Introduction

The middle market has faced unprecedented challenges over the past several quarters, and the COVID-19 pandemic has significantly impacted businesses of all sizes. The National Center for the Middle Market (NCMM) has been monitoring the performance and sentiments of companies with annual revenues between $10 million and $1 billion since 2012. While average revenue growth for middle-market companies has increased in 2021, there is a clear divide in the recovery. While 45% of companies reported revenue growth of 10% or more, another 34% experienced flat or declining revenue.

The Split Recovery and Ongoing Challenges

The recovery has been uneven, with many companies still facing ongoing challenges. According to the NCMM, 51% of middle-market leaders cite employee communications, engagement, and productivity as the most difficult aspects of running their businesses in the current environment. Additionally, 45% reported issues with customer engagement. These challenges vary by industry, with healthcare companies struggling with employee engagement and construction companies finding it difficult to engage customers in new and beneficial ways.

The Importance of a Digital Vision for Middle Market Companies

Middle-market companies need a clear digital vision to thrive in the face of an uneven recovery and ongoing challenges. According to data from the NCMM, companies with a clear, comprehensive digital vision that guides strategic decisions grow 75% faster on average than their less digitally sophisticated peers. However, only 46% of middle-market companies have a digital roadmap built into their strategy.

The pandemic has accelerated investment in various technologies to address operational areas such as cybersecurity, customer engagement, and communications. However, executives’ perceptions of their own businesses’ digital maturity do not necessarily align with the investments made. While 52% of leaders consider digitization important or extremely important, only 35% consider themselves advanced or ahead of their peers.

A Framework for Digital Transformation for Middle Market Companies

To help middle-market companies navigate the process of digital transformation, the NCMM has developed a framework that focuses on five interconnected activities: 

• What We Sell: Product and service offerings
• How We Produce It: Supply chain, manufacturing, operations
• How We Sell It: Customer experience, channels, marketing
• Our IT Backbone: Infrastructure, security
• Our Workforce: Talent, digital skills

This framework provides a guide for companies to assess and improve their digital maturity across these five fronts.

Let’s look at a couple of the biggest challenges faced by the middle market and how focusing on “how we sell it (customer engagement)” and “our workforce (employee engagement)” helps address them.

Customer Engagement across the Customer Journey

Regarding customer engagement, customer experience, lead generation, and marketing tools are top priorities for middle-market companies. To progress in these areas, companies should prioritize integrated multichannel marketing and sales, develop functional websites that connect customers with employees, increase online interaction through various digital touchpoints, and use technologies that support the sales force, such as CRM systems and social media. The goal is to create an omni-channel, end-to-end digital experience on all platforms and channels.

Employee Engagement

Middle-market companies face a challenge in accessing, attracting, and retaining talent with the right digital skills. To address this, companies should invest in people with specific digital expertise, adopt the latest technology and digital processes, take a strategic approach to realigning the workforce by contracting activities to outside specialists, and provide career training and development with clear career paths. Investing in employees with digital skills and empowering them with the right tools and processes is crucial for successful digital transformation.

Overcoming Obstacles

Resource constraints, budget issues, lack of time, and internal resources are common obstacles middle-market companies face when it comes to digital transformation. IT spending is often focused on daily operations and cybersecurity, leaving limited resources for digital transformation initiatives. Companies need to address these obstacles by prioritizing investments in digital technologies, allocating budgets and resources, and adopting a strategic approach to implementation.

Conclusion

Middle-market companies face unique challenges in the digital transformation journey. The key to thriving in an uneven recovery and overcoming ongoing challenges is to have a clear digital vision that guides strategic decisions. By focusing on customer and employee engagement, investing in the right digital technologies, and adopting a comprehensive framework for digital transformation, middle-market companies can position themselves for growth and success in the digital age.

This post is inspired by a similar topic in Harvard Business Review.

The post The 5 Digital Transformation Pillars for Middle Market Enterprises. appeared first on [x]cube LABS.

Introduction

As the world continues to grapple with the irreversible repercussions of COVID-19, a silver lining emerges in the form of global innovation, transforming various business sectors. 

The sports industry stands at the forefront of these changes, ushering in a new era marked by smart stadiums and superior live-streaming platforms, all aimed at ensuring fan engagement transcends the boundaries of a single game. By 2027, the global sports technology market is set to burgeon to a staggering USD 36.66 billion, reflecting a robust compound annual growth rate (CAGR) of 17.8%.

In this blog, we are looking at how the connection between fans and their favorite sports games is changing and how technology is becoming a key part of this change, making the fan experience even better.

What do we mean by Fan Engagement?

Across the globe, various sports organizations are keenly exploring and fully cognizant of the invaluable advantages linked with robust fan engagement. This strategic focus results in cultivating a “loyal fan base,” effectively “attracting new fans,” and building an “enhanced sense of belongingness within the sports community.”

Understanding a Sports Fan 

Type of Fans and their motivation to be associated with the sport:

Motivations of Different Fan Types Shape their Preferred Features:

Engaging the Sports Fans During and Beyond the Season  

To keep the ball rolling…. !!! Exploring some compelling use cases where technology is truly revolutionizing fan engagement.

During the Season

Sports fans crave being close to the action. Being surrounded on all sides by fans is an experience everyone has to experience at least once. 

• A Ticket Tracking System

Various e-ticket analyzing vending machines have enhanced ticket holders’ experience by making it a “No contact stadium experience.” It’s an automatic platform that alerts sports clubs and the stadium management of attendance.

To name a few examples, like 

• Facial recognition software to verify the identity of customers in stadiums.
• Barcode scanners installed at the entry point can allow you to enter with a simple wave of your smartphone. 
• Scanning a URL QR code to land on the official website and instantly access event details allows users to buy that event ticket and makes the entire stadium entrance process as seamless as possible.

