"Real-time predictive analytics and data modeling will provide access to the most current data for best analytics outcome, thus reducing false positives. It also provides actionable insights on every transaction, which could help increase customer loyalty, increase revenue and/or reduce risks," he said.
To further unlock the value of big data, organisations can leverage cognitive computing to mine deeper insights from data, and uncover patterns and opportunities that are virtually impossible to find through traditional research methods, he said.
"Cognitive computing refers to new hardware and software that mimics the functioning of the human brain and help improve human decision making," said Cheung Kitman, CTO Analytics, Asia Pacific, IBM Corporation. "It provides the capability to talk to internal and external customers in natural language (eg. text and pictures) and incorporate that into the decision making process. It also needs to be adaptive, interactive, iterative and stateful, and contextual."
In short, cognitive computing should enable organisations to make sense of industry business needs and take action, as well as gain unique insights into people, things and businesses by analysing internal and external data, and data in motion (such as sensory data and data from Internet of Things), Cheung concluded.
Hybrid cloud: The foundation of a cognitive business
According to Fibish Madathil, Senior Cloud Advisor for ASEAN at IBM Corporation, hybrid cloud is a key enabler of cognitive businesses. "Hybrid cloud is the platform for digital organisations to transform their business based on insight-driven engagement models, insight-driven frontline decision-making, and insight-driven digital innovation in the cognitive era," he said.
"Hybrid cloud accelerates the transformation into a cognitive business through three entry points. Firstly, it allows the creation of new cloud native apps with high productivity. Secondly, it connects existing apps and data, enabling apps and data to be published or consumed effortlessly for better decision-making. Finally, it optimises any app as it deploys workloads for best fit," he explained.
"With hybrid cloud, organisation can lead with a compelling customer service, accelerate the introduction of innovative business models and cognitive business processes, and operationalise for speed and flexibility," Madathil concluded.
The IBM way of accelerating speed of innovation
In the second garage track, the IBM experts discussed how to import innovation into businesses. Brent Michael Nulf, for example, shared how enterprises could accelerate their speed of innovation through the adoption of APIs and Microservices.
Nulf cited Starbucks, Peugeot and CitiBank as examples of companies that had reaped huge returns by disrupting through digitisation of their businesses. The world's most successful digital enterprises - such as Google, Facebook, Netflix, Twitter, eBay, Salesforce.com - are leveraging an API-base architecture to enable innovation and power growth.
Valuable business assets are exposed as APIs that are consumed by App Developers to develop innovative apps that result in a delightful experience for customers. However, within enterprises, a fine balance needs to be struck between the demands by the lines of business for fast speed and agility in the digital ecosystem, against the slower pace of the IT departments for integration and scaling of the core enterprise to ensure stability.
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