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
  • 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
  • 43
    IBM’s Smarter Cities Challenge program will be sending teams of company experts to five municipalities through 2018 to provide pro bono consultative advice on issues such as affordable housing, economic development, immigration and public safety.
    Tags: ibm, analytics, cognitive

Analytics Blog

Electoral College put to the math test


With the campaign two months behind us and the inauguration of Donald Trump two days away, isn’t it time to put the 2016 U.S. presidential election to bed and focus on issues that have yet to be decided? Of course not.


Headlines

Three keys for organizations to gain value from information

In the current information-driven society and increasingly digitalized world, Gartner, Inc. says that sentiments are shifting from the economics of tangible assets to the economics of information – “infonomics” – and other intangible assets. Infonomics is the theory, study and discipline of asserting economic significance to information. It strives to apply both economic and asset management principles and practices to the valuation, handling and deployment of information assets.  Read more →

Burtch Works study on ‘Salaries of Predictive Analytics Professionals’

According to the recently released Burtch Works study on “Salaries of Predictive Analytics Professionals 2017,” senior-level executives saw the largest increase in salaries from 2016 to 2017, and industry diversification of employment has diluted the concentration of such professionals from financial services and marketing/advertising to consulting and technology. Read more →

New study asks, ‘Is your business AI-ready?’

Despite fears that robots will replace human labor, the majority of artificial intelligence (AI) leaders (79 percent) expect their employees will work comfortably with robots by 2020, according to a new Genpact survey of C-Suite and senior executives titled, “Is Your Business AI-Ready?” Read more →

UPCOMING ANALYTICS EVENTS

INFORMS-SPONSORED EVENTS

2017 Winter Simulation Conference (WSC 2017)
Dec. 3-6, 2017, Las Vegas

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.