• Creating Digital and Commemorative Tickets 

The necessity for physical tickets is fast becoming a thing of the past. A shining example of this technological shift in the sports industry is the emergence of commemorative tickets. These are exclusive tickets, produced in limited quantities and available only for a specified duration, celebrating unique events or anniversaries. These commemorative tokens are not just digital analogs to physical tickets; they are potential contenders for Non-Fungible Token (NFT) collectibles. Thus, they blend traditional keepsakes’ nostalgic charm with digital assets’ convenience and novelty.

• Location-based Messaging

This innovative approach guides the attendees from stepping foot in the stadium to various designated areas throughout the event. For example, navigating an attendee from entry to their allotted seat or nearest pick-up point for pre-ordered food and beverages. Coupled with the application of beacon technology, it can pinpoint the attendees’ locations and deliver personalized messages loaded with key information. This method provides an added interaction layer, enhancing the overall event experience.

• Elevating the Experience through Immersive Technologies

Immersive technologies are steadily revolutionizing how sports fans experience the captivating thrills, adrenaline surges, and crucial game analytics unique to every match. They bring to life every moment, from the player’s individual statistics to the critical final minutes of the game. Virtual Reality (VR) offers fans a groundbreaking, real-time experience, allowing them to view the game through the lens of a specific player. Meanwhile, Augmented Reality (AR) offers in-stadium attendees the ability to access the game stats of a player at their fingertips. These continuously evolving technologies promise an exciting, hyper-realistic future for sports fans worldwide.

• The Revolutionary Impact of Drone Technology in the Sports World 

Drones are forging fresh pathways in the evolving sports landscape, bringing to the table a blend of aerial surveillance, mobility, data gathering, artificial intelligence, lifting capabilities, and visual technologies. This multifaceted combination renders drones an ideal fit for a multitude of applications in sports, from conventional uses to disruptive innovations. A few examples could be security surveillance of stadium attendees, getting pre-ordered food and beverages delivered to seats and more.

• Harnessing AI for a Data-driven Approach

AI is poised to significantly shape a fan’s journey within and beyond the stadium. Stadiums are evolving into significant content and data hubs, meticulously designed to optimize the customer journey and meet the dynamic needs of fans. Stadiums and fan platforms are transforming into ‘data sanctuaries.’ Armed with these data points, personalized marketing campaigns, interactive games, and sales recommendations can be devised. This strategy enhances the fan experience, making it more immersive and personalized.

• A Unified Experience Through a Single App

One of the most transformative developments is the advent of a comprehensive app that serves as a one-stop hub for all fan interactions. This platform fosters a vibrant community, streamlining various fan activities such as booking tickets, staying abreast of the latest news and updates, and participating in voting polls. In addition, fans can engage in quizzes and trivia, stimulating friendly competition and adding an additional layer of interaction to their sports experience. This consolidated approach enhances fan engagement and simplifies their journey, creating a more seamless and enjoyable experience.

Beyond the Season

Fan engagement need not wane during the off-season. This period can be effectively utilized to keep fans connected and excited for the upcoming season. One way to achieve this is by rolling out innovative initiatives and platforms to continue the interaction and conversation.

• E-Commerce: Merchandise Sales and Auctions

Capitalizing on e-commerce platforms to sell merchandise can significantly boost off-season engagement. Live auctions and reverse auctions present a unique opportunity for fans to own memorabilia of their favorite team or player. This maintains fan interest during the off-season and opens up new revenue streams for sports organizations.

• Non-Fungible Tokens (NFTs) collectibles and Digital Assets

Leveraging NFTs to sell digital assets and collectibles has emerged as an innovative way to keep fans engaged. These unique digital assets can range from event custom posters and trophies to tickets, each being valuable to the sport’s legacy. By creating a buzz before the season starts, NFTs offer an exciting build-up to the main events and maintain fan engagement.

• Engaging Fans through Fantasy Games

The format of fantasy games has revolutionized fan engagement during the off-season. By allowing fans to create their own teams and make strategic decisions, these games keep the spirit of competition alive even when there are no live games. This form of interactive engagement keeps fans involved and invested in the sport, effectively bridging the gap between seasons.  

Conclusion

The sports industry has undergone a transformative shift driven by the strategic implementation of fan engagement strategies. These approaches have fueled exceptional growth, delivering substantial value to sponsors, stimulating positive conversations around sports, and creating unprecedented opportunities for revenue generation. Technology has been at the heart of this evolution, profoundly expanding and enhancing how fans interact with their favorite sports. As we reflect on the past, it becomes abundantly clear that this trend of technological influence is only set to escalate in the future, further revolutionizing fan engagement in the sports industry.

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Beyond moving from a traditional to a digital environment, banking has undergone a tremendous digital revolution. Banks and other financial institutions must use a thorough digital transformation strategy to assess, engage with, and service their customers.

The coronavirus outbreak has clarified that banking institutions need to speed up their digital transitions. However, the banking sector needs to modify its business models for front-facing and back-office operations to keep up with the changes and avoid potential upheavals.

True digital banking and a complete transformation are built on implementing the most recent technology, such as blockchain, cloud computing, and IoT.

In terms of customers, a Statics analysis estimates that by 2024, 2.5 billion people will use online banking services. Online banking programs, data encryption software, virtual assistants, KYC system software, website optimization, etc., are a few instances of banking moving into the digital age.

This raises many concerns about digitization in contemporary banks and other commercial institutions.

Understanding client behavior, preferences, and needs is the first step in the fundamental approach to digitalization in banking and fintech. As a result, the banking industry has changed from being product-centric to becoming customer-centric.

According to a survey, the global market for digital banking platforms is anticipated to increase at a CAGR of 11.3% from USD 8.2 billion in 2021 to USD 13.9 billion in 2026. The report states that this growth results from the expanding use of cloud computing in banking institutions and the growing demand among banks to provide the most outstanding client experience.

What Is Digital Transformation In the Banking Sector? 

Due to the digital revolution, banks of all sizes are rushing to implement new technology and services. But what does the term “banking digital transformation” actually mean? The main components of the digital transformation in banking are the transition to providing online and digital services and the many back-end improvements necessary to support this transformation.

