After defeating the two biggest Jeopardy champions of all time, people are buzzing about IBM Watson. Reactions range from excitement over the possibility it represents, to fear over the potential impact on society. Count me among those who believe that this technology will have a positive impact on business, Government and humankind. With every new game changing innovation, there is always fear over the potential impact on humanity. However, a machine will never have wisdom. It will never have the ability to invent, have empathy, or match the knowledge and ability to reason of a smart, experienced human being. But this form of advanced analytics will help us perform better.
Author: Frank Diana
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The Retail Industry Turns to Analytics
In a recent Blog Post titled Where is Business Analytics Going? I describe the compelling reasons for the growing use of advanced analytics – and the challenges that organizations face in realizing value from their efforts. The Retail Industry may be the poster child for business analytics, as they face some very compelling reasons to expand their analytic footprint. Ventana Research believes that the retail industry is going through a transformation, as volumes and sources of data continue to expand. They state that “Retailers are just starting to realize that understanding and influencing customer conversations on the Internet in social media channels is a necessity and that it requires a new type of analytics that can process text and phrases that reveal consumer sentiment and opinions of their brands”.
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Machine Versus Jeopardy
Craig Rhinehart leads the Enterprise Content Management (ECM) Archive / Governance and Content Analytics lines of business for IBM’s Software Group – I’ve worked with Craig in the past. In a recent Blog Post titled “What is Content Analytics? Alex”, he provides a perspective on the technology behind IBM Watson and the future of data management and analytics. Watson is taking on two former Jeopardy champions in an upcoming episode.
There is skepticism in some of the comments left by readers. As Craig responds, everyone is entitled to their opinion. Having seen first-hand what content analytics can do, Craig is not overstating the potential for this technology. In fact, he just scratched the surface of the many business applications that will benefit from this technology. Insight uncovered by this technology will drive better decisions, deliver better and faster innovation, and help companies reach new levels of operational excellence.
I recommend this very well written Blog post.
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Saving America’s Cities with Analytics
In this article by Stanley S. Litow titled How to Save America’s Cities with Data Analytics, Mr. Litow describes a very interesting scenario: Companies and civic agencies developing innovative partnerships with city leaders that leverage data to make better decisions and address the greater good.
Mr. Litow touches on the growing reality that billions of transistors will be embedded in everything from police records to parking meters. City leaders can analyze the resulting data tsunami to gain new insights, and perhaps find ways to make their cities work better. This perspective underscores the notion that data from an ever growing number of sources represents a pathway to better decisions – and it’s not just limited to corporations.
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Analytics in the Utility Sector
According to Pike Research, the smart grid data analytics market will reach $4.2 billion by 2015. Software and service providers of smart grid analytics for the utility sector will ride a large growth opportunity over the next several years. According to Pike Research, the relatively small market will increase from $356 million in 2010 to nearly $4.2 billion in annual revenue by 2015.
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Analytics Report from The MIT Sloan Management Review
A Special Report titled “Analytics: The new path to value” was released this week by the MIT Sloan Management Review. They conducted a global survey of nearly 3,000 executives, as well as in-depth interviews with leading researchers, in collaboration with the IBM Institute for Business Value.
