Three creative ways businesses are using cognitive technology
Today’s businesses are capitalizing on cognitive capabilities to gain a competitive advantage. A recent IBM report surveyed cognitive adopters, and 58 percent said cognitive computing was an essential element of their organization’s digital transformation. However, not everyone embracing cognitive is entirely sure what it can do for them. According to the study, 46 percent of early adopters struggle with a roadmap for adoption and only 7 percent report that they have a comprehensive, company-wide strategy.1 Once you understand the possibilities of cognitive technology, it can open up new opportunities for innovation. Here are three examples of organizations that use cognitive technology today to transform their businesses.
OmniEarth expands market
Cognitive technology enables human experts to work with more information, more quickly. A geoanalytics company called OmniEarth uses cognitive technology to process enormous amounts of aerial imagery and generate detailed maps of water usage, down to the individual parcel. Although image analysis can be performed by human experts, it is far too time-consuming to scale. For OmniEarth, cognitive systems made a novel new business viable in the US and allowed them to expand their potential market around the globe.
Ross Intelligence uses cognitive systems to do legal research
Ross Intelligence is using cognitive systems to help streamline the time-consuming task of legal research. The system finds the relevant precedents, case law and associated fact-finding. This cognitive assistance gives attorneys a more complete and up-to-date picture of the legal landscape and can reduce legal overhead by reducing the number of hours associates need to spend doing research.
Alpha Modus improves investment methodologies
Cognitive systems have the power to fundamentally change the process of assimilating and understanding large volumes of text and other research outputs. Alpha Modus is one of many companies that use cognitive technology to enrich their understanding of the industry. In this case, Alpha Modus analyzes a complex environment of unstructured and semi-structured data with the goal of identifying inefficiencies in current financial markets. Then, they develop cognitive investment technologies that support quantitative trading strategies and take advantage of those inefficiencies.
Watson Studio was named a “Leader” in the Forrester Q3 2018 Wave report on Multimodal Predictive Analytics And Machine Learning Solutions. According to the Forrester report, IBM Watson Studio is a “perfectly balanced PAML solution for enterprise data science teams.
Conversational AI allows for nuanced interactions which are more human-like than typical chatbots. To learn how to get started building a conversational AI solution for your business, register for the IBM Masterclass: Core Conversational AI Concepts.
In episode 2 of the Watson Masterclass, Lakisha Hall will discuss the foundations of the conversational AI journey and dive deeper into how to create your strategy, build your team and prepare your data.