The operational and cultural movement toward integrating digital technologies across all bank functions, maximizing operations and customer value delivery, is known as “digital transformation” for banks. If carried out effectively, digital transformation can increase the bank’s capacity to compete in a market that is becoming more saturated.

Examples Of Digital Transformation In Banking 

In terms of their digital transformation plan, banking institutions will profit from putting the following solutions into practice:

• System for detecting fraud.
• Software for Know Your Customer.
• The platform for big data analytics.
• Encryption of Data.
• Software for mining and analyzing big data that is built on microservices.
• Software for modeling and simulation. 
• Solutions for data generation Banks struggle to obtain enough data for machine learning applications, such as developing fraud detection systems, since they don’t share their information with other financial institutions.
• Virtual helpers.
• Internet-based financial services.
• The technology behind blockchain.
• Artificial intelligence use (AI).
• Collection, management, and analysis of customer data.

The Switch To Digital Banking From Traditional Banking

Despite significant obstacles, most banks started their journey toward digital banking years ago with a clear strategy. The trend toward digital banking began when financial leaders discovered that most users were using digital channels.

The banking industry has become more client-inclusive and tech-savvy due to the top-down application of digital strategy. What does the transition from conventional to digital platforms look like as it develops? Let’s review the high points of this trip.

More clients used their mobile applications and websites to complete transactions, making mobile banking a critical component of the transition to digital transformation in banking.

Traditional banks had to adopt new technology and operational models that could keep them informed throughout the client journey to keep up with the rapidly evolving market.

The development and increased demand for blockchain, artificial intelligence (AI), and the Internet of Things (IoT) all simultaneously contributed to accelerating the banking sector’s modernization.

This shift to digital banking has improved efficiency for financial service providers, resulting in growth, convenience, and the chance to attract more potential consumers. This brings us to the subject of our discussion: the essential elements that enable digital transformation in banking and financial services.

Digital Transformation In Investment Banking

Investment banking concerns businesses and large sums of money, which occasionally may result in even more significant losses for a bank or other financial organization. Due to the intricacy of fraud schemes and the fierce competition in the Fintech market, investment banking is bound to fail without clever digital transformation.

Startup Fraud Detection: 

Over 52,420 startups are located in different countries, according to a survey. Banks cannot tell if they are looking at a potential startup that will become a unicorn or another hoax that will vanish as soon as they receive the investment money without using effective fraud detection software.

Due to banking institutions’ investments in their proprietary fraud detection systems, the risk of providing loans to fraudsters has significantly decreased or eliminated. The accuracy of the findings produced by these systems, which incorporate artificial intelligence or machine learning components, depends entirely on the calculation modules’ caliber and software engineering.

Trend Analysis And Modeling:

A high-quality analytical platform can show you projections for the coming years, months, and even decades, giving you a chance to modify your business plan as necessary or demonstrating that you’ve already decided on the best development course and should continue. Monitoring software is essential for all banking industry businesses.

Banking sector conditions are changing due to active digital transformation. Depending on the software you’re using and the supplied data, you can generate various future market modeling scenarios.

Massive Data:

Investment banking companies primarily employ big data for analytics, forecasting, and fraud detection. Big data and machine learning can safeguard your financial institution today by spotting fraud, personalizing offerings for each customer, and enhancing transaction security.

This data also aids in creating and modifying a customer journey map to increase customer happiness and retention. Additionally, this combination helps safeguard your Fintech company in the future by forecasting developments. As a result, you can exercise greater caution when choosing lending institutions, recruiting employees, etc.

Digital Transformation In Retail Banking 

The digital wildfire has not spared the retail banking industry; customer-first banks are already on their revolutionary journey to serve their customers primarily using digital technology. According to a Business Insider study, active digital clients significantly increased in the third quarter of 2019 compared to the same period in 2018.

Human Fraud Detection: 

Whenever a supervisor reviews a loan request, it could take hours or days, and there is no assurance that essential details will be missed, leading to a poor choice for the banking institution. Banks with integrated KYC (Know Your Customer) software, on the other hand, complete the validation process quickly and with decisions of a substantially higher caliber.

Depending on your access to official databases, you can verify a client’s administrative and credit history and improve your loaning and other financial operations. In some circumstances, data extracted from public social media profiles can aid in detecting fraud.

Web Of Entities:

Your digital banking transformation will include integrating the Internet of Things to make customer service procedures as efficient as possible. For instance, a customer tracking system will gather information on how your staff and customers move, process it, and identify areas that require restructuring or change to improve the quality of services.

IoT additionally facilitates the customization of offers and the beginning of profitable collaborations with businesses operating in other sectors. Your IoT system, for instance, can track that a bank client has looked up a particular automobile model and has at least once visited a car showroom.

You can give the customer a personalized offer by advertising, informing them of your “new” car loaning program after the KYC system verifies that this client has a solid past.

Massive Data:

Every day, thousands of customers and their transactions are handled through retail banking. Big Data solutions can help you improve your skills and boost client retention and satisfaction rates. Customers anticipate that their demands, including payments, will be handled immediately. When the system keeps customers waiting for minutes, a poor customer experience causes your clients to move to your competitor’s services.

Primary Drivers Of Digital Banking Transformation

The trend toward digital transformation for banks, which brings financial solutions to customers’ doorsteps, is primarily driven by rising intelligent device usage, growing connectivity, and increasing demand for end-user experience. Six crucial criteria also have a significant role in the success of digital banking in addition to these aspects.

Significance Of Clients:

Why would banks switch to online platforms? Because their consumers are there. The main goal of the digital strategy is to meet the needs and expectations of the target audience. With modern solutions, banks now provide individualized product experiences, seamless query disintegration, transparency, and security at the heart of client happiness. In other words, the change has necessitated adopting a “customer approach,” delivering the highest level of participation.

Leadership Practise:

Customers today require a hybrid experience that combines speed and convenience with a personal connection to the product. For this reason, the changing banking industry uses three different operating models.

• Trade of digital 
• Digital is the newest business sector
• Virtual native 

Futuristic Architecture:

As was already established, successful digital transformation in banking requires more than just contemporary technologies. Due to the supporting infrastructure that makes data accessible to front-end operations, the digital transformation of financial services has improved today. Therefore, modernizing the outdated infrastructure has been critical in advancing the banking industry’s digital transformation.

