In tough times like these, companies must reinvent themselves to survive and grow. When COVID-19 hit, Canadian auto manufacturer Mitchell Plastics did just that. They pivoted their operations to produce PPE for frontline healthcare workers, using existing machinery to create face shields, masks, gloves, and other essential supplies.
To respond to the global pandemic, Mitchell Plastics had to quickly evaluate market trends and shift on the fly. They couldn’t do what they had always done.
There was clearly a need for the supplies that Mitchell Plastics and other companies like them manufactured. What can you do when the path isn’t so clear? Data can help you quickly uncover insights, adapt your focus, and recover and grow business.
Things may be tough, but growth opportunities exist if you know where to look. Content Intelligence software can do that work for you, giving you three foundational pillars to start 2021 strong.
Manage Governance & Mitigate Risk
With cut budgets and smaller teams, it’s more important than ever to get at information and extract it intelligently. Content Intelligence software like Adlib can replace the need for an individual to pore over contracts, automating the process.
Increase Organizational Velocity
Content Intelligence software unlocks information and insights previously difficult or labour-intensive to obtain, whether that’s solving for supply chain gaps, identifying leading indicators for churn, or mining legal contracts for potential risks. Discover, classify, extract, and enrich quickly and efficiently, improving upon workflows and processes.
Whether you’re scaling up a new line of business or re-prioritizing existing business units, you’ll need to be ready for whatever comes next.
Enrich the (Internal) Customer Experience
What’s going to really make a difference? Building a better customer experience. And I’m not just talking about your external customers.
Streamlining the experience for internal stakeholders makes it easier to get things done and creates fertile ground for innovation. Standardize communication around important documents, enrich the data you’re able to provide to make those decisions, and increase the velocity of the feedback loop with one another.
Grow Smarter with Content Intelligence
Content Intelligence sheds light on the different paths of growth available to your business. Take mergers and acquisitions, for example. Acquiring another company—whether to outmaneuver a competitor, grow market share, or enter a new business—is fundamentally a growth strategy.
This takes a huge amount of manual effort from your organization between employee agreements, commercial agreements, partner agreements, and technology agreements, all with clauses, end dates, and terms of conditions that present opportunities and risks.
It builds a workflow that eliminates unnecessary risk, accelerates internal processes, and makes them more streamlined.
Contracts also contain a wealth of insights that could open up new revenue streams, like the opportunity for price increases, the renegotiation of terms, or cross-selling and upselling. With Content Intelligence software, you can identify and act on these opportunities.
The Final Verdict
Now is the best time to invest in Content Intelligence software. With tighter budgets and smaller teams, organizations need a way to do more with less. Powerful, AI-driven software gives your organization the ability to reduce time to ROI while augmenting human capabilities. The more access you have to your data, the better decisions you’ll make to find a path through these turbulent times.