Understanding IBM’s Approach towards Watson
Cognitive computing is the future
IBM’s (IBM) view of enterprise IT (information technology) in the future is based on cloud and cognitive computing, as it shared at the latest Credit Suisse Technology Conference. As discussed earlier in this series, IBM’s acquisitions and investments in Watson substantiate this. The influx of data, which is mostly unstructured, coupled with advances in processing power and cognitive technology, has led to machine learning facilitating better-informed decisions. IBM and peers have been provided a way to interact with customers.
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IBM intends to capture rapidly growing market
Recently, IBM unveiled new Watson-based tools for marketing, CRM (customer relationship management), and customer analytics. These new offerings provide details of customers’ purchases, such as their behavior, delivery options, and preferences. IBM intends to boost Watson’s capabilities so that it can recognize exact audiences and create an engaging unison of campaign elements.
IBM Watson Customer Experience Analytics monitors buying trends and shopping patterns and creates models for customer segmentation. Another tool, IBM Watson Content Hub, mines the data occupied in a company’s content management system and tags content such as videos, images, and documents. The tool will help marketers as they do not have to struggle to find the right data inside a large content repository.
Gartner expects CRM to become a $36.5 billion market this year. Salesforce (CRM) leads the CRM space with a market share of 19.7%. It is followed by SAP (SAP), which has a 10.2% market share. Oracle (ORCL), Microsoft (MSFT), and Adobe (ADBE) were the other top five players. Later in this series, we’ll discuss IBM’s stronger focus on the CRM space and AI (artificial intelligence).