Impact Of Facts:

Financial and banking firms are aware of the influence of consumer data. More data analytics techniques must be implemented to study and track client trends. This has aided the banking industry in providing more pertinent goods and services in line with consumer demands. This is likely why major fintech companies use development firms to handle data analytics needs.

Digitally Driven Market:

We must recognize how digital skills are advancing the banking industry and every area, including industrial, eCommerce, agribusiness, and IT.

This encompasses the corporate culture, technologies, approaches, and competencies that support the digital transformation process. As a result, one motivating factor for banking’s transformation to digital is that the entire consumer market is on the verge of becoming digital.

Modern Banks Employing Digital Technology 

When digital transformation in banking and financial services was introduced, the banks started by creating a detailed strategy to redesign their operational models, improve consumer offers, and build an end-to-end customer-centric process.

For this process to be successful in producing value for banks and their clients, the banking industry had to adopt digital transformation technology.

The most popular tools and technologies used by the digital banking industry are listed below : 

AI And ML:

Online assistants and chatbots in banking use AI to help customers by delivering the information they need to solve problems. Additionally, artificial intelligence is employed for data management and analysis, data security, and improved customer experience.

For instance, by quickly evaluating customer data, AI can spot repeating trends.

Machine learning is another tool that banks can employ to collect, store, and compare user data in real time. Fraud detection is one of the main benefits of machine learning in the banking industry. With machine learning, it is simpler to identify changes in user behavior and take prompt preventive action.

IoT:

Real-time data analysis made possible by the Internet of Things helps to personalize and tailor the client experience. Thanks to IoT and intelligent connectivity, customers may easily make contactless payments within seconds. Additionally, introducing risk management, authorization procedures (using biometric sensors), and access to several platforms by the Internet of Things has completely changed the economic environment.

Blockchain:

Blockchain is essential to any discussion of digital transformation in banking implementation. The adoption of blockchain in the financial industry has led to safer data transfers, more precision, and improved user interfaces. Modern consumers have a strict faith in blockchain technology and think it has improved the convenience and transparency of banking transactions. One of the most significant developments in digital banking technology has been the integration of blockchain with IoT.

Cloud Technology And APIs:

The most common technology banks and the financial sector use is cloud computing. Improved operations, increased productivity, and immediate product and service delivery are all benefits of cloud-driven services.

Thanks to cloud integration, banks are now more willing to use banking APIs to encourage data sharing and improve the user experience.

Big Data Analytics:

Customers today view banks differently than they did ten years ago. All

Big data technology aids banks in tracking risks, managing feedback, and evaluating customer spending to boost loyalty.

Data analytics tools have opened up new opportunities for banking growth and have quickly satisfied escalating consumer demand.

Advantages Of Digital Transformation In Banking

The following advantages of digital transformation are available to financial institutions:

Enhanced Data Handling Layers Of Security:

Data encryption protects banks from internal and external information leaks to fraudsters and rivals. Most importantly, it makes transactions more secure. 

Shorter Wait Times And Faster Operation:

Customers dislike waiting, especially if they trust your bank with large sums of money. A microservice-based design for extensive data processing systems ensures quick and secure transaction processing.

New Clients Identification:

Customers and businesses need each other’s services. Financial institutions are no longer apathetic about their offerings, making it cheaper and simpler to attract new clients for all industries, not just banks. Thanks to immediate online payment, every client and company may function without hassles.

For Financial Institutions, Improved Evaluation And Risk Management:

You won’t experience issues with fraud schemes if you have effective fraud detection systems. Additionally, multiple-level validation of transactions will prevent any potential errors your customers and employees make.

Possibilities For Prediction:

Your ability to succeed financially depends on your ability to foresee future issues and changes that will affect your market. It will be easier for you to prepare in advance if you have reliable knowledge of various potential events, from minor ructions to a catastrophe in the world economy. By doing so, you can move your company to a different, more promising, and lucrative sector before your rivals and implement winning Fintech solutions ahead of them.

Personalization:

Customers appreciate timely offers that address their needs but detest receiving generic offers they don’t require. Using software with the appropriate analytical, data mining, and processing compounds, you can customize your offerings and make this process automated and secure.

Repetitious Duties Are Automated:

It is mindless and inefficient labor for your staff and business when managers repeatedly extract the same data to create the same reports. This is because you are paying salaries for work that can be done more effectively by a single piece of software in seconds rather than hours or days by human labor.

Innovation And Adaption In Business:

Banks and other businesses now have more ways to connect with their clients because of the rise of social media, e-commerce websites, and mobile banking applications. Due to the banking industry’s digitization, numerous new company developments now depend heavily on financial services.

Adherence:

With the advent of the digital financial management system, compliance has become simpler for banks to maintain. Thanks to advanced capabilities like auto auditing, employees spend less time auditing reports and documents. Digital data supports its standardization and can be flawlessly exchanged across several systems. The cloud-based digital payroll system also provides fast updates so banks can handle changing requirements.

Digital Transformation Tools For Bank 

Businesses that use cutting-edge digital technologies instantly gain a commercial advantage. With digitization, your company gains complete control over front-end and back-end activities from start to finish, as well as consistency and usability. 

What digital tools can you use for your company? Here are a few illustrations:

Mobile Applications:

Businesses can benefit from mobile apps in a variety of ways. One can access their financial information, customized options, bank accessibility, and personal financial management with banking apps. However, this is not exclusive to the banking industry; any business application aids an organization in better understanding and catering to its clients on a personal level. This is perhaps why over 82% of businesses with an online presence use app development services to produce their standalone applications.

Tools For Data Analytics:

The secret to success is getting the most value from the company data. Data analytics products and services might assist you in turning routine data into insightful business information if your company deals with vast amounts of data from numerous sources.

Final Analysis – How Can You Achieve Digital Transformation In The Banking Sector?

