IBM Named an AI Text Analytics Leader in two 2020 Forrester Wave™ Reports
I’m thrilled to announce that IBM’s Watson Discovery was named a ‘Leader’ in two reports from Forrester in Q2 2020.
Compared to other vendors, Watson Discovery received the highest score for strategy and for market presence in both reports: “The Forrester Wave™: AI-Based Text Analytics Platforms (Document-Focused), Q2 2020” and “The Forrester Wave™: AI-Based Text Analytics Platforms (People-Focused), Q2 2020.”
In Now Tech: AI-Based Text Analytics Platforms, Q1 2020, Forrester defined AI-based Text Analytics Platforms as: Machine-learning- and rules-based analytics technology that mines semi-structured and unstructured text data sources and extracts structured information (such as keywords, concepts, entities, topics, sentiment, emotion, and intent) to analyze the findings for correlations, trends, outliers, patterns, and anomalies.
IBM Watson Discovery: A leader in text analytics
Watson Discovery is IBM’s AI-based text analytics and enterprise search platform. If you have read analyst reports spanning the last several years, you’ll know that Watson Discovery’s leadership position in these two most recent reports from Forrester is not an anomaly. Here’s why Watson Discovery is being recognized as a leader in report after report from analyst firms:
- AI is infused throughout the experience. AI is applied at every stage of processing data in Watson Discovery, including data collection, enrichment, training, and query, and improves the experiences of both administrators and end-users.
- Rapidly adapts to the language of your domain. Out of the box training tools rapidly expand existing AI models to provide the most accurate answers for the nuanced language of your domain.
- Learns the visual structure of complex documents. Watson Discovery’s AI understands complex document constructs visually, as a human would, and dramatically improves the effectiveness of NLP and ability to find answers.
- Usability for non-technical admins. Our clients’ time-to value is reduced dramatically because, unlike most competitors, we’ve designed Watson Discovery from the ground up for line-of-business users so that technical skills aren’t required to take advantage of advanced AI.
How Watson Discovery retains its competitive edge
What is it about Watson Discovery that keeps it a leader in the eyes of analysts, enterprises and users alike? Let me clue you in on a not-so-secret sauce. IBM spent $5.99b in research, development and engineering in 2019. IBM inventors received 9,262 U.S. patents in 2019, the most ever awarded to a U.S. company. It was our 27th straight year of patent leadership. Innovation fuels IBM’s and Watson Discovery’s competitive edge.
Since the beginning of 2019, we’ve introduced over 15 new AI innovations into Watson Discovery. These new innovations have come into Watson Discovery direct from IBM Research labs across the world and they include capabilities like visually understanding complex documents, finding answers from tables, dynamic faceted guidance, FAQ extraction, and many more.
Speaking of new innovations, in March 2020 we announced the first commercialization of key Natural Language Processing (NLP) capabilities to come from IBM Research’s Project Debater. the only AI system capable of debating humans on complex topics. Later this year, we’ll be adding more new capabilities from Project Debater into Watson Discovery. Advanced topic clustering will help users more easily find insights from customer feedback. A new classification technology will enable clients to create AI models that classify clauses found in business documents (like procurement contracts). Language generation technology will create summaries from a variety of data sources.
Turn signals into insights: How Watson Discovery improves customer experience
Watson Discovery is often applied across a variety of different use-cases and industries: expert assist use cases in research & development (e.g. Woodside), helping legal teams draft high-quality litigation work (e.g. LegalMation), and even advising players in fantasy football with ESPN and delivering insights at the GRAMMYs. But where we most consistently see our customers applying Watson Discovery are around three key customer-care related use cases:
- Customer Self-Service. With over 85% of all customer interactions being handled without a human agent by 2020, implementing an engaging conversational platform to help facilitate customer self-service has become a top priority of almost every customer-focused organization. With the out of the box integration of Watson Assistant and Watson Discovery, answers from pre-existing data sources like product documentation, FAQs on external webpages, and more – can now be surfaced seamlessly into the customer conversation with the virtual assistant.
- Agent Assist. When resolving customer queries, agents spend most of their time searching through multiple systems and documents to find answers, which increases average handle time and frustrates customers. The increased effort for solving customer questions often results in high agent attrition, the leading issue in contact centers today. Watson Discovery surfaces relevant and accurate information through AI powered search, giving agents the ability to respond to customer questions faster. At Crédit Mutuel, Watson Discovery helps scale expertise across 20,000 client advisors and answer customer questions 60% faster.
- Contact Center Insights. 40% of contact centers have no data analysis tools – despite Forrester reporting that Text Analytics will serve as the top factor to change the shape of the industry within the next 5 years. Watson Discovery comes with an out of the box end-user interface that enables contact center supervisors to uncover the insight they need from customer interactions so they can optimize their operations.
Don’t settle for just any AI-based Text Analytics Platform
Enterprises typically have the option of selecting an AI-based text analytics platform that can understand business documents (“document-focused”) or perform voice-of-customer type use cases (“people-focused”). With Watson Discovery as leader in both categories, enterprise buyers now have the option of selecting a single platform from IBM that excels in both areas. And unlike other competitors who may span both categories, Watson Discovery is the only leader that drives conversational experiences, through its out of the box integration with IBM’s conversational AI platform Watson Assistant.