In a single second we type over 9,000 tweets, 48,000 Google searches, and 2.3 million emails, and UK consumers are expected to spend more than £50 billion online this year. We are all spending more time –and money –online, and businesses must be tech-savvy to survive.
In a recent IBM survey, 4,000 C-level executives noted that technology is the single most important force shaping their business. Lying behind these statistics is a confluence of disruptive technological forces –social, mobile, cloud and analytics –all channeling the current explosion of data.
This data explosion is affecting all industries, and although there is value in making the most of these technological forces, there is even greater value when these capabilities are used together in the context of a specific industry or profession. All businesses and leaders are currently undergoing their own transformations as they look to ‘becoming digital’, however for the journey to be successful; digital must be the foundation.
In this digital era, data is the new natural resource –it pours from every digital device we use and interact with on a daily basis. Yet with so much of it, we as humans, have been outstripped of the capability to understand its hidden insights and meaning. This is when cognitive business comes into its own, and it has started with IBM’s Watson. Watson is bringing much-needed analysis into Healthcare, Government and Utilities, to name a few, and reordering industries.
Leaders have little choice but to embrace this digital era, it is a matter of disrupt or be disrupted. However cognitive goes further, it enables the opportunities for all businesses, in all industries, to differentiate themselves and outthink the competition. In the end technology revolutions such as this are not driven by discovery alone, but by the needs of business and society. The power of cognitive can elevate industry expertise, help engage with customers and ensure leaders – in any business size – make smart and data driven business decisions to tackle the greatest challenges we face in our lives, work and society.