Although cognitive computing is not yet as mainstream as IBM wants it to be, the company is seeking to push the technology to more industries.
The tech giant recently held a conference focusing on ?Watson,? which is IBM?s branding of cognitive computing solutions.
The company describes cognitive computing as next-generation way of analyzing ?Big Data,? in the hopes of helping companies, customers, and technology users come up with better decisions.
So what can ?Watson? do?
According to IBM, cognitive computing means a computer system has the capacity to learn and not simply crunch or process vast amounts of data.
This ability to learn means the system can pool resources and data from various sources, analyze the data, formulate conclusions from historical examples, come up with results, and then projects various results from these data.
Cognitive computing can also uncover patterns and insights, and learn from each interaction.
This means a computer solution or software which is capable of cognitive computing now can offer a variety of solutions or scenarios to the user based on advance data analytics.
The company revealed that initially, it is targeting the healthcare industry, particularly ongoing efforts in the cure of cancer.
According to Robert Morris, vice president for global labs at IBM, the company decided to push cognitive computing initially in the healthcare industry because about 40 percent of spending in healthcare simply ?does not work? or is spent on incorrect treatment.
The executive said IBM is now working with a number of physicians and experts in the area of cancer using cognitive computing.
Beyond healthcare, Morris said IBM has solicited clients around the world in the field of finance and banking.
The executive did not discuss details, but added that travel, IT, and retail industries can also benefit from cognitive computing.
Interestingly, Morris said the Philippines can also benefit from cognitive computing, particularly in the area of financial advising. Morris describes a scenario where small investors can use their mobile phones to get advice from ?Watson? on such basic topics like how to save and how to invest.
This ?self-service? set up means anyone with the interest ? and money to spare ? can now learn some of the subtleties of investing.
Although these services for small investors remain in the pipeline for IBM, Morris said it just one of the examples of how ordinary citizens can benefit from cognitive computing.