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Cognitive analytics can refer to a range of different analytical strategies that are used to learn about certain types of business related functions, such as customer outreach. Certain types of cognitive analytics also may be known as predictive analytics, where data mining and other cognitive uses of data can lead to predictions for business intelligence (BI).
Cognitive analytics is also a company name, as well as a trademarked name for business products.
Techopedia Explains Cognitive Analytics
Business professionals generally refer to cognitive analytics when talking about various uses of big data for business intelligence. The general concept here is that enterprises collect or aggregate large amounts of data from very diverse sources. Specific software programs or other technologies analyze these in depth to provide specific results that help a business get a better view of its own internal processes, how the market receives its products and services, customer preferences, how customer loyalty is generated or other key questions where accurate answers are used to provide a business with a competitive edge.
Many of the practical issues surrounding high-level analytics involve core issues, such as the precise methods used to collect and store data in a central location, as well as the tools used to interpret this data in various ways. Companies need to build good systems for cross-platform data usage and the processing of this data to a particular end. Technology vendors can provide analytics services and other helpful assistance, but in the end, the practical use of analytics is up to the people who work in a company, where business leaders must not only know how to gather data, but also how to use it correctly.
