July 11, 2017 by Canadian Underwriter
Half of surveyed chief executive officers across the globe plan to adopt cognitive computing by 2019, according to a recent study conducted by the IBM Institute for Business Value (IBM IBV).
The study, titled Accelerating enterprise reinvention: how to build a cognitive organization and released late last week, also found that 73% of those CEOs surveyed reported that cognitive computing “will play a key role in their organization’s future and all executives in the study [anticipate] a 15 per cent return on investment from their cognitive initiatives.”
IBM IBV, in cooperation with Oxford Economics, surveyed 6,050 executives globally across 18 industries, including leaders of government departments and educational institutions. Respondents included those from the insurance, automotive, banking and financial markets and IT industries, among others.
Cognitive computing is a next generation information system that can understand, reason, learn, and interact with humans in natural language, IBM explained in a press release. While traditional analytics can provide data-based insights, cognitive computing more easily turns these insights into actionable recommendations, the release said.
The study provides insight into how surveyed business leaders intend to prioritize cognitive investments within individual business functions to accelerate their business transformation. The study found the top three functional priorities to apply cognitive computing by surveyed CEOs were:
For risk managers specifically, “by ingesting massive amounts of relevant data, including regulation and company policy information, cognitive computing can help risk managers more accurately assess different types of risks,” the report suggested. Cognitive computing can also anticipate compliance gaps by mining ambiguous data to identify indicators of unknown risks that humans may miss. “Relieved of mechanical tasks, risk managers can focus on more strategic issues,” the report said.
When it comes to accelerating enterprise innovation with cognitive computing IBM IBV said in the report that it has three recommendations:
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