How Organizations Can Capitalize on the Next Wave of Data-Driven Business

By Vikram Motiani

In an earlier post, ‘Why businesses need to stop passing around the Data Science hot potato, I discussed the importance of capitalizing on the benefits of Big Data.

While there is still a fair way to go before the whole of Asia catches up in this particular area, we should already be thinking ahead about the next wave of data-driven business. To remain competitive against our cousins in EMEA and the US, Asian businesses must keep pace and strive as a region to put plans in place that will support the region’s growth.

But before we talk future plans, it’s worth noting 3 emerging trends and what they can offer to Asia.

1. Cognitive computing refers to systems that use data mining, pattern recognition, and natural language processing to mimic how the human brain works and “learn” from their experience. The applications for this are numerous, particularly in healthcare, financial, security, and retail sectors, where rapid decision-making and customer experience is everything. Imagine being able to run your customer service help desk, which could learn the best ways to support and interact with your customers and provide progressively better service – with less human intervention. This would allow your businesses to streamline operations, reduce human errors, increase customer satisfaction, and redeploy your best and brightest employees to revenue-generating areas of the business. According to IDC, global spending on cognitive systems will reach nearly $31.3 billion in 2019, and Asia-Pacific is expected to be part of this trend.

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