We had a year full of amazing stories that demonstrate the value of Digital Intelligence in the rapidly changing business climate. From transforming customer experience to optimizing process flows, Digital Intelligence has provided businesses with the insight needed to adapt and remain competitive throughout the pandemic. Gaining this deep knowledge of the way people, processes, and content interact is a key competence for the future of work, demonstrated by this year’s stories. If there’s one message that resonated this year the most, it’s that organizations must ramp up innovation to survive and thrive.
Here are our most interesting and favorite Digital Intelligence stories from 2020, in case you missed any of them.
1. The Human Touch: The Untapped Opportunity for Making AI Work for Insurance
The opportunity for artificial intelligence (AI) is in targeting the end-to-end processing of documents for human-machine collaboration as an essential part of the customer journey. Customer acquisition and retention remain the essential drivers of insurance revenue and profit; however, knowing how to create experiences to acquire and keep customers happy remains challenging.
A new breed of competitor—Insuretechs—target smart technologies at the customer experience and are disrupting the status quo for traditional insurers. What Fintechs did in consumer banking, Insuretechs are doing to transform insurance customer experiences. Artificial intelligence (AI) technologies show a lot of promise in transforming customer acquisition and retention, yet it’s all too easy to assume that better technologies can, in themselves, transform customer experience.
2. Social Distancing Has Raised the Bar for the Digital Experience
With social distancing measures in place and businesses across diverse industries that temporarily closed their store fronts, the digital experience has never been more critical for businesses and the customers who depend on them. Consumers develop brand loyalty and trust in accordance to the degree a company can best meet their needs—both in everyday circumstances and especially during a crisis. That makes it even more important for businesses to leverage mobile capabilities and optimize the digital experience across customer-facing operations now to serve consumer expectations. Companies that pivot the customer experience accordingly will be poised to emerge ahead of the curve in the post COVID-19 world.
3. Data Insight Plays a Key Role in How ABBYY Supplies Vital Pieces of the RPA Puzzle
Digital Intelligence tools are becoming more essential for enterprise companies as interest in automation continues to grow. One of the hottest fields in the space has been Robotic Process Automation (RPA), which involves the use of software robots to automate repetitive, mundane tasks. Robert Youngjohns, Chairman of the Board at ABBYY, spoke with Dave Vellante, Chief Analyst at market research firm Wikibon and co-host of SiliconANGLE Media’s video studio theCUBE.
They discussed how ABBYY’s platform identifies process flows, the importance of deriving insight from unstructured data, how the digital enterprise should look in the future, and advice for companies during the pandemic crisis.
Read the article or watch the video below.
4. The Need for Digital Intelligence in the Time of Social Distancing
COVID-19 is the defining event of 2020, and with it, ”social distancing” entered our vocabulary for modern commerce, recasting interpersonal and business interactions. Now as part of our social consciousness, social distancing is fueling a growing reliance on virtualization and technologically mediated relationships. While the urgency of social distancing is already putting our technology and process readiness to the test, it raises an important question about how people, process, and content interact in this new normal. Social distancing has made the customer experience an imperative, driving digital transformation by replacing human-to-human with app-defined interactions.
5. Six Steps to Revive Your Digital Transformation Projects
The pandemic shifted many IT resources toward business continuity efforts, and many workers and leaders reached the point where they were struggling to ramp up or resume digital transformation projects. Organizations looked to tap into the benefits attained from scaling end-to-end digital transformation but needed direction on the right strategies to accelerate higher-value initiatives. The challenges stem from a lack of understanding of business processes coupled with an inability to turn a company’s data into actionable, valuable information that drives strategic business decisions. ABBYY shared six fundamental steps to help implement digital transformation.
6. Five Crucial Insurance Questions for the Post-COVID 'New Normal'
Only several months into the coronavirus pandemic, it became clear that the crisis had rewritten the rules for customer engagement, business processes, and technology. Insurers understood that the customer experience is critical during the claims process, otherwise they risk customer attrition. While a number of factors play a role in resolving claims, one of the most important drivers of a positive customer experience is an insurer’s operational processes. It’s vital for insurers to evaluate how to become more digitally efficient, how to enhance the customer experience by connecting historically disparate processes, and ways they can effectively bring critical customer data directly into core operational processes.
We shared five questions to help leaders at insurance companies evaluate if there are opportunities within their organizations to enhance their processes in a manner that impacts operational efficiency, compliance, and the customer experience.