Artificial Intelligence has the power to transform the customer experience for the Life Sciences Industry. We sat down with two TayganPoint consultants, Jay Stanell and Josh Holden, to find out just how this transformation can happen. Here’s what they had to say:
1. Supply chain responsiveness is critical to customer fulfillment and growth, can performance improvement be achieved through AI alone?
AI is a major step towards bringing an organization’s supply chain into the future, but shouldn’t be viewed as a replacement for human input. AI is a great tool to enhance efficiencies, reduce variability, and ultimately, provide human operators opportunities to improve decision making.
2. How can companies enhance customer value through innovation and digitization while proving new technologies to still be feasible for the real world?
When developing use cases for new tech, make sure to stay customer centric (when appropriate). Consider the impact on the consumer in addition to the cost savings and cost avoidance that new tech will provide. Find the opportunity to observe an industry participant’s best practices and learn from its successes and failures. Understand that sustaining improvement long-term will occur if change aligns with customer needs.
3. What are the 3 steps necessary for companies to prove new technologies will achieve increased efficiency and deliver a more integrated customer experience-read more:
- Build Teams … Form test and learn teams around SMEs who embrace change/innovation. Obtain senior leadership buy-in and support. Have the team identify innovative applications, technologies, and models that could have business impact. Develop a project charter and test & learn/deployment plan based on initial brainstorming. Conduct viability and ROI studies around the application of new technology on specific product lines and locations.
- Create a clear structure: Capture costs/benefits of testing and deploying each project, including timelines, milestones, and critical decision points. Assign project DRIs, technology SMEs, and segment/site owners. Implement a mechanism for capturing and reporting on progress towards goals. Develop a mechanism to communicate progress and the detailed project level and executive summary level.
- Designate Leadership Team: Establish a steering committee who is responsible for driving project governance and decision making. Develop a project prioritization model to support decision making regarding project costs/benefits, impact/effort, cross segment viability, and short-term/long term planning. Make sure to support the communication of project objectives/benefits, learnings/accomplishments, risks/remediation, and actions. Encourage the learning aspect of testing innovative tech, and support pivoting decisions and sharing best practices.
Want to continue the conversation? We hope you’ll reach out.
Jay Stanell | Consultant | TayganPoint Consulting Group | firstname.lastname@example.org | LinkedIn |
Josh Holden | Consultant | TayganPoint Consulting Group | email@example.com | LinkedIn |