IBM Watson is known as a supercomputer which defeated Ken Jennings and many other human champions in Jeopardy in 2011. Now its taking on a new challenge of ecommerce analytics and marketing analytics.
IBM’s new data mining tool is not only analyzing inventories, demand and supply, sales figures but also coming up with customer experience and marketing insights by crunching the numbers and doing all the analytics. It is leveraging its upgraded NLP (Natural Language Processing) algorithms to come with up social media analysis and perform the marketing strategy assessment for various retail brands. Users can also communicate with Watson in their languages and Watson is able to communicate back with them. Similar software system BeyondCore has been leveraged by Micorsoft in the past. But, Watson seems to be the biggest hit of 2015 in the market and is ready sweep all the analytics market in 2016.
Watson’s Deep QA module is highly popular in healthcare for answering patient and nurse queries. But, with respect to marketing analytics, Watson is taking it to different level. Watson is taking all the big data done through marketing and sales activities and trying to analyze it to give best marketing insights and the strategy going ahead.