Artificial intelligence is helping to grow businesses. PHOTO FILE | NATION
Business executives around the world have embraced artificial
intelligence and cognitive computing. According to an International Data
Corporation guide, global spending on cognitive platforms will rise to
more than $31 billion by 2019.
However, business
executives need to prioritise their digital intelligence investments, a
new study from the IBM Institute for Business Value notes.
According
to the IBV research: Seventy three per cent of 6,000 executives
surveyed globally said cognitive computing will play an important role
in the future of their organisations; 50 per cent said they plan to
adopt cognitive computing by 2019; and executives anticipate a 15 per
cent return on investment from their cognitive initiatives.
The IBV recommends that organisations adopt a three-phase approach to building a cognitive-enabled digital strategy:
1 Envision the future:
Business leaders should take advantage of cognitive capabilities to
apply a strategy that includes both business and technology aspects for
their organisations.
They could consider adopting an
18-to-24-month digital strategy with a limited set of initiatives. Such
initiatives could draw upon resources from cross-functional teams, skill
sets and partner ecosystems.
2 Assess the market and users:
After getting a cognitive strategy in place, with initiatives and an
investment profile defined, organisations should focus on thorough and
periodic assessments of the market and target users.
By
using a centre of excellence, organisations can experiment to find new
cognitive capabilities, such as the use of natural language processing
or machine learning for large data consumption and analysis. This
approach creates common use cases and applications.
3 Expand rapidly:
During an organisation’s shift from planning and design to execution,
businesses should rapidly explore and prototype new initiatives, which
allows an organisation to align cognitive projects to measurable
business objectives.
Such work pilots, however, should be designed with a limited risk to existing customers and operations.
Andrew Meme is hybrid cloud sales leader at IBM East Africa.
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