Share with your friends










Submit

Analytics Magazine

Cognitive computing a disruptive force, but are CMOs ready?

While marketing and sales professionals increasingly find themselves drowning in data, a new IBM study finds that 64 percent of surveyed CMOs and sales leaders believe their industries will be ready to adopt cognitive technologies in the next three years. However, despite this stated readiness, the study finds that only 24 percent of those surveyed believe they have strategy in place to implement these technologies today.

Marketing and sales outperformers are ahead of the cognitive game with 73 percent already collecting and analyzing external market data. Surveyed executives from businesses that have outperformed their competition for the past three years in revenue growth, profitability or other factors made up 13 percent of the study. Of these surveyed outperformers, 93 percent believe cognitive computing is mature and market ready, and 91 percent assert that cognitive computing is good for their organizations.

According to the study, “From data deluge to intelligent insights: Adopting cognitive computing to unlock value for marketing and sales,” while both CMOs and heads of sales agreed that “customer satisfaction” is the number one value driver for adopting cognitive solutions, practically speaking, many of those surveyed say they aren’t sure their organizations are currently set up to make a successful transition. The study, conducted in cooperation with Oxford Economics, is based on a global survey with 525 CMOs and 389 heads of sales across industries to determine the extent by which marketers and sellers aim to embrace cognitive.

Cognitive computing, such as IBM Watson, is a next-generation technology that can quickly understand and reason vast amounts of structured and unstructured data, like sounds and images, in the same way humans do – by reasoning, learning and interacting to improve accuracy overtime. While traditional analytics can provide data for businesses to draw insights from, cognitive can more easily predict outcomes and turns those insights into actionable recommendations, which can impact real business decisions.

For surveyed CMOs, they expect the real advantage of cognitive lies in two key areas: improved customer experience and financial results, including increased financial yields and improved ability to identify marketing ROI. For sales leaders in the study, it’s all about finally achieving a 360-degree understanding of customers so they may better predict their customers’ needs and improve prospecting, lead strategy, customer service and experience. For example, HSN is using cognitive to help its stories reach the right audience on their preferred channel, which encourages more viewers to become customers and drives HSN’s business growth.

Related Posts

  • 54
    Account-based marketing (ABM) – and the related technology of predictive lead scoring – is dramatically changing the face of sales and marketing. The difference is like spearfishing when all you’ve known before is dragging a net. It’s much more precise and uses analytical processes to ensure that your efforts are…
    Tags: sales, marketing, data, analytics
  • 49
    Companies across industries admit to the growing importance of data analytics to improve sales and marketing effectiveness and decision-making. However, many struggle to piece together siloed data, properly define the problem or design the solution. As a result, they often fail to realize widespread business impact from their efforts, according…
    Tags: analytics, sales, marketing, study, data
  • 48
    At its inaugural Think2018 conference held recently in Las Vegas, IBM made its foray into the smart assistant market with a version of its Watson technology called “Watson Assistant.” The technology, according to IBM, will be the first truly intelligent AI assistant, learning through every human interaction to make uniquely…
    Tags: analytics, data, ibm, marketing, sales
  • 47
    July/August 2014 The story of how IBM not only survived but thrived by realizing business value from big data. By (l-r) Brenda Dietrich, Emily Plachy and Maureen Norton This is the story of how an iconic company founded more than a century ago, and once deemed a “dinosaur” that would…
    Tags: analytics, data, ibm
  • 44
    Does advertising work? Few will deny that advertising plays an important role in building awareness. The idiom, “out of sight, out of mind,” speaks to the importance of being seen in order to even be thought of. Looking back over the years, however, there’s a strong case to be made…
    Tags: percent, analytics, marketing


Headlines

Fighting terrorists online: Identifying extremists before they post content

New research has found a way to identify extremists, such as those associated with the terrorist group ISIS, by monitoring their social media accounts, and can identify them even before they post threatening content. The research, “Finding Extremists in Online Social Networks,” which was recently published in the INFORMS journal Operations Research, was conducted by Tauhid Zaman of the MIT, Lt. Col. Christopher E. Marks of the U.S. Army and Jytte Klausen of Brandeis University. Read more →

Syrian conflict yields model for attrition dynamics in multilateral war

Based on their study of the Syrian Civil War that’s been raging since 2011, three researchers created a predictive model for multilateral war called the Lanchester multiduel. Unless there is a player so strong it can guarantee a win regardless of what others do, the likely outcome of multilateral war is a gradual stalemate that culminates in the mutual annihilation of all players, according to the model. Read more →

SAS, Samford University team up to generate sports analytics talent

Sports teams try to squeeze out every last bit of talent to gain a competitive advantage on the field. That’s also true in college athletic departments and professional team offices, where entire departments devoted to analyzing data hunt for sports analytics experts that can give them an edge in a game, in the stands and beyond. To create this talent, analytics company SAS will collaborate with the Samford University Center for Sports Analytics to support teaching, learning and research in all areas where analytics affects sports, including fan engagement, sponsorship, player tracking, sports medicine, sports media and operations. Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

INFORMS Annual Meeting
Nov. 4-7, 2018, Phoenix

Winter Simulation Conference
Dec. 9-12, 2018, Gothenburg, Sweden

OTHER EVENTS

Making Data Science Pay
Oct. 29 -30, 12 p.m.-5 p.m.


Applied AI & Machine Learning | Comprehensive
Starts Oct. 29, 2018 (live online)


The Analytics Clinic
Citizen Data Scientists | Why Not DIY AI?
Nov. 8, 2018, 11 a.m. – 12:30 p.m.


Advancing the Analytics-Driven Organization
Jan. 28–31, 2019, 1 p.m.– 5 p.m. (live online)


CAP® EXAM SCHEDULE

CAP® Exam computer-based testing sites are available in 700 locations worldwide. Take the exam close to home and on your schedule:


 
For more information, go to 
https://www.certifiedanalytics.org.