How Cognitive computing changing Market Research ?

How Cognitive computing changing Market Research ?

Technology innovation is changing the way we all live and will continue to do so. Across the globe innovators are coming up with new innovations and consumers are embracing the innovations every day as part of their lives. Apart from increasing the consumer living standards, they are also presenting huge business opportunities for enterprises. Everyone in the supply chain of innovation is hunting for new opportunities to get into new markets of technology innovations. Well… how do they get there and make a strategic decisions based on data facts to get into new markets of innovations?

 

Dynamics in market drives the strategy of an enterprise and the growth depends on how quickly an enterprise adapts to the changing external ecosystem. It’s critical to track these changes closely in order reduce the time taken to adapt to the changes. Cognitive technology plays a major role in giving these leading indicators at appropriate time to the decision maker to influence a change.

 

Market Research is one of the most critical function of a technology enterprise which keeps scanning the outside world to identify and strategies opportunities. The market research group tracks the technology use cases and formulates the market size based on the implementation of the technology in different industries and businesses. Traditionally, the team does primary and secondary research to arrive at the facts for a market study. In most of the occasions the research process is manual. Collating and maintaining the data is another task which could take more person hours to keep the data accurate.

 

Cognitive technology is changing the way the research is being done. Automating the secondary research, data curation and storage process brings down the effort and time drastically. A research automation platform built on cognitive technology can scan the web to identify only those events that matter to an enterprise and curates the event to store it in the database. It also learns as the enterprise research needs evolves and adopts to changes in the ecosystem.

 

Research powered by a cognitive platform addresses many challenges and brings in advantages for an enterprise. Apart from bubbling up the trending innovation in market, it can send relevant alerts to decision maker to get the attention. It also automatically learns the changing priorities of organization and adapts the changes to ecosystem. It can search for new competitors and alerts about possible threats. It can also hunt for new opportunities based on the service portfolio of organization and current market trends. Automating the external ecosystem insights brings in immense advantages to any enterprise and helps in quick strategic decisions, which in turn impacts growth.