confuse symptoms with causes.
All areas of business can be supported and enhanced by cognitive analytics. These include business strategy (for example, mergers and acquisitions); product design and marketing; financial planning (from capital planning to cash management to financial control); and business operations (for example, the efficient and effective deployment of resources for maximum productivity).”