10 Most Prestigious Companies of the Year 2021
Companies have long been trying to predict market shifts and consumer interests in an attempt to prepare for what is coming. AI can process billions of data points in seconds and even use historical data to predict future outcomes with a high level of accuracy, allowing businesses to make more informed decisions.
In the past, only the largest corporations could afford to invest in AI technology, but things are changing fast. In fact, the high-speed growth of AI makes it more likely that startups and younger businesses will be able to embrace the technology earlier than their corporate colleagues.
Exponential AI delivers AI software that transforms decision making to create autonomous processes that unlock digital scale. Exponential AI’s ENSO Decision Intelligence Platform and AI solutions have generated transformational strategic, financial, and operational outcomes for multiple fortune 50s in healthcare and financial services.
Nikhil Mendhi, Chief Operating Officer helped us learn more about the company
Q. What are the current needs and challenges Exponential AI is trying to address for its clients?
Enterprises are constantly looking to apply new technologies such as AI to digitally scale their processes to succeed in this new customer-centric ecosystem. While AI promises great results, it’s quite a struggle to get there. Organizations face challenges with solution design, solution orchestration, and productionizing and often have little clarity on speed to market, expected value and time-to-value. More importantly, organizations mostly use AI as a predictive tool, seriously restricting its potential. Whereas, AI used for decision-making can change how processes are currently run and transform them into autonomous processes that deliver better cost and quality outcomes at scale.
For AI to be used for decision making, it needs to be used in collaboration with rules, optimization and other decision-making techniques and embedded into processes as Decision Intelligence. But, building, training, and managing decision pipelines is complex and operationalizing it even harder. This stems from the limited capabilities in orchestrating complex systems, lack of the necessary decision infrastructure and complexities in monitoring and maintaining these systems.
To solve these challenges, Exponential AI offers Enso, an AI platform which delivers pre-trained decision agents that enable autonomous processes at scale.
Q. How do you help those companies who are struggling to manage complex tasks?
Let’s consider the healthcare industry, there’s a lot of complexity due to regulation, the increasing number of care touchpoints, and a large number of players. Technology, specifically AI, can manage such complexity and evolve decision systems and processes to achieve efficiency and digital scale.
In general too, decision-making is a lot more complex today due to the increasing number of recommendations and insights that must be considered. AI can enable accurate and contextual application of these insights not only repeatedly, but also in live transactions.
Exponential AI enables AI to be used for such complex decision-making through its solutions that leverage a unique decision agent architecture and library. These prebuilt Decision Agents- are AI enabled Digital Workers that can efficiently be trained to make human-like decisions and continuously learn from feedback. On our ENSO platform, these agents can be custom built, trained and orchestrated into solutions that automate complex decision-making across enterprise processes.
We’ve built several such AI solutions across Claims Adjudication, Coordination of Benefits, Claims Audit, Payment Integrity, Contract Management, Utilization Management etc.
Q. How does Exponential AI help make intelligent decisions?
Today, if you look at how artificial intelligence is adopted or deployed, or even purchased by organizations, it’s used for predictive modelling and insights, data mining inference and recommendations. And most of this is retrospective in nature. Where you go to historical data, you train the algorithms, and then you look at the recommendations of algorithms. But for those recommendations to convert into actions, you still have humans who are taking those actions, who are interpreting the number of recommendations and taking actions.
We enable the application of AI in a real-time transaction. We don’t just stop at data mining for recommendations, but also leverage AI for accurate and contextual application of recommendations to enable routine and complex decisions autonomously, that is for enabling action on behalf of humans.
Q. What are the differentiating factors that separate Exponential AI from the rest in your marketplace?
Our biggest differentiator is that with our technology, organizations can now execute evidence-based decision-making that is connected and contextual, accelerate the automation of complex enterprise processes, and continuously gather feedback to nurture and curate strategic and operational knowledge from the models they operate across the enterprise.
What I think is worth mentioning is we offer clients greater control over their operations. Many enterprise processes today are vendor-driven or operate in silos with little to no transparency and insight on what’s being done and how.
Q. How is Enso an asset to organizations who chose Exponential AI?
ENSO makes the entire lifecycle of building AI-enabled solutions much easier and faster. It offers a pre-built library of decision agents and drag and drop UI to build them into solutions that can be leveraged by clients to get a head start on their AI journey.
The platform also enables decision agents to be retrained, extended and reused across processes that use similar data, enabling clients to also expand AI to other processes efficiently and quickly.
In one instance, a Fortune 50 company approached us to assist them in transforming a process in their Claims Value Chain. Upon onboarding the client, we helped them build one solution that delivered on their savings expectation in less than 6 months. The client was able to scale their operations in 18 months with Exponential AI. In fact, our platform enabled them to build AI solutions three times faster.
By doing so, they could launch more solutions than planned and generated more ROI from AI solutions.
Q. How does Exponential AI’s Decision Agent evade fraud in health plans?
Our suite of decision-agent driven PI solutions have delivered savings across the Payment Integrity Value Chain. By enabling digital scale and contextual application of insights, our decision agents allow plans to move from random-sampling to focussed AI-augmented checks that yield more leads and recovery in postpay operations.
More importantly, our unique decision agent approach enables any learning to be shared, retained, grown, and leveraged within multiple solutions across the payment integrity function to further improve payment accuracy and processing efficiencies.
Brief us about healthcare and Financial services industry being benefitted by Exponential AI.
Within healthcare, we have delivered solutions for payers, providers and life sciences companies to enable better cost, quality, efficiency and control. For payers, we have delivered AI solutions for Claims Adjudication Processing, Coordination of Benefits, Claims Audit, Payment Integrity, Contract Management, Utilization Management etc.
In the life sciences industry, we are focussed on research and development, pharmacovigilance and commercial processes. Life sciences companies utilize our solutions to identify best fit candidates for clinical trials, for identifying adverse events from literature documents etc.
In Financial services, we have helped organizations with AI for loan origination, loan processing, pricing intelligence, contract risk management, etc.
A brief background of Nikhil Mendhi
Nikhil Mendhi is a high energy, enterprising and future-focused healthcare technology leader who effortlessly integrates innovation, vision, and exceptional execution to transform healthcare. Nikhil has held several senior leadership positions and successfully led multi-million P&Ls, and high profile enterprise-wide initiatives for Large Health Plans and Fortune 500 healthcare organisations.
Nikhil also serves on the board of several health technology startups. In those roles, he has leveraged his diverse expertise to support mission-critical initiatives and has been featured in ‘Top 100 leaders in healthcare’ by the International Federation of Healthcare Practitioners and in AsiaOne magazine as Asia’s most influential young leaders.