by Angela Guess

According to a new press release, “Cognitive computing has nearly endless possibilities to improve business processes and functions with 73 percent of surveyed CEOs in a recent IBM study citing it will play a key role in their organizations’ future and all executives in the study anticipating a 15 percent return on investment from their cognitive initiatives. According to the new IBM Institute for Business Value (IBV) study, Accelerating enterprise reinvention: how to build a cognitive organizations, while investment in cognitive is expected to yield significant competitive advantages, surveyed executives are prioritizing its application in specific business functions including information technology, sales, information security, and innovation. The study is based on a survey from more than 6,000 executives across industries with further analysis from leaders of each business function to determine the organizational priorities for applying and adopting cognitive computing.”

The release goes on, “Cognitive computing is a next generation information system that can understand, reason, learn, and interact with humans in natural language. While traditional analytics can provide data-based insights, cognitive more easily turns these insights into actionable recommendations. A new IDC spending guide found global spending on cognitive platforms will climb from around USD 3 billion in 2016 to more than USD 31 billion by 20191. Concurrently, the IBV report found half of surveyed global CEOs plan to adopt cognitive computing by 2019. This new study provides insight into how surveyed business leaders intend to prioritize cognitive investments within individual business functions to accelerate their business transformation.”

Read more at PR Newswire.

Photo credit: IBM