For decades, technology has been, and is still used to set standardize, distribute and access information. However, a new approach is being adopted, and that is automated technology that turns information into intelligence for every organization and every firm. The reason this approach is gaining ground is based on its ability to spur digital transformation across all the computing in our lives by way of creative ideas as well as automated solutions. Primarily, such a solution targets the accumulation of intelligent for a deeper grasp of customer experiences and requirements.
It should be remembered that customer satisfaction motivates businesses to offer improved services, and is the main reason innovative solutions are introduced. Technology itself metamorphosizes, and innovation is the only differentiating factor that might keep customers from making a move to competitors. At the same time, innovation has to make a name for itself by actually showcasing appreciable bumps through heightened effectiveness and cutting down on business expenses. There is the issue of accumulation of data for businesses, for which intelligent solutions come in to enhance customer experiences.
Another important point is that the amount of data doubles every two years, making it a challenging task to manage and analyze it for a competitive edge and survival. For instance, 44 trillion gigabytes of data will be created by 2020, a feat that will need cognitive and autonomous technologies to manage it.
The International Business Machines (IBM) Corporation will offer its hand for enterprises with its new platform that will target an entire lifecycle in a business, in addition to helping CIOs revolutionize approaches used to run IT. The announcement was made yesterday, July 12, where the Watson-based services platform that is based on IBM Cloud will supplement human intelligence to ameliorate service provider activities through the application of cognitive technology.
In essence, Watson is computer that reads, comprehends, deduces and interacts with people to augment decisions made in fields such as insurance and financial firms, to name a few. It learns like human beings – by reading. If plugged into the system of insurance company, Watson uses its cognitive computing abilities to form the basis of underwriting solutions to improve settlement claims and determination of liability.
“In a world where always on is the new norm for businesses of all kind, clients expect from their services partners the ability to deliver operational excellence at any time, at any place for any system,” said Martin Jetter, IBM Senior Vice President of Global Technology Services. “The IBM Services Platform with Watson will redefine service delivery and quality and provide significant competitive advantages to our clients.”
Simply put, cognitive computing hopes to spur IBM’s mandate to offer businesses with a solution to extract insightful information from unstructured data. Its abilities have already been put to test with Danske Bank, where the bank has integrated its current systems with Watson to develop and deploy new financial services.
“After successfully testing the cognitive monitoring solution (IBM Operations Analytics Predictive Insights) that is part of the new platform, we saw a significant reduction of server incidents “says Jan Steen Olsen, Executive Vice President and CTO, Danske Bank. “That is why the new agreement elevates our partnership with IBM. Thanks to it we will have a platform that can help us act before an incident occurs and move us closer to an integrated, automated and always-on environment.”
More than 800 IBM clients are using the platform to improve their businesses. Clients who wish to adopt the platform have to start with a study phase where IBM decides what needs to be built and what services need to be deployed, a process that takes up to 6 weeks. Afterward, they tune Watson before loading it to be trained. Similar to other AI approaches, Watson learns through practice and training.