Cognitive Technologies to Become Popular in the Future

Big data analytics is the practice of analyzing massive amounts of data in order to discover patterns, trends, and actionable insights using modern computer equipment.

FREMONT, CA: The concept of 'Cognitive Procurement' is steadily gaining traction and raising eyebrows across the business as a result of a digital transformation. It is the use of cognitive technology in day-to-day procurement responsibilities to streamline procedures, automate simple activities, and make strategic decisions based on deeper insights gleaned from massive amounts of data. Cognitive technologies are those that can execute cognitive processes such as planning, thinking, learning, decision making, and so on that traditionally required human intervention and supervision.

According to a study, 85 percent of procurement leaders surveyed anticipate that cognitive technology will revolutionize their operations within the next three to five years. However, only 32 percent of them have a strategy for implementing these technologies, and only 25 percent have enough resources and intelligence to properly implement these technologies. Here is a list of some cognitive technologies that one cannot afford to ignore, if not now, then in the future.

Big Data Analytics

Big data analytics is the practice of analyzing massive amounts of data in order to discover patterns, trends, and actionable insights using modern computer equipment.

Machine Learning

Machine learning is a continual process in which machines learn new things using the data provided, with occasional human supervision.

Natural Language Processing

The goal of Natural Language Processing is to teach robots human-like soft skills in order to change their language and reactions and make them more human-like.

See Also: Top Machine Learning Solution Companies