Digital transformation in banking, like in most sectors, is costly. Financial institutions must consider this and set aside the necessary resources to ensure successful implementation.

A bank or any other institution can undergo digital transformation in various ways. Although it can be begun internally, an expert is required if you wish to take a comprehensive or sophisticated approach.

The previous year, they taught us that every firm might succeed in a digital environment with a robust digital transformation strategy.

In 5 to 10 years, technology in the financial sector will be unrecognizable. If industry leaders quickly acknowledge and accept this truth, they may move faster to implement technology initiatives that will help them stay competitive and relevant in the digital world. Failure to use technology could cause inefficiency, market share loss, and the inability to compete with peers.

The advantages of digital transformation for banks are numerous. However, the project needs to be well-planned and carried out. Failures in digital transformation can lead to poor data quality, angry customers, and expensive system replacements.

The post How the Banking and Finance Industry is Transforming Digitally? appeared first on [x]cube LABS.

The healthcare sector is experiencing significant innovation and improvement thanks to the digital revolution. Healthcare organizations may significantly improve staff satisfaction, improve patient care, and enable better and quicker diagnosis by implementing cutting-edge tech solutions. Healthcare organizations that adopt digital transformation will also have the agility needed to optimize operating procedures while reducing expenses.

What Is Digital Transformation?

Let’s start with this fact about digital transformation and how it works. Digital transformation is broadly defined as integrating digital tech into all facets of a business, profoundly impacting how firms run and provide customer value. 

It’s a cultural shift that necessitates constant status quo challenge, frequent experimentation, and comfort with failure on the part of organizations. This can often entail abandoning established business procedures upon which businesses were founded in favor of more recent approaches currently being developed.

What Is Digital Transformation In Healthcare?

The term “digital transformation” refers to how an organization leverages technologies and digital solutions to enhance the patient experience, streamline operations, and increase accessibility and affordability of on-demand patient care in the healthcare sector.

These technologies alter how patients interact with medical professionals, how their information is shared among suppliers, and how decisions regarding their treatment plans are made.

How Is Digital Healthcare Used In Medicine?

Digital transformation has already revolutionized the healthcare industry. Technological developments like electronic health records, online scheduling, telemedicine, SaDM, and AI-powered medical services exemplify digitalization in the healthcare sector.

Computerization 

Computerization is the most effective tool available to the healthcare sector, benefiting drug producers. Technologies make it possible to examine materials with great depth and accuracy. Automation algorithms can benefit microbiological studies by increasing study productivity, exploring and evaluating specimens, and enhancing the quality of laboratory research.

Quick Fix For On-Demand Wellness Program

Not a lot has changed in terms of health. Patients believe they need an immediate answer to their concerns, which is where our on-demand healthcare service can be helpful.

It allows doctors to offer patients so-called “on-demand” medical care, but only if their needs align with their training, experience, and availability. As a result, doctors are better able to adapt their medical services to the changing demands of their patients.

Ambulance Linked 

As the patient is being carried to the necessary department, a connected ambulance assists healthcare providers by gathering and sending all essential patient data that may be obtained through wearables, sensors, and HD cameras to the hospital.

Doctors can better assess the nature of the emergency when high-resolution video calls are made between the ambulance and the hospital. They can remotely check on the patient, identify symptoms, and prescribe immediate care that paramedics can administer en route to the hospital.

Patient Portals (Online Tool For Health)

A scanner portal is a website dedicated to your individual medical needs.

You can use online applications to keep track of your doctor visits, test results, billing, prescriptions, and other information. Through the portal, you can also email your provider with questions.

Many providers currently offer patient portals. To access them, you must create an account, and a password is used to keep your information private and secure.

The evolution of healthcare solutions is the development of particular healthcare platforms where patients can do these things effortlessly.

• Verify the prescription.
• Make an appointment with the experts.
• Consult with their doctors or request more information from them.
• Examine the medical records and obtain the laboratory findings.
• Give the medical professionals their health information.

Telecare & Online Consultations

According to the study, 83% of patients who were polled indicated they were willing to adopt telemedicine, which is expected to grow in popularity after the COVID-19 pandemic breakout in 2020. 

The rise of virtual medical appointments is one of the most remarkable advances in healthcare. Unlike an in-person hospital visit, it enables scheduling appointments with specialists at a time and location that is most convenient for you.

History Dieses Analysis

More and more tools are available nowadays that examine a patient’s disease history and provide recommendations to clinicians regarding treatment. Thoroughly studies a patient’s previous health issues and provides a customized treatment plan that may result in the most significant outcomes.

Health Trackers

People today are more concerned about their health than ever before. Rather than going to the doctor when they are ill, they constantly search for efficient yet practical solutions to check their health indicators.

That was the primary factor for the sharp rise in wearable medical device sales. The digitalization of healthcare makes it possible to track several health variables and deliver precise health data in real-time. 

Here are the categories of medical equipment :

• Oximeters 
• Smartwatch 
• Sweat meters 
• Exercise and fit 
• BP machines
• Mobile apps for health checkups 

Apple Watch is one of the most well-known wearables to hit the market. Since its first release on September 9, 2014, the wristwatch has been used to record body temperature, weight, and periods and measure heart rate and exercise. It can also remind you to drink water or wash your hands. Doctors can analyze health parameters and make diagnoses. 

Challenges And Factors Related To Healthcare And Digital Transformation

Various difficulties are associated with the widespread use of cutting-edge technologies in the healthcare industry, such as voice assistants and AI. The main challenges must be considered while implementing digital healthcare solutions.

Data protection: The hazards posed by patient data are now more critical than ever as the industry shifts towards collaborative care. The risk of data loss continues to plague the patient care industry severely in the absence of adequate data privacy protections.

Telemedicine technological trends have created a dynamic and distributed healthcare industry. Due to this critical shift in digital health methods, there is a risk of inappropriate worker authentication and access. Things could worsen when there is no architecture to connect healthcare practitioners and their dispersed patients. Additionally, it is interesting to read How to Build a Medical Startup, Challenges to Avoid, and the best markets to launch your healthcare products.

