Car Rental Technology Part Of A Cognitive System Trend
Latest technology could boost abilities of automated services in industry
A report by intelligence-based research group suggests that industries already using artificial intelligence to increase efficiency and market reach could benefit by a new wrinkle in the technology known as cognitive systems. And it could have positive implications on the car rental industry, claims an Analytics Insight report issued Monday.
Basically, cognitive technology is the latest trend that could speed up and make simpler the interaction between computers and humans. It could further accentuate the benefits that the car rental industry is already enjoying through its recent applications of AI to some facets of their business, from the use of biometrics at Budget airport terminals to fleet tracking at Avis.
Where the cognitive system could boost performance, suggests the piece, is by making the interaction between a client and business more interactive, almost as if the two parties were talking face-to-face. Basically, the idea runs along the lines of having a car rental concierge at customer fingertips via company app, which enables that concierge answer questions specific to customer needs and personalize the transaction experience.
Both AI and cognitive systems operate in similar fashion with a reliance on huge amounts of data that need processing and analysis to arrive at making decisions to better a user or company’s well-being. While AI at this point suggests options, cognitive technology goes a bit further by assisting in the actual decision-making process.
“In short,” suggested a Tech Funnel article, “cognitive computing tries to problem solve by reasoning, rather than strict analysis.”
Right now, the technology is in embryonic stage, with a market value previously estimated at only $4.7 million in 2018. But a study by intelligence-based market research firm Imarc estimated to could grow by more than 17 per cent annually, hitting up to $12.5 million by 2024.
One major driver of this growth is the ability to use more raw data at a faster rate to apply to current intelligence-based technologies. Keeping a close eye on this progress are a number of banks and financial institutions as well as the retail and healthcare sectors, which hope that the implantation of cognitive technology will boost the efficiency in the delivery of products and services.
There’s still plenty of work to be done to make cognitive technology systems a reality. But over time, it’s hope that more prudent delivery of what companies are offering as well as the efficiencies in labor may offset the high costs of investing in such a system.