November 18, 2015 | Written by: Michael Dobbs
Categorized: Industry Insights
WHAT are you thinking? What is your business thinking? Is it based on the most up to date information?
In 2012 or even 2014, if you wanted to LEAD your competition, you were investing in Big Data Analytics. IBM is among the leaders in this space. It allows you to understand your consumers in a new light, and see how to improve their bond to you and your products to grow sales. Importantly, if you did this in 2012, you were on the leading edge and were getting ahead of your competition. If you didn’t, you may find yourself today loosing market share and playing the game of Big Data Catch-up!.
Today we’re at another such turning point! This time, it’s COGNITIVE computing. Computer that THINK. So…what do you THINK about that? Are you ready for it???
Normal computers need to be TOLD what to look for. Your analysts tell it to run analysis or look for specific things based on what they expect to find. AND if the answer is not something that they expect, it can be very difficult to FIND IT.
Cognitive computers think for themselves. They learn languages (Watson speaks multiple languages). Watson can SEE…it can recognize people and images in pictures. It…UNDERSTANDS. Then cognitive computers makes hypothesis and tests them. If they make a mistake, they LEARN from them and don’t repeat them. They are really incredible. So how can YOUR BUSINESS use cognitive computing?
IBM has used Cognitive Computing to help an insurance company understand it’s policy application process. It leads applicants thru the process, filling in fields for the applicant if it knows the answers, and leading them through parts of the application that see many applicants drop off. The result is significant higher application completion rates and therefore significantly higher top line numbers!
Cognitive Computing is great at reading and understanding a lot of information. It can also be taught rules. …SO, you can teach Watson to read all public material to understand companies in your space. Then, based on criteria that you teach it, the Cognitive Computer can recommend and rank acquisition targets.
Board of Director’s Member
Since Watson understands speech, it can sit through any meeting…like any Board of Director’s meeting. Watson can thereby understand why Board Members feel certain ways. When information changes…when people want to research NEW POINTS or information, Watson can go to it’s library, do this research, and make recommendations within moments. No more tabling to the next meeting…how much time and money can this save!!!
Helping Doctors Diagnose Problems
Watson has a lot of experience in the medical field. Because it can read, understand, and learn, Watson is helping researchers read through millions of pages to understand how published medical reports relate to researchers projects and hypothesis.
More immediately relevant to us today, Watson is helping doctors make difficult diagnosis because it can monitor all relevant patent data and stays up on current findings in a way that a doctor can’t. A real lifesaver!!!
Hiring and Retaining great Talent.
How does an organization find the best talent? Well…they can start by understanding what makes an employee well suited for a certain role and then searching those applicants out of the applicant pool. Again, Cognitive Computing is really good at this!
Retaining the best talent can be an even tougher task than finding it. Watson can help an organization understand which associates are at risk and why. This allows the company to proactively fix the problem…possibly before it’s even seen as a problem by the associate!
This is the way of the future! And IBM is one of the major pioneers in this space! Want to learn more? Reach out to me!!!
The postings on this site are my own and don’t necessarily represent IBM’s positions, strategies or opinions.
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