Using AI-driven Content Intelligence to Drive Digital Transformation
Even before the COVID-19 pandemic, it was generally understood that enterprises with a strong digital transformation strategy were more agile, efficient, and customer-centric than their competition. The health crisis served only to spur innovation, showing us that speed and responsiveness helps companies swim, rather than sink.
Yet the majority of digital transformation efforts fail. This is in large part because diverse data is trapped in siloes, causing an unstructured data dilemma.
Unlocking value from data is key to meeting digital transformation goals. Fortunately, a solution exists. Rather than use multiple solutions to manage disparate streams of data, AI-driven Content Intelligence helps to desilo data. Let’s explore.
“Up to 84% of digital transformation projects fail to deliver their expected benefits equating to colossal missing ROI, as well as the collateral damage to business strategy, shareholder value and team morale.” — Forbes: Where Businesses Go Wrong with Digital Transformation
An All-in-One Solution for Banks
The financial industry has seen a higher volume of cyber fraud due to an increase of electronic transactions during COVID-19. Banking executives know that for their banks to succeed, they must offer a customer experience that is fast, digital, and online. They must also simultaneously manage risk and keep up with myriad state, federal, and global regulations, including (LIBOR, GDPR, PII, CCPA, and Brexit, etc.). Without the right technology, unstructured data prevents organizations from using data to handle sensitive, data-rich processes and robotic process automation. Traditional enterprises often have many legacy systems that keep data siloed. The effort required to desilo data using data migration solutions prevents most banks from beginning their digital transformation. Content intelligence technology helps solve this problem by migrating, extracting, and structuring data that was previously unstructured. It helps automate manual tasks, freeing up leaders and workers to work more directly with peers and customers. As banks work with this powerful digital transformation technology, people, processes, and data management become more agile, instilling more - delivering confidence in customers.
“For the majority of workers, it can take hours or even days to find the right data they need. Only 3% of employees are able to get the data to answer their questions in seconds.” — Sigma: Top 20 Big Data Statistics for 2020
Using AI to Compete with New Digital-Only Start-ups
Like banks, insurance companies also manage complex risks. Natural disasters are happening with greater frequency than even a few years ago, meaning Insurance companies are paying out hundreds of billions of dollars in claims. Overnight, the COVID-19 pandemic added to the volume of claims. In response, many digital-only insurance companies entered the market. These start-ups are agile, fast, and responsive. To stay competitive, more traditional carriers must also offer higher-value services. Leveraging AI technology decreases efficiencies and reduces costs. Adlib’s Content Intelligence platform helps insurers deliver the best experience to customers by making simple improvements such as faster onboarding and claims processing, which are both things that can cause mental fatigue and stress. The platform also helps insurance companies assess risk and reach greater ROI on their digital transformation technology investments. Most importantly, it helps insurers stay competitive by meeting — and exceeding — customer expectations and delivering relief.
“When digital transformation is done right, it’s like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar.” — George Westerman, MIT Sloan Initiative on the Digital Economy
How Pharma Companies Employ Content Intelligence to Bring Drugs to Market
Now more than ever, pharmaceutical and life sciences companies must bring life-saving drugs to market as quickly as possible. Traditionally, this is a costly, slow process, and there’s no guarantee that a medication will be approved by the Food and Drug Administration (FDA). A digital transformation strategy that includes AI-fueled Content Intelligence helps automate the relationship between companies and outside partners. It streamlines processes, ensures transparency, and builds trust -- the technology ensures pharma companies can control personally identifiable information (PII) and handle mission-critical supply chain issues. Important documents never get lost in the shuffle, and they are always fully compliant. Best of all, Content Intelligence helps companies quickly bring new drugs to market, increasing profits while saving lives and delivering hope.
Intelligent Data Empowers Enterprises
COVID-19 is accelerating the adoption of digital transformation. To compete with today’s new digital-only companies, enterprises across industries need to keep existing customers and attract new ones. They need to collect, store, and ultimately leverage great volumes of unstructured data. Most digital transformation endeavors fail to do these things, as they aren’t able to access data trapped or hidden in siloes. But this doesn’t need to be the case. Is your company ready to use digital transformation to improve workflows and business-critical processes? AI-driven Content Intelligence is the key to unlocking value from data, all while reducing risk, boosting profits, and improving the customer experience.Ready to Get Started?
Learn how Adlib can help you rethink your digital transformation initiative with confidence.
REQUEST MORE INFORMATION
Sources & Credits
1.Adlib, Content Intelligence: A New Dawn on Digital Transformation