Considering humanity generates 2.5 quintillion bytes of information every single day, it should come as no surprise that businesses are drowning in data. This is especially true since most of this data is unstructured and does not reside in conventional databases and nor can it be parsed by traditional machine or algorithm analysis. However, thanks to IBM’s Watson AI, this is changing fast.
IBM’s Watson AI is a new cognitive computing service that not only cuts through massive amounts of data but also brings meaning to it through natural language queries that humans can understand. This new technology is helping industries across the globe respond to the needs of their clients like never before.
Here are 10 industries that are using IBM’s Watson AI
1. Healthcare
Since the modern healthcare is generating so much data and research, IBM’s Watson AI is helping deliver a medical revolution. This application can assess huge amounts of structured and unstructured data to spot patterns and deliver findings that doctors and other medical professionals, wouldn’t otherwise have been able to spot. These developments can literally save lives. A good example is telemedicine vendor Teladoc which, with the help of IBM’s Watson AI is implementing the Oncology Insight to allow medical professionals get a second opinion on cancer care. This application can scour vast amounts of medical data far quicker than a human could, potentially uncovering vital information that can guide better healthcare.
2. Legal
The legal industry includes a complicated and manual process for handling thousands of legal complaints a day. For instance, legal offices and law firms spend hours sifting through legal contracts, skimming for errors, grouping them and drafting replies during the initial stages of litigation. Through IBM’s Watson AI, litigators can access platforms that automatically and accurately evaluate inquiries and produce responses within minutes. This will help free up time for lawyers and enhance their work efficiency.
3. Real Estate
The real estate industry is transforming into a more Watson AI-based services and products in several ways. Today, potential home buyers can do their own research by browsing real estate properties online and comparing facilities and prices before reaching out to an agent. By activating Watson AI-powered search engines, real estate companies are able to lead consumers in the right direction by helping them find the exact property they are looking for.
4. Banking
Inefficient customer service has always been a common complaint when it comes to banks. People want hassle-free resolutions to their financial problems and a quick and easy way to access their money. In the past, bank conversations have always been person to person. However, thanks to IBM’s Watson AI, this is fast changing.
A good example is UBank which launched RoboChat. RoboChat is Australia’s first virtual assistant that will help potential homebuyers and refinancers complete their online home loan applications. This application will provide real-time input on questions like “Do you offer redraws?” or “How do redraw work?” This will help reduce the time needed for a customer to complete the form offering on the spot without needing to visit the office.
5. Fitness
IBM’s Watson AI is not just for customer service agents or manufacturers. This application can directly serve customers too. Sports gear and connected fitness companies are using data to activate the world’s first cognitive fitness coaching mobile apps. These applications collect data from user’s workouts, the calories burned and more in order to act as a virtual coach to help them meet their goals.
6. Game Development
A new partnership between IBM’s Watson AI and one of the world’s biggest gaming platforms is opening virtual and augmented reality functions to a wider audience of developers. This will allow ambitious developers an opportunity to seize on a market that is expected to grow in the near future.
7. Space Exploration
Who said AI has to be limited to the planet earth. As far as space exploration goes, help from Watson is helping astronauts in speeding up operations and keeping their stations running smoothly. A good example is the German Aerospace Center which is has created a Watson supported robot called CIMON. This robot is trained to recognize voice commands from Alexander Gerst – an astronaut and also identify his face through its cameras. This robot can advise Alexander Gerst on complex procedures on a step by step basis to help him stay on the right track while in space.
8. Government
State governments in the US are using data to enhance the services delivered to millions of its citizens. IBM’s Watson AI enables citizens to quickly and easily search through thousands of documents including important insurance requirements. This application is allowing these states to achieve their goal of helping citizens navigate through more than a million pages while still saving tens of thousands of dollars in upgrade costs.
9. Telecommunications
Major telecommunication service providers are using cognitive services to file thousands of documents, images, and instructions in minutes to help over 40,000 call center agents resolve customer concerns more effectively. These companies are saving at least $1 for every second shaved off the average time they use to solve these issues.
10. Travel
As the data inundation grows each day in the travel industry, more and more international airlines are finding ways to use IBM’s Watson AI to significantly enhance customer experience. For instance, Flight attendants can now use their mobile devices to access customer data including seat and food preferences, previous travel history and allergies to offer truly personalized service.