November 23, 2015 | Written by: Sumit Patel and Russell Hargraves
Share this post:
This is the third and final blog in the Digital Transformation in the Cognitive Business Era series where we explore how cognitive systems like IBM Watson are redefining society, business and human interaction in the digital economy by helping people make better decisions.
In healthcare and life sciences, tens of millions of Americans currently live with medical devices implanted in their bodies. The data generated from these devices combined with data from electronic medical records, test results, medical images, video, patient sensors, and bedside devices creates incredible opportunity for cognitive insights.
The FDA is establishing a system to uniquely identify medical devices through their distribution and use. When fully implemented, devices will include a unique device identifier (UDI) in human and machine readable form. The UDI system will improve patient safety, modernize device surveillance, and facilitate medical device innovation. The goal is to improve the identification of medical devices, making it possible to rapidly and definitively identify a device and key attributes that affect its safe and effective use. This will facilitate a more accurate reporting of adverse events (AEs), making it easier to pinpoint the device at issue enabling better patient engagement.
The use of Internet of Things sensors helps companies in the retail industry correlate product demand to weather changes in real time. Vendors can better meet customers’ needs by offering the right products at the correct time.
In this cognitive era, businesses will be able to analyze the weather down to a store level, forecasting foot traffic and developing scenarios to help managers with demand planning. This can avoid costly stock out situations and decrease unnecessary inventory costs — costs which leads to the estimated $30 billion that is wasted each year due to poor supply chain coordination (U.S. Food Industry Study).
Retailers will also be able to create personalized offers, understanding how customers change their habits on warm or cool days For example, Customer A is more likely to stay at home when it’s warm, retailer can offer various incentives to shop online. These changes introduce greater predictability into downstream demand, enabling a more efficient supply chain and promoting environmental sustainability.
In closing, we thought it was important to include a more festive example of the Cognitive Business Era. Oktoberfest is the world’s largest Volksfest (beer festival and traveling fun fair). With more than 6 million people from around the world attending the event every year and large quantities of Oktoberfest Beer consumed, an estimated 7.7 million liters are served during the 16 day festival.
IoT enabled bracelets with localization information enhanced crowd management improving security and creating the best “Oktoberfest” experience for everyone. We also understand some brilliant inventors have developed beer tables and coasters that utilize sensors to track the number of beer mug lifts and fill levels alerting waiters just in time (JIT) for the next (IoT) beverage.
For more information:
Emergence of cognitive systems in the post-digital world
APIs: Building blocks for creating a cognitive business strategy