IBM announces new industry-leading NLP features inside Watson Discovery
By Phil Anderson | 4 minute read | December 4, 2019
Do you want to better understand the insights hidden within your essential business documents? It’s time to try Watson Discovery – recognized by both Gartner and Forrester as a leader in extracting insights – for your AI search app needs. In July 2019, IBM Watson coupled Watson Discovery with IBM’s Cloud Pak for Data integration to make it even easier for clients to access Discovery’s market-leading AI enterprise search app.
This means Discovery’s powerful new features are conveniently available on any iteration of cloud environment, on-premises, on any private, public, hybrid or multi-cloud environment. This includes, the IBM Cloud, IBM Cloud Private, AWS, Google, Microsoft, or Openshift certified containers.
Starting December 4th, Watson Discovery on Cloud Pak for Data clients can access 10+ valuable new features. Several existing features – training tools, user interface components, and content building tools – will also be enhanced. We are also introducing brand new text-analytics capabilities. The introduction of our new text-analytics features marks the first-time that an AI Search application will incorporate advanced analytics into the product. These features help users identify patterns within their data, no matter the format, and empower them to make better, more confident decisions.
While we’re excited about all the new features, here are three that have already found incredible success with clients:
Discovery’s powerful new text analytics capability gives you the ability to enrich and explore your data. By combining AI-powered search, Natural Language Processing (NLP) and content analytics, users can rely on Content Mining to find the information they need, using Discovery’s highly-sophisticated depth of context, relationship, and pattern understanding. Doesn’t matter if the data is structured (text documents) or unstructured (tables, images, graphs) users are now able to work more efficiently and find the right information the first time.
Honda R&D is training its engineers to use Watson Discovery to help them collaborate to understand driver behavior, increase reliability and design a more personalized driving experience. Watson Discovery’s Natural Language Processing capabilities helped Honda reduce the time required to understand customer feedback by 80%. The insights provided by Content Mining enable employees to respond more quickly to quality issues and discover complaint patterns. Honda now has a much clearer understanding of the issues faced by its customer and accelerated responses. Overall, the results have greatly exceeded expectations, reduced costs, improved performance, quality, and productivity.
Now you can take advantage of pre-built NLP models. With this out of the box content, users can skip document training and configure Discovery projects using contracts, invoices, and purchase orders. This helpful feature is uniquely suited for organizations working in the general contract governance space, the procurement space, and to identify changes to contracts necessary for the LIBOR transition. The IBM Watson team has specifically built specialized LIBOR NLP models to assist with the 2021 transition for this December 4, 2019 release.
Alongside their business partner Aponia Data, EisnerAmper, one of the US’ largest full-service advisory and accounting firms, is streamlining their contract review process using Watson Discovery Content Intelligence. Typically auditing involves combing through thousands of complex legal documents to pull out pertinent information. A process which takes a significant amount of time and effort – time and effort that could be better spent on more strategic work. Watson Discovery’s Content Intelligence was built to understand both the structure and meaning of contracts, giving accountant the ability to analyze governing documents faster and with greater accuracy. Where it once took contract review professionals 2 – 4 hours to complete a single contract, Watson Discovery Content Intelligence can do it in under 2 minutes.
Smart Document Understanding
Watson Discovery is uniquely able to understand the structure of your business documents, especially with Table Training Enhancements provided by Smart Document Understanding (SDU). This enhancement within Smart Document Understanding will enable users to label tables, so that Watson Discovery fully understands them as discrete entities. This enhancement inside SDU will enable our users to retrieve answers, even if the answer lives within the cell of a table.
For businesses today, accepting credit and debit cards has never been easier. Pricing, on the other hand, remains highly complex and involves multiple parties with varying fee structures based on risk, fraud potential and card-specific rewards. The result is a confusing, time consuming billing statement which breaks down costs and fees – a frustrating document for merchants and sales reps to comb through as they target new business opportunities. To help solve this problem, the innovation team at U.S. Bank – the 5th largest bank in the world – partnered with Elavon, a U.S. Bank subsidiary offering processing and payment solutions to more than 1 million merchants around the world, piloted a solution using IBM Watson Discovery. The solution, capable of analyzing billing statements in real-time does in 2 minutes what once took 10 days. As a result, both merchants and sales reps can now spend more time serving customers and building meaningful, valuable relationships.