Patient Data And Security:

All healthcare institutions are concerned about cybersecurity regarding digital transformation in healthcare.

This is because cyberattacks frequently target precious, private, and sensitive personal health data, which can disrupt patient treatment.

For example, a malware attack on a private hospital can appear low-risk.

However, a breach of patients’ privacy from such an attack might easily harm a hospital’s reputation, fraud, discrimination, and other issues.

Therefore, it is strongly advised to take the necessary steps to increase security and stop cyberattacks.

Cost Element:

Cost is another issue that causes many healthcare institutions, businesses, and industries to put off digital transformation plans. Although the digital transformation of healthcare calls for significant financial outlays on technology and a collaboration with a software development firm. In contrast to the conventional strategy, digital transformation can offer greater scalability, profits, and improved revenue. There are a few approaches to digital transformation in healthcare that can reduce costs.

Resistance To Shift:

A survey found that most healthcare professionals acknowledge that their busy schedules prevent them from participating in training for the latest technologies. Ironically, they frequently devote hours to administrative work at hospitals that could easily be automated through digital transformation. 

Digital transformation involves altering how professionals and healthcare organizations think and work. Therefore, overcoming resistance to change is essential before starting the digital transformation journey.

Interoperability Issues:

One of the critical objectives of digital transformation is enhancing system and device compatibility. Many outdated systems, though, are incompatible with more modern technology. Data silos and a lack of information sharing may result from this. Resources may be further taxed by the arduous and time-consuming process of integrating new technology into old systems. Sometimes it could even be required to completely replace legacy systems, which can be expensive and disruptive.

Switch Regime:

The organizational structure and culture may need to be altered significantly due to the implementation of digital technology. These improvements may encounter resistance from the workforce, which could affect adoption rates and overall success. In particular, many people are reluctant to accept change regarding technology. They could be unwilling to learn new techniques or tools for fear of losing their jobs. This resistance may result in decreased productivity and jeopardize the transformation’s effectiveness.

Healthcare firms can improve their chances of success with digital transformation initiatives by being aware of these potential obstacles.

Implementing HIPAA Regulations:

Complying with HIPAA Regulations is the final issue with digital transformation in healthcare.

The HIPPA law aims to preserve people’s private health information and medical records at all costs. This rule was developed to give people control over how their health records are used and shared.

• Ensure the absolute confidentiality, availability, and integrity of patient medical records.
• Protect yourself from any potential online risks.
• Protection from improper use of patient medical records.

Penalties for breaking the restrictions mentioned above include both civil and criminal fines.

Solution For Digital Transformation Challenges

Adopting these innovative solutions and technology is highly recommended to overcome these challenges.

Blockchain Technology In Healthcare

According to a recent study, the market for blockchain-based healthcare applications is expected to exceed USD 890 million by 2023.

Blockchain is a digital transaction technology widely used in the finance sector and is based on a decentralized network of computers.

• Defend against cyberattacks
• Recognize discrepancies in patient health data.
• Publish patient data on a secure distributed ledger so that they can access and share it.

In reality, the Medical chain has already been using blockchain to solve the problem of patients’ fragmented medical records.

Adoption Of Agile Development Methodology

A very well-liked and widely applied methodology called agile software development significantly boosts the pace and adaptability of digital transformation.

Its progressive and iterative strategy has shown to be incredibly effective in adapting to new changes.

However, if you intend to close the gaps in your healthcare organization through digital transformation, it is crucial to collaborate with or outsource your project to a reputable software development business.

Make Changes To The Steering Committee:

Look at your current personnel and identify the influential, creative, and reliable individuals. These top performers should be brought together to form a cross-functional team serving as the change leadership team. This group will assist in developing a vision for your digital transformation process that is aligned with business objectives and was produced by people familiar with your company’s internal operations.

This enables businesses to approach digital transformation initiatives with a proactive mindset emphasizing the human side of change.

Business Objectives And Digitalization Strategy Alignment

Your transformation process aligns with your primary business objectives. It should enable staff to perform their jobs more effectively, improve the customer experience with more user-friendly systems that address more customer issues, and increase income for our company.

Educating Employees & Clients With New Software

It may seem challenging to familiarize your workers and stakeholders with new software created during the digital transformation.

The good news is that it is doable.

To teach your team and stakeholders how to use new software, you must develop a robust training program and prioritize participation.

Respecting your team and stakeholders’ time and busy schedules will go a long way toward encouraging their participation in the training program.

Therefore, giving lots of prior warning and setting precise and realistic dates for the new software training program is advisable.

Collaborate With An Organization With HIPAA-Compliant Software Development Experiences

Creating custom HIPAA-compliant software is difficult, expensive, and time-consuming. As a result, it is crucial to work with a trustworthy, seasoned healthcare software provider.

Therefore, it is advisable to explore potential healthcare app development companies before starting your digital transformation journey. Look through their prior HIPAA (Health Insurance Portability and Accountability Act)- Compliant software projects and contact previous clients for feedback.

Benefits Of Digital Transformation In Healthcare

By utilizing digital transformation in healthcare, medical professionals and hospitals can streamline their operations, obtain more precise patient data and health indicators, and develop a more effective treatment plan faster. Of course, all of these elements positively impact the outcome.

Here are some points that will assist you in understanding it in more detail :

Improved Interpersonal Communication:

For good patient care, the whole healthcare sector heavily depends on communication. Additionally, digital transformation allows improved and seamless communication between all parties.

Better Time Management:

In the healthcare sector, digital transformation might waste much necessary time. As a result, many lives are saved because of the constant access to the patient’s medical records and real-time coordination. 

Improved Healthcare Service:

Because the healthcare sector is patient-focused, it is crucial to use cutting-edge techniques for accurate and appropriate diagnosis and treatment.

By integrating diverse technologies, healthcare professionals and institutions can offer patients more individualized and effective care.

Benefits Of Digital Transformation For Patients

Here are a few benefits that can help patients through digital transformation:

Superior And More Individualized Services:

Digital transformation in healthcare provides better and more effective health diagnoses and individualized treatment.

