| | MAY 201919CIOReviewOrganizations and leaders struggle to keep up with and adapt their business strategies to emerging technologies. It's hard to blame them with the onslaught of new technology coming to market every year. Thinking about these new technologies as a combination of connected offerings as opposed to individual tools can clear the clutter and lead to bigger advantages. Consider our smart phones, which comprise many parts and capabilities such as a camera, voice/video recorder, GPS locator, internal storage and applications that allow us to accomplish vast array of tasks. Though the technologies behind these parts evolved separately, when combined in a smart phone they revolutionized the way we live and work. Just like smart phones, a cognitive computing system is made up of a group of complex technologies. Cognitive Technology (CT), as we call it, combines machine learning, reasoning, natural language processing, computer vision, and human computer interaction to expand human capabilities such as sensory perception, learning, deduction, decision-making etc. As part of a cognitive technology system, each facet is engineered to interact with the other components seamlessly, which provides capabilities that not only offer competitive advantage for businesses, but also improves societal well-being. In this article, I will introduce these concepts and share some of the benefits of using CT. The basic terms you need to knowCOGNITIVE TECHNOLOGY­By Srinivas Krovvidy, Director and Head of Advanced Analytics Enablement, Fannie MaeExamples of cognitive technology applications:Cognitive technology systems are increasingly doing tasks that once required humans at the helm. We've seen rapid progress in these technologies over the past decade as processing power, machine learning techniques, and data collection combine to produce impressive results. Cognitive technologies have the potential to impact almost every aspect of our lives and become an emerging source of competitive advantage for businesses and the economy.Here are a few examples of such applications:Machine learning: Artificially intelligent self-learning systems that use data mining, pattern recognition, and statistical analysis to mimic human reasoning. Reasoning: The process of thinking about something in a logical way in order to form a conclusion or judgment. Cognitive Language Processing: A set of techniques that enable analysis, understanding, and generation of human languages for interfacing with machines.Cognitive Vision: Computer technology and algorithms created to understand useful information from images, videos, voice etc.Human Computer Interaction: The study of how people interact with computers and to what extent computers are designed to behave like humans.COMBINING HUMAN CREATIVITY WITH COMPUTING POWER
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