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Digital Transformation and the Healthcare Industry

In the last few years, healthcare has joined other industries in the quest to deliver better customer experience. This has brought about a fundamental change in the healthcare industry and they have now shifted from volume to value of care of patients. The evolution in the cloud, data and mobile technologies has disrupted the health care industry.

The disruption has forced insurance companies and healthcare providers to move from a health system driven model to a customer oriented model. The behavioural needs of the modern customer has also changed and they now demand both control and choice.

Digital transformation is revolutionizing healthcare. It has helped connect and apply data, communication and technology to engage and redefine customer experiences. Most people have a misconception that digital transformation is about automation of jobs, processes and technology but it is much bigger than that.

Digital transformation requires you to rethink all your business processes. It is all about using data and digital technology by putting the needs of the customer at the centre of the business. If you want to succeed in the transformation, you need to look at the entire ecosystem of the company and determine ways to drive more value to the customer.

Optimize Clinical and Operational Effectiveness

Digital technology has helped improve quality and outcome of healthcare services. Consumers are now able to access and analyse information, so that they are able to make informed choices. Innovative solutions are offered to improve quality of care and efficiency of services. The new technology has helped reduce clinical variations.

Operational Analytics

The operations are streamlined and this helps reduce costs. Clinicians and executives are now able to share information and analyse the structured and unstructured data to make informed choices. Structured (electronic medical records) and unstructured (handwritten case notes) data can be brought together to get insights and uncover actionable intelligence.

Clinical Analytics

The quality and outcome of health services are drastically improved by creation of powerful data models. The healthcare professionals can collaborate and share insights in new ways. The accuracy, completeness and consistency of health information is improved by resolving problems that are caused by bad data.

Medical Data Storage

Innovative and new technologies in the healthcare industry is generating more data than before. Digital technology has enabled healthcare providers to store the data and utilize it in the best possible way. The data can be used to optimize patient care and anticipate the emerging health trends.

Technology has helped create a system of engagement with patients. Physicians will be able to get more information about their patients and this can revolutionize the services that are provided to customers. Health professionals can explore and navigate reports faster.

Digital transformation is an ongoing process that puts customer at the centre of healthcare business. It is important to look beyond technology to drive innovation. If the healthcare industry wants to keep pace with digital disruption, it needs to engage with those that it wants to please, its consumers. Failure to engage with the customer can result in the industry operating behind the times.

Why Digital Transformation Is Private Equity’s Sharpest Tool

Private equity groups are always looking for the sure thing – it’s part of their culture. It’s not surprising they’ve been so slow to embrace Digital Transformation, but money is usually pretty conservative. So here’s a wake-up call for anyone in private equity – you need to take Digital Transformation seriously and make it one of the tools of your trade.

Private equity has to create value in its acquisitions. That’s pretty obvious and we know the common strategies. In the past, a private equity firm would acquire a business with the intent of growing it and hopefully acquiring another, putting them together and building greater value for both companies. Part of that process would involve creating efficiencies within the new company through economies of scale and instituting better practices for sales, marketing, supply chain and operations.

That’s what Digital Transformation is all about – creating greater efficiencies and best practices – but for the digital age – not the steam age. Private equity has to realize scale is not the only efficiency – from customer management systems (CMS), to building out robust e-commerce engines, to exploding a brand, Digital Transformation can turn around an undervalued company and absolutely smash competition with just a bit of digital vision.

Digital Transformation affects all aspects of a company – and each aspect represents another potential growth point for private equity. Think about this: private equity firms always worry about losing key employees after an acquisition. A well executed Digital Transformation always includes a clear digital vision delivered to the company first – and always considers how to improve its employee’s work experience by utilizing every chance to supercharge internal processes and efficiencies. Think how that will affect morale during a take-over – and help improve ROI.