Personalization is a game changer in the healthcare industry.

• Faster and more customized service
• Improved doctor-patient communication
• Info on personal health is readily accessible
• Scheduling appointments conveniently
• Real-Time Monitoring of Health Metrics

These are some points where you can understand that patients benefit significantly from digital transformation.

Access To Personal Medical Records Is Streamlined:

Patients can manage their health information online, track it, and get a thorough analysis of their health indicators. Digitalizing healthcare data enables quicker access to patient data, fosters provider collaboration, and uses less paper, toner, and storage space for physical records. 

Enhanced Online Communication With Doctors:

You can obtain thorough prescriptions and treatment strategies via email or on their portal page. Professional health services are also available online via video calls or chat.

Improving patient-doctor communication is one of the key advantages of digital transformation in healthcare. Patients may quickly and easily obtain the required information thanks to a more user-friendly interface and effective procedures.

Additionally, it increases understanding and clarity, which frequently result in errors. In addition, doctors can share patient information with other healthcare professionals through digital platforms, enhancing patient care. In the past, patients often had to repeat tests or wait a long time to get test results due to coordination issues and communication breakdowns. However, this procedure may be expedited and made more effective with the help of digital transformation in healthcare.

Benefits Of Digital Transformation For Healthcare Organizations

One of the finest ways to quickly boost the success of enterprises is through the transition to digital healthcare. Though the advantages of digitization are apparent, let’s highlight a few of them:

Cost Reduction:

Adopting a digital transformation plan can help healthcare firms cut costs on wasteful spending. By utilizing more economical services, healthcare providers can save expenses while offering high-quality care. Additionally, operational efficiency can be increased through digital transformation in healthcare, resulting in additional cost savings.

Balanced Workflow:

Digital healthcare may save paperwork, speed up patient exams, and make getting accurate patient health data more straightforward and more comfortable.

With digital transformation, patients may access their health system records more quickly and efficiently than ever. Healthcare firms are switching to digital workflows from paper-based systems to enhance patient care. As a result, patients may access their records quickly and easily during their visits to a hospital or clinic, making their time there more productive.

It also contributes to shortening the time needed for a patient examination. Healthcare businesses can lower expenses while improving the quality of care by utilizing digital technologies.

Secure Digital Data For E-Media Records:

Digital healthcare facilities can store patient records in a more secure setting. This reduces the risk of data loss or theft data and guards against unauthorized access.

Healthcare companies can guarantee patients can access the information they require by sharing digital records with them on demand. This can lessen the strain on doctors and improve patient care.

Digital Interaction With Patient:

Healthcare firms can communicate with patients more freely due to a digital technology strategy, which is one of its advantages. This involves connecting with patients via video conversations and other means of communication.

Enabling a more direct line of communication between the doctor and the patient can enhance the quality of care. Additionally, it can help lower the health hazards that physical examinations present to doctors.

Progressive Interaction With Medical Personnel is employed for quicker data interchange, more accurate patient diagnosis, and other internal communication.

Our crew at [x]cube Labs knows how crucial it is for medical facilities to keep up with and adopt the most recent trends in digital healthcare.

We, therefore, make every effort to provide the most effective technological solutions built upon the best frameworks that perfectly match the requirements and objectives of any firm and its employees.

Check out how we helped a healthcare organization improve its internal communication here. 

The Requirement For Healthcare Digitalization

The COVID-19 pandemic epidemic has expedited the implementation of digital health technologies throughout the healthcare sector. As healthcare professionals work to create resilient and future-proof healthcare systems, digitizing the healthcare industry is currently their top priority.

Surge In Chronic Diseases:

The burden of chronic diseases on the world’s healthcare systems is rising. Today, 400 million people have diabetes, 1.1 billion adults have hypertension, and more than 500 million individuals suffer from respiratory illnesses. Future projections indicate a rise in these figures due to aging populations.

Digital healthcare solutions that can aid in the quicker and more efficient detection and treatment of diseases—or, even better that can save people from ever developing chronic diseases—are thus urgently needed if healthcare systems are to remain sustainable.

Patients Demand More Individualized Care:

The epidemic has also significantly changed patient expectations. For instance, a poll found that almost 40% of consumers plan to continue using telemedicine in the future, compared to 11% before COVID-19.

With the world increasingly at its fingertips, patients’ expectations of healthcare have drastically changed. They now demand more concisely individualized treatment.

Staffing Issues Are Affecting Healthcare Providers:

Healthcare providers worldwide struggle with a workforce shortage as patient demand for care sharply rises. According to the WHO, there will be a global shortage of 12.9 million qualified healthcare workers by 2035.

According to a 2021 Medscape study, 42% of healthcare professionals said they were burned out, with the Covid-19 pandemic contributing to the stress for many. Thus, safeguarding healthcare professionals’ physical and emotional well-being is more crucial than ever. Workflows can be made more straightforward, and repetitive operations can be automated using digital solutions.

To Reduce Costs, Healthcare Providers Need Efficiencies:

Infrastructure and system maintenance costs constantly rise while reimbursement pressure is present, one of healthcare systems’ most significant problems.

Between 2020 and 2024, global health spending is projected to increase by 3.9% yearly, up from the 2.8% seen from 2015 to 2019. However, spending more money only sometimes results in more significant results. Administrative complexity is the leading cause of waste in the US, accounting for around 25% of all healthcare spending.

Healthcare leaders now place a high premium on cutting waste and increasing operational effectiveness. To do this, they want data-driven insights to identify the areas where the most significant gains can be made.

The Five-Step Project Planning For The Health Industry

There are five steps hospital systems can take to improve their clinical capabilities, address the modern healthcare industry’s changing difficulties, and draw in more patients and healthcare professionals. 

• Start At The Foundation – Look through what you already have, such as the EHR, telemetry, real-time location system, patient engagement software, and legacy systems. Examine what works for you and what could be improved after you learn.

• Conducting Detailed Evaluation – When you have all the data, work with the design team to prioritize the budget-allocated wish lists for each department. Next, the ROI, patient, and staff safety satisfaction, and HCAHPS ratings should be considered. Determine how to employ technologies to achieve specific key performance metrics.

