The impact of natural language processing
In March 2021, a commissioned study conducted by Forrester Consulting on behalf of IBM was published. The Forrester Total Economic Impact study examines the potential return on investment (ROI) that an enterprise could achieve by implementing IBM’s Watson portfolio of natural language processing (NLP) solutions. The purpose of the study is to provide readers with a framework for assessing the potential financial impacts of implementing these solutions.
Enterprises are overflowing with data that must be captured and sorted by knowledge workers. This data contains valuable information and insights that employees need. It also offers insight into predictable customer trends and behavior. However, in many companies, this information is stored in different repositories and consists of structured and unstructured data types.
Legacy enterprise search systems are not sophisticated enough to find specific answers, which makes knowledge work frustrating and tedious. Contemporary knowledge work is non-routine, reactive and highly dependent on employees who can quickly find information and turn it into informed business decisions.
Read the Forrester Total Economic Impact™ study
Why NLP
Clever search solutions like IBM Watson Discovery leverage natural language solutions including bright search (also called enterprise search or cognitive search), text analytics, and machine learning capabilities to enhance the strengths of knowledge workers. Text analytics solutions like IBM Natural Language Understanding (NLU) extract metadata from fragments, images, tables, and other enterprise documents – such as contracts and technical manuals – and turn it into actionable insights.
“If we hadn’t moved to an NLU platform like Watson, we wouldn’t have been able to achieve any growth,” says the head of product at an online media company. “Journalists don’t want to click a button, sit and wait 10 minutes for the system to come back with the result. So one of the most important things was that Watson was able to return the result very quickly and accurately.”
See results with NLP
To compile the detailed report, the Forrester team leveraged the collective experiences of four IBM customers using IBM Watson Discovery and Watson Natural Language Understanding. Forrester analysts found the following benefits an enterprise can expect within three years:
- Knowledge workers who previously spent 20% of their time on text analysis/retrieval task time reduced by 50%
- Replacing costly, older systems saves $150,000 a year
- Efficiency and accuracy of solutions are ensured An augment of 5% per year
- Increased employee productivity improves work quality and customer satisfaction
- Employees are starting to see the benefits of the po solution 2 hours of training
- Enough 13 months for refund adoption and implementation
- An organization may experience: Net present value of USD 4.86 million and ROI of 383%
“We have been able to reduce the time lawyers spend answering questions,” says the co-founder and CEO of the legal services firm. “A question comes to the lawyer, and in the background Watson is already offering several suggestions for possible parts of good answers that could be useful in answering the question.”
What’s next?
To dive deeper into the report’s findings and learn more about IBM Watson Discovery’s award-winning NLU capabilities, IBM is hosting an exclusive analyst overview webinar. Listen to Forrester Principal Analyst Mike Gualtieri and report author and TEI consultant Sarah Musto discuss the implications of Forrester’s comprehensive economic impact study.
IBM Digital Event:
An expert review of cost savings and business benefits improved with IBM Watson Discovery and Natural Language Understanding
Date:
Wednesday, March 31, 2021
Time:
1:00 p.m. Eastern time
Duration:
1 hour
Register today to keep your place