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Is cognitive enterprise the next digitization wave?

In the era of digital disruption, technologies like Artificial Intelligence (AI), robotics, cognitive automation are the drivers that shall transform companies into cognitive enterprises. Over the past few years, business architecture has evolved much towards using technologies. From providing enhanced customer experience, improving data-backed decision-making process without compromising on quality, and boosting growth. As these companies strive to rise beyond customer expectations and keep up with the market trends, AI, Big Data, and machine learning have become the lynch-pin for them towards future growth. A recent global C-suite study by IBM found that 42 percent of more than 2,000 CFOs surveyed are operating, building, or considering a data-driven and digital business platform model.

The birth of cognitive enterprise shall help us in better analysis of previously unrealized data values, market potential, and early forecast of emerging trends. Meanwhile, seamless omnichannel experiences and personalized digital interfaces, too, shall increase.Basically, it is a step up from the consumer data drive ecosystem that is currently common in the business environment. It is a paradigm shift from traditional people-centric enterprises. Without any doubt, it has the power to disrupt many business value chains. This includes Fintech, cybersecurity, logistics, and many more.

According to IBM, there are three main building blocks of a successful cognitive enterprise. These are:

Market-making Business Platforms: This is labeled as the most fundamental component to get right first. It refers to instances of the business strategy of the organization and having an affinity for investment priorities, and change initiatives focused on guiding towards the future. These platforms are called market-making as they call for focus, criticality, and to make an impact. These are a must as they reinforce competitive position within an industry, shape a new role in an industry context, or open up cross-industry market opportunities. Thus choosing a platform defines how companies' trajectory and growth narrative shall be in the future.

Intelligent Workflows: These are extended end-to-end or front-to-back processes that, through the application of technology at scale, define the customer experience and economic outcomes at the heart of the new business platforms. Companies need to distinguish the most important workflows and related value pools in front-, middle-, and back-office areas that will designate a unique status for the company or industry.

Once that is done, companies can move to apply the precise set of exponential technology, leverage the power of targeted data, and enable these workflows with next-generation applications in a reinvented hybrid cloud IT infrastructure. Then relevant capability layers can be architected, transitioned, and built out in service of the intelligent workflows and business platforms. Together they deliver the massive potential for cost optimization and broader value realization, as well as future-proofing for the enterprise.

Enterprise Experience and Humanity: It is considered as the most essential element of cognitive enterprise. This is crucial as how enterprise or company shall interact, engage, and deliver personalized experiences shall go in the long run in determining the altitude of the company in the market. Simply providing high performance is not enough; services and products need to have that 'human touch' to make a memorable impact.

Possessing a cognitive enterprise powered by Artificial intelligence, machine learning, IoT, automation data analytics, and cognitive computing have the potential to revolutionize the business landscape. The key is to be aware, adaptive, and open to such changes.