An IBM report, the IBM Institute for Business Value (IBV) study, recently concluded that cognitive computing will play a pivotal role in their organization’s future according to 73% of surveyed CEOs. This study was conducted from more than 6,000 executives across industries. An IDC spending guide recently asserted cognitive computing will increase from USD 3 billion in 2016 to over USD 31 billion by 2019.
What is cognitive computing? It is “next generation information system that can understand, reason, learn, and interact with humans in natural language. While traditional analytics can provide data-based insights, cognitive more easily turns these insights into actionable recommendations.”
According to the study, there are three top priorities for cognitive investment: Information Technology, Sales and Information Security. The study also made recommendations to accelerate the cognitive process:
Envision the future: outline a 18-to-24-month digital strategy for adopting cognitive with a limited set of initiatives that paves the way for smaller, more exploratory investments with finite objectives and time frames; Ideate: focus on thorough and periodic assessments in the market and with target users.
Experiment and educate the rest of the enterprise on how cognitive capabilities are being used— such as the use of natural language processing or machine learning for large data analysis and insights; Incubate and scale: during the shift from planning and design to execution, apply cognitive to specific use cases, rapidly explore and prototype solutions to solve specific and measurable business challenges.
