IBM's artificial intelligence technology, Watson, is generating a buzz among marketers. More and more companies are partnering with IBM Watson to help them solve data daunting tasks for their marketing departments.
IBM Watson is a platform for Big Data analysis using its unique artificial intelligence algorithms. The algorithms are based on natural language processing and machine learning techniques and are tailored to analyze large amounts of unstructured data. This enables Watson to uncover patterns and trends that may not be visible to people. Using highly advanced technologies, Watson can enable marketers to automate most of their tasks, while saving them time and resources by producing full-fledged analytics and reports integrated into their projects.
The technology behind Watson is constantly being improved based on its performance in the market so far. The market is very optimistic about the results that it is able to produce. One of the main features of Watson is that it can be used to answer very complex queries and be expected to return highly accurate and meaningful answers. As of now, data is distributed across various platforms, in so many different formats that it can overwhelm a small group of your marketing hires, no matter how much time they put in their marketing efforts. There are text documents, pdfs, Word files, images in jpeg, gif, bmp, png formats, video and audio and podcasts – different kinds of social media posts. And apart from these one has to analyze the traffic, shares, subscribes, leads from each source among so many things in order to make marketing decisions. With Watson, you can rest assured as it takes care of all forms of data, from various sources, accumulate them and analyze them based on your provided metrics. It uses natural language processing to understand the meaning and context of data, and uses machine learning to train its own model of analyzing for further newer data based on its previous experiences. First it is trained on the basis of the initial data we provide and then it can be used to analyze any unknown data. The more it trains on dissimilar data sets, the more its accuracy increases.
More than 500 organizations from around 20 different industries have partnered with IBM Watson to develop apps, products and services suitable for their requirements as well as for their commercial projects. A significant proportion of users of these products and beneficiaries of the partnership are marketers. It is also backed up by the fact that IBM Watson provides services that are useful mostly to marketers, even though it has major utilities in the research or manufacturing industries major as well. This may be highlighted as every organization that depends on consumer relationships will have to focus significant resources on marketing. Any data crunching tool new in the market is indeed likely to attract a number of industries. Healthcare is an industry that can profit significantly from Watson. However, businesses remain the dominant partners of IBM Watson indicating that this technology has proved its data analysis capabilities.
If you want to incorporate artificial intelligence and advanced technology into your marketing efforts but don’t know where to start, contact a Merit Mile professional today.