AI and a proactive path to (projected) prosperity
AI is having a Wild West moment. One biotech is taking the technology (and its future) firmly in hand.
THE PROMISE OF AI
WAS CLEAR. HOW
COULD THEY APPLY
IT AS SOON
AS POSSIBLE?
The Situation
Here’s an old saw: Failing to plan is planning to fail. Of course nobody plans to fail, but plenty of business leaders, heads down trying to make next quarter’s numbers, may feel they don’t have the luxury of looking up and out at their horizons.
Not so with leadership at one global biotech company—specialists in genetic medicine. Maybe it’s because biotech products take so long to develop; maybe because company culture included a baked-in comfort with advanced technologies. Whatever the reason, the company’s leaders understood the transformative promise of artificial intelligence (AI) and wanted to start applying the technology as soon as possible.
How? They didn’t know yet. But they did know that AI, strategically deployed, could deliver real impact and value. And they knew this because they’d done their homework. They’d learned how, in life sciences, AI could accelerate drug discovery and development. How trials are conducted. How patients are engaged. Then there was the prospect of AI improving general business efficiencies—efficiencies that could increase revenues, decrease costs, and reduce time to market.
Put together, these things could create a competitive advantage.
The company had even done some small-scale prototyping—enough to confirm that they’d reached a go-big-or-go-home moment. Because unlocking the value they were learning about would take a sustained, organized effort with the funding to support it. It would take both business engagement (working with functional leaders in R&D, legal, HR, finance, and others to create use cases) and technology delivery (the AI skills and the IT architecture needed to deliver on those use cases).
So, the company had an overall plan; they just needed an assist in implementing it. They called Deloitte Consulting’s specialists in AI services.
THE SOLVE
140 POTENTIAL USE
CASES, 10 AT THE
FRONT OF THE LINE
(AND ALL OF
THEM BUSINESS
BOOSTERS)
The Impact
Here’s a final old saw: Measure what matters.
And what matters here is that the company’s journey into an AI-assisted future is not only underway with élan, but that the AI program overall is well positioned—with a charter, guiding principles, strategic and governance structures, policies, procedures, and controls—to stay agile as market and technology landscapes inevitably evolve.
Of the 10 use cases identified for the first fiscal year, seven have been delivered and are in active use:
- An organization-wide digital assistant (chatbot) for both internal and external questions that has revolutionized information flow and real-time response (thus improving organizational efficiency).
- A product complaints agent (that runs in the background) for summarizing incoming complaints and product adverse events (thus significantly reducing processing time).
- A Health Authority Query (HAQ) intelligence agent (chatbot) that retrieves a list of similar, relevant past HAQs (thus speeding turnaround time and saving significant time and costs in regulatory processes).
- An invoice flagging agent (that runs in the background) for scanning invoices to identify claw-back opportunities (generating substantial incremental savings).
- A plain language summary agent (via a custom user interface) that simplifies complex medical documents (generating significant cost and time savings).
- A marketing material localization agent (via custom user interface) that translates and applies local guidelines to treatment guides in other countries (producing a drastic reduction in process time and agency spend).
- An investor relations (IR) assistant (chatbot) that generates potential analyst questions and responses for investor events (thus boosting C-level preparedness and enhancing the firm’s reputation during these events).
…with more to come.