Cognitive computing offers significant promise for finance functions seeking additional ways to deliver value and insights. Cognitive computing refers to self-learning computer systems that use data mining and machine learning to simulate human thought processes. Cognitive computing can provide insights into vast amounts of structured and unstructured data. It can also be combined with natural language processing to analyze text/voice inputs and to enable interactive chatbots.
Based on APQC’s Open Standards Benchmarking® (OSB) data in financial management, this infographic looks at the usage of cognitive computing by the finance function, key benefits, and challenges of implementation.