February 8, 2016 | Written by: Nicole Shevlin
During the February 4 THINK Forum Mumbai event, Ginni Rometty, IBM’s Chairman, President and Chief Executive Officer, asked the senior executives gathered two questions. Did they work for a digital company? Are they helping their company become digital? The answer to both was a unanimous yes. Businesses in India have embraced digitization, with an understanding that it is not only important, but necessary to sustain relevancy in the 21st century. So now that everyone is digital, who wins? How do you differentiate yourself as a business and industry leader in South Asia and around the world? One answer is to become a cognitive business.
Cognitive was a focus of conversation at THINK Forum Mumbai. C-suite and other senior leaders in industries spanning from healthcare, to finance, to education discussed five major ways that cognitive computing (systems that learn at scale, reason with purpose, and interact with humans naturally) will offer businesses competitive advantages within India and on a global stage:
1. Achieving deeper human engagement: What if your child could receive an education tailored to his or her personality? What if customer experience was based on their past behavior? Cognitive’s personality prediction capabilities differentiate individual traits, find influencers, and engage through customized content and services.
2. Scaling expertise in your company: Imagine if every average employee performed up to your best standards. A thinking business scales the expertise of your company by augmenting human decision-making. Cognitive is like a trusted colleague, and these systems that explains why decisions are made.
3. Developing products and services that think: Cars, medical devices and household appliances have the ability to think, learn and reinvent. For example, a diabetes management system can now predict a hypoglycemic event three hours in advance. Issues are being solved before they manifest.
4. Achieving real-time operations and processes: Cognitive operationalizes businesses in real-time. As real-time data automates operations and processes, things like demand forecasting will drive sales significantly.
5. Making discoveries: In research and development, patterns that have been invisible for years are now visible. With cognitive system, we can continuously access and analyze large amounts of structured and unstructured data meaning we spot patterns across industries and solve problems across domains faster and more broadly than ever.
Executives discussed other timely topics beyond cognitive business strategies at THINK Forum Mumbai. A lively discussion also took place on Twitter #THINKForum and #WatsonInIndia that you can still contribute to.