In fact, private equity firms would all be wise to initiate a Digital Transformation within their four walls. You can’t just pound your chest like a gorilla – you have to rip the antiquated doors off your own walls. Sure, hedge funds are computerized out the yin/yang but private equity firms struggle. In addition, how well do they manage their own digital presence and their public digital profile – their leadership casting? Are they active on the social media front? Are they providing opportunities for top talent to share their vision – and build their digital profile? Everyone in PE firms know a sharp suit is important for first impressions – so help your firm, and your people, look sharp on the web.

These are just a couple of examples of how Digital Transformation can affect both the efficiency and culture of a company – before it even addresses creating greater revenues and new markets. Every PE firm in the world should be making Digital Transformation part of their tool set before they are the ones that get out transformed!

Digital Marketing Trends for 2013

Digital marketing is ever-evolving, and as we move into the year 2013, it is evident that the technology to deliver the enterprise with digital at its core is here now. The challenge is to lead and marshal the talent and innovative culture needed to make it a reality. Given below are a few trends to watch out.

Increase in the number of Digital Marketing Agencies or Consultants

The digital revolution has forever changed the balance of power between the customer and the organization, putting customers in charge of the relationship. The pace of decisions and deployments for marketing automation software and services is booming. However most marketing teams are not yet ready to deal with the complexity of marketing automation nor are they capable of fully leveraging the digital transformation that is required. Due this and the unprecedented demand is contributing towards the increase in the number of Digital Marketing agencies or consultants.

Small and medium businesses are also realizing the power of content marketing and need consulting services to help with the proliferation of the marketing tools and technology available, so more and more organizations are turning to digital marketing agencies to preside over these efforts.

CMO and CIO Departments to strengthen their partnership

Technology is rapidly remaking marketing departments; marketing campaigns are morphing into enterprise digital media projects that encompass. Marketing budgets are growing to meet IT demand, it is critically important for Chief Marketing Officers (CMOs) and Chief Information Officers (CIOs) to collaborate in new ways and transform their organizations to drive business growth.

The Year of Mobile

Consumers are spending more time and money on their mobile devices than ever before; there are encouraging evidences which support consumer engagement via mobile. Brands are keen to leverage location technology, social media and other behavioral data to orchestrate their mobile marketing as it is generation lot of attention.

Integrated Marketing Campaigns

As marketers aspire to leverage cross-channel digital campaigns to deliver real-time results at a lower cost, integrated channel campaigns will take dominance. An integrated tool set that can convert unknown traffic to known traffic will leverage competitive advantage to most companies.

Data Driven Marketing

Data driven marketing will take prominence in the year ahead. An average B2B company uses, on average 6 different Marketing automation tools to manage a single marketing campaign, and all these tools provide the bulk of actionable data. Moreover, a company’s social network can now range into millions of potential unique contacts. The sheer number of people, accounts, and permutations in the data make engaging with that audience very daunting. At the same time, companies are under intense pressure to drive revenue, and tight budgets are forcing marketers to make informed data-driven decisions. Tools that will enable marketers to extract the insights from the detailed bulk data will actually serve modern marketing needs.

Optimized Cross Channel Customer Experience

This is what all marketers’ are focused on delivering. The customer journey should be seamless across channels and each should play to its strengths. To achieve this all your digital platforms must talk to each other and in sync with the overall marketing strategy.

Content marketing

The trend in Content Marketing is to focus less on preparing content that will sell and more on content that will educate. Instead of pitching products or services, delivering information that makes your buyer more intelligent will work. Content writers and bloggers will be distinguished by the content they create and their influence reaches, not by their titles. There are a host of new decision engines, social curation platforms, content provisioning and production technologies and services emerging (e.g. Story stream, Smartology, iTrigga etc). The demand for content curation rapidly increasing, there is an interesting new set of platforms and services appearing that will enable new content models enhance content delivery by enhancing existing CMSs.

Other trends:

· email marketing will continue to growing at astonishing rates

· Paid search for B2B companies will become less popular as new ad platforms will emerge

· Google will continue to dominate the B2B search market

· The big four of the internet will be Google, Apple, Facebook and Amazon.