• Create The Technology Process Roadmap—To determine what problems can be solved with processes and what requires the incorporation of technologies, start by working on process design and technology mapping. Next, proceed with an integrated delivery strategy to address crucial issues like who would be in charge of the integration and who would own the project.

• Deployment And Operation – Partnering with a healthcare software development business that pays attention to every tiny detail, manages projects effectively, works to realize a vision, and ensures KPIs are reached is crucial. All current and future problems must have workarounds, which the agency must know.

• Authorization For Continuing Assistance – The next step is to include a clause to support continuous assistance for a seamless shift to digital healthcare. You should receive architecture and expertise from your joint healthcare software development firm that will enable you to overcome digitalization obstacles. It’s time to examine some of the most notable instances and use cases of digital healthcare solutions now that we have a better understanding of the steps contributing to digitizing the healthcare sector.

Upcoming Digital Trends In The Healthcare Sector

We have learned about all the benefits and drawbacks of digital healthcare and how the sector has undergone a digital transition.

So, let’s quickly go over the newest trends that hospitals can take advantage of owing to IT:

Telemedicine: Instead of wasting time traveling to the hospital, patients would like to communicate with doctors online. Everyone will soon have access to efficient online consultations, and this fantastic solution will gain more traction. 

Healthcare Available As Required: Patients desire complete patient convenience and scheduling compatibility with their healthcare. People frequently find all the information they require online. They research physicians, pick hospitals, and schedule visits.

AI: AI can potentially alter diagnostic and therapeutic processes while drastically minimizing human error. Additionally, it can assist organizations with managing electronic health records and provide deeper insights to improve care and make wise healthcare decisions.

Using a remote workforce: Increases the ability to hire more people, independent of location and competition in the health sector.

Chatbots are important for enhancing client interactions, delivering vital information instantly, and streamlining internal workflow (automatic appointment booking, crucial data changes, etc.). Additionally, patients can receive immediate feedback about the most frequently asked questions, which lightens the load on medical personnel.

Ecosystems For Emerging Entrepreneurs In Digital Health: These are important for advancing the use of advanced technical training and business coaching in digital health projects.

Platforms For Unified Data Sharing: Useful for communication with various healthcare entities, such as labs, hospitals, and insurance companies.

Cooperation among Medical Facilities: It is beneficial for exchanging experiences and discussing usage statistics and essential health cases.

Final Reflection

The rate of digital transformation in healthcare is accelerating. It has sparked various improved healthcare services, which have resulted in better patient care and outcomes.

Moreover, the healthcare sector needs to be more lax, given the growing demand from people for current healthcare services.

Additionally, digital transformation can change patient care while enabling healthcare organizations and professionals to spend less time on administrative activities.

In conclusion, although still in the early stages of development, digital healthcare technologies have already demonstrated their potential and effectiveness. In the following years, utilizing innovative solutions and digital technology in the healthcare sector can create a modern, more efficient, and automated health service system.

It is now possible to improve healthcare units’ performance, increase the productivity of the medical personnel, and provide cutting-edge services to the industry’s patients thanks to automated revolutions in healthcare.

The post Digital Transformation In Healthcare appeared first on [x]cube LABS.

Table of contents

• Overview 2019: What has been happening?
• Challenges faced
• Handling challenges the 2019 way: How healthcare converted them into opportunities
• Opportunities 2020: What digital healthcare stakeholders can do
• Conclusion

Overview 2019: What has been happening?

2019 continued to witness the growth in healthcare demand and expenditure which were fueled by factors such as growing aging population, increasing chronic diseases, rise of advanced digital technologies and other drivers. With the rising demand and challenges, different stakeholders have been struggling to achieve a sustainable healthcare ecosystem that leverages the latest digital technologies to create a business and care delivery model that is not only operationally and financially viable but also makes quality healthcare accessible and affordable.

Challenges faced

Reports suggest that key issues faced by global healthcare sector in 2019 included- need to create financial stability in an uncertain economy; adapting to changing consumer needs, demands, and expectations; using new care delivery models to improve access and affordability; maintaining regulatory compliance and cybersecurity; Investing in digital innovation and transformation; and recruiting, developing, and retaining top talent.

• Achieving financial sustainabilityThe current financial performance of the healthcare ecosystem is witnessing challenges in the form of personalized medicine, new payment models, entry of non-traditional disruptors, rising technologies and much more. This has created an environment of instability where margins are shrinking and costs are rising.
• Changing consumer preferencesHealthcare consumers’ demands are changing and they seek more convenience, affordability, transparency and quality. They show dissatisfaction with many aspects of traditional healthcare and are increasingly choosing non-traditional healthcare services that also offer digital capabilities.
• Making healthcare accessible and affordable What follows from changing consumer preferences is the need for making healthcare accessible at the consumer’s convenience. The percentage of younger consumers with access to a primary care physician has been on a decline. They cite accessibility at convenience as a primary reason for this. Additionally, the rising costs of traditional healthcare create a need to eliminate unnecessary workflows and increase efficiency to reduce cost.
• CybersecurityWith the increasing dependency on connected healthcare, data ranging from patient records and lab results to radiology equipment and hospital elevators is vulnerable to cyberattacks- The 2017 WannaCry attack, for instance, that hijacked thousands of hospital computers and diagnostic equipment, forcing doctors to ship lab results across hospitals by hand and cancel nearly 20,000 patient appointments.
• Investing in Digital transformationThere is an exponential increase in the speed and scale with which digital healthcare innovations are emerging and influencing business operations. These rapid advances are further driving an increase in consumer expectations that has made “being digital” a necessity for all healthcare organizations.
• Meeting the demand for skilled staffThe rising demand for healthcare services, an aging workforce, and reduction in physician working hours are driving shortages of skilled staff across the world.
  The World Health Organization predicts a shortfall of up to two million health professionals (15 % of the workforce) across the European Union by 2020.
  While part-time employees can cover most shortages, hiring them is typically