For all industries – including healthcare, building the Digital Enterprise (Industry 4.0) is by far the most important strategic imperative since the advent of the Internet. Neither Y2K nor ICD-10 comes close in comparison and here’s why; Digital directly impacts an enterprise’s value chain, both vertically and horizontally.
This means it impacts your customers. It not only touches your customers but also changes the very relationship with customers as well as the market dynamics, making it easier for non-traditional companies to compete with you.
At the heart of this mega change is the digitally empowered consumer. In less than two decades, consumer technology has grown leaps and bounds, from no mobile phone to smartphones that can do complex real-time transactions. Consumer technologies have introduced health and fitness devices that are easy to interact with and help consumers generate real-time personal data. Consumers of all ages and nationalities are exploring and using these advancements in technology.
This speed of change has left the enterprises behind and catapulted the consumers ahead. Today the vast majority of healthcare enterprises cannot meet the digital consumer’s needs and expectations for usability, connectivity, personalization, contextualization and integration.
At emids, we like to think of Digital as an enormous opportunity for healthcare entities to grow their business by creating digital products and introducing digital business & engagement models with their customers. We anticipate that in the coming years, there will be significant changes in the competitive landscape, and the winners will be those that have succeeded in catching up with their customers.
This said, it is naïve to believe that Digital is a front-end revolution. Introduction of new customer access channels and new products require significant back-end changes including core systems and core business processes.
We have been doing several pilot programs with customers on their digital journey. We share with them the excitement of the potential. We also see the immense challenges in defining a Digital roadmap that is meaningful and relevant. We also observe their consternation as they realize the depth and breadth of change needed to be successful.
Many of our customers have developed an appreciation for the transformative potential of digital solutions but are unable to comprehensively assess their organization’s collective readiness to go through this journey. Without such an assessment, it is quite difficult for leadership to develop a meaningful strategic roadmap let alone develop an operating plan on people and budgets. Many enterprises have started committing ~5% of annual revenues as investment in digital technologies such as software, data, sensors & connectivity devices. Payback is expected in two or three years.
emids is sponsoring Everest Group to conduct analysis to help healthcare enterprises assess their readiness for digital transformation. Everest Group has a proven survey methodology that emids has refined for the healthcare industry. We are excited to sponsor this research and make it available to all interested healthcare enterprises. The results will help you gain an understanding of your level of readiness for digital transformation of your enterprise and your highest potential areas of improvement as well as key strengths. We will also share best practices by high performers that could accelerate your readiness for the digital transformation.
Please take a few moments and take the survey. I value your input, and I think you will find great value in the results.
As a consumer of healthcare, I’m excited about what lies ahead as my partners (Payers, Providers, and Tech Enablers) engage more meaningfully with me.
Saurabh Sinha is founder and CEO of emids, the leader in Digital Transformation. As a pioneer in the healthcare IT industry, Sinha established emids’ healthcare technology capabilities and is focused on leading the company to deliver customer-centric services and solutions that create value for clients’ businesses. Previously, Saurabh worked with global outsourcing giant Wipro Technologies. Be sure to connect with Saurabh on LinkedIn.