Schroeter appeared at the base of IBM's cloud-based analytics platform Watson and touted how the tech giant constructs solutions to their clients' most difficult problems. Watson is the most recent instrument to achieve that goal, he said, and represents several hundred patents.
IBM currently operates a $17 billion analytics business, and the company is integrating Watson into that business.
Watson's first task will be health care, and Schroeter said the system can scan more than 12 million medical journal articles and issue accurate diagnoses in a matter of hours compared to weeks. Watson then releases that information to doctors on an iPad. Furthermore, Schroeter said Watson can identify patterns that humans cannot because it scans all data rather than subsets of data.
Finally, the CFO said IBM will soon task Watson with analyzing social media feeds to identify trends and make predictions as it scans millions of posts worldwide in multiple languages.
Insight from TheStreet's Research Team
Jim Cramer commented on IBM in a recent post on Real Money. Here's what he had to say about the stock:
Can Watson move the needle for IBM?
I don't think anyone believes it can or will. It's only a small portion of a large company. It has some terrific uses, but mostly in health care from what I saw, although that's a giant category. And there are competitors, including Metamind.io, a start-up that has a very compelling bead on the social media information that Watson reads.