The COVID-19 pandemic has forced businesses to undergo a difficult transition by thrusting a large segment of the global workforce into a new work-from-home paradigm. But even amid such wide scale disruptions, the enterprises that have been effective at implementing digital transformation initiatives continue to experience success. A recent survey by Deloitte, which polled decision makers in insurance, life science, and other industries, revealed that companies that have achieved the most progress on their digital transformation goals have seen both higher net revenue growth and higher net margins. Digging deeper, the survey also found that the strongest measurable impact that these initiatives had on business outcomes stemmed from pivots to intelligent workflows and data mastery. At a time when many employees remain working from home, these are the types of investments that enterprises will need to make to remain competitive.
Language Intelligence (LI) is a technology designed to achieve digital transformation at enterprises in STEM industries by empowering technical experts whose workflows involve large volumes of industry- and domain- specific documents and other content. LI provides the foundation for intelligent workflows and data mastery, combining Natural Language Processing (NLP), Natural Language Understanding (NLU), and other AI capabilities to understand scientific and medical language at scale. These capabilities have particularly useful applications to the insurance and life science industries. LI improves the accuracy and speed of claims referrals, tracks critical changes in policy and guideline documents, and coordinates important information for drug development teams collaborating across multiple locations.
The ongoing reality of remote work will have an impact on how teams function over the long term. According to a survey by Gartner, 74 percent of business leaders plan to make some previously on-site jobs into permanently remote positions. Organizations that were struggling with inefficient workflows before the pandemic face an even more urgent need to embrace the tools of digital transformation now that their operations are decentralized across a network of makeshift home offices.
“People will change their habits, and some of these habits will stick,” stated the economist Susan Athey. “There’s a lot of things where people are just slowly shifting, and this will accelerate that.”
There is a consensus among experts that the new work-from-home paradigm will lead many organizations to implement new digital processes. According to the Brookings Institute, enterprises will have to be innovative in the adoption of new technologies to keep up with evolving workplace trends in the era of social distancing. As stated in a report by McKinsey: “The crisis will reveal not just vulnerabilities but opportunities to improve the performance of businesses.”
LI offers enterprises the opportunity to have control over the inherent complexities of their businesses in a way that maintains a fluent and fluid workflow, which will be especially important at a time when employees are working remotely. Sorcero’s LI platform is designed to power transformative solutions with comprehensive domain understanding at their core. Adopting the Sorcero LI platform will be essential for scientific industries as team members remain separated from each other while working from home, a trend that is likely to continue even after the threat of COVID-19 has abated.