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AI solutions are changing the way business operates as they can seamlessly integrate into numerous business practices, streamline workflows, provide deep insights quickly, and enrich the day-to-day tasks of many professionals.
With the dawn of AI and advanced analytics, enterprises have the opportunity to move from simply being data-driven to being insight-driven. However, such movement requires tapping into all available data – and historically, it is the unstructured data, such as text and complex business documents, that present a challenge.
IBM Watson offers turnkey AI-solutions for driving actionable insights at scale from complex business documents, including:
- Watson Discovery – a cloud-native insight engine that finds answers to questions from unstructured and structured content using AI-based reasoning strategies, enabling the solution to locate answers by the context of the question – not just the words in the ingested documents.
- Watson Explorer – an on-premise AI-powered content exploration and analysis platform that can uncover trends and patterns from unstructured and structured data to improve decision-making, customer service and ROI.
- Watson Natural Language Understanding – an easily embeddable API that analyzes text to return entities, keywords, relationships, overall sentiment and emotion for a document, and natively understands text in thirteen languages.
Now, IBM has been named a leader in AI-Based Text Analytics Platforms by The Forrester Wave ™, Forrester’s rigorous evaluation of vendors in a software, hardware, or services market. Watson Discovery, Watson Explorer, and Watson Natural Language Understanding’s strengths and weaknesses were assessed alongside seven other providers. Each offering was tested against a 22-criteria system grouped into three overarching categories: current offering, strategy and market presence, then evaluated via vendor surveys, product demos, and customer reference surveys.
A key differentiator in Forrester’s assessment was complex concept extraction, and Forrester identified IBM as a standout in that regard; providing a strong showing in emotion, effort, and intent analysis.
Receiving the highest possible score in analytics, breadth and depth of functionality, and cloud focus, IBM ranked first overall for Strategy and Market Presence.
Turning Signals into Action with Watson Discovery and Watson Natural Language Understanding: Use Cases
Because business documents contain language specific to an industry (e.g. insurance), or a domain (e.g. chemical compounds), no enterprise text analytics platform is complete without the ability to easily customize the solution with domain specific knowledge. With a no-code and collaborative approach, experts can use examples to teach Watson about common and specific domain and industry terms, and this knowledge can then be deployed into Watson Discovery, Watson Explorer and Watson Natural Language Understanding.
For example, LegalMation used Watson Natural Language Understanding with Watson Knowledge Studio to create an AI solution designed to analyze complaints and create early-phase response drafts; a process that can take a lawyer 6 to 10 hours, is now completed by Watson in two minutes or less. LegalMation saw enormous potential to help legal organizations not only save time and drive down costs, but to also shift limited resources and focus on higher-value tasks, such as litigation strategy.
Another example is Max Kelsen, a start-up technology company in Australia that used Watson to analyze feedback from residents of a local government entity – using feedback from emails, call logs and social data to validate alignment of the council’s investment in various projects. With Watson, the start-up was able to dispel assumptions the council was making on resident sentiment and deliver a report in 7 weeks – working independently, without any help/support from IBM. Now, Max Kelsen can more effectively arm businesses and governments with the specific knowledge needed for taking targeted actions to solve problems. With a 97% accuracy achieved in new insights, Max Kelsen used data to drive ROI on initiatives that improve citizen experiences.
In combination with our client use cases, the latest Forrester Wave is another example of IBM’s leadership in AI-powered text analytics solutions. See Watson in action and learn more about getting started with our Watson Discovery, Watson Natural Language Understanding, Watson Explorer and Watson Knowledge Studio products.
Get a free copy of the Forrester Wave: AI-Based Text Analytics Platforms