“Before long, we will look back and wonder how we made important decisions or discovered new opportunities without systematically learning from all available data”
IBM formed a Cognitive Business Solutions business unit built on the Watson analytics platform.
It will consist of more than 2,000 consulting professionals spanning machine learning, advanced analytics, data science and development, supported by industry and change management specialists to accelerate client journeys to cognitive business.
Cognitive represents an entirely new model of computing that includes a range of technology innovations in analytics, natural language processing and machine learning.
Industry analyst firm IDC predicts that by 2018, half of all consumers will interact regularly with services based on cognitive computing.
"Our work with clients across many industries shows that cognitive computing is the path to the next great set of possibilities for business," said Bridget van Kralingen, senior vice president, IBM Global Business Services.
"Clients know they are collecting and analyzing more data than ever before, but 80 percent of all the available data — images, voice, literature, chemical formulas, social expressions — remains out of reach for traditional computing systems. We’re scaling expertise to close that gap and help our clients become cognitive banks, retailers, automakers, insurers or healthcare providers."
A survey of more than 5,000 C-suite executives to be released this fall by IBM’s Institute for Business Value (IBV) finds that executives from the highest-performing companies place significantly greater priority on cognitive capabilities than peers in market-following enterprises. Industry-specific IBV research shows that:
– Insurance: Sixty-five percent of industry CXOs are pursuing some form of business model innovation, but nearly 30 percent feel the quality, accuracy and completeness of the data in their organization is insufficient. Nearly all said they intend to invest in cognitive capabilities.
Retail: Sixty percent of retail executives do not believe their company is equipped to deliver the level of individual experiences consumers demand, and 95 percent say they will invest in cognitive in the next five years.
Healthcare: The industry forecasts a 13 million person gap in qualified healthcare workers by 2035, and more than half of healthcare industry CXOs report that current constraints on the ability to use all available information limits their confidence about making strategic business decisions. Eighty-four percent of these leaders believe cognitive will be a disruptive force in healthcare and 95 percent plan to invest in it over the next five years.
"Before long, we will look back and wonder how we made important decisions or discovered new opportunities without systematically learning from all available data," said Stephen Pratt, global leader, IBM Cognitive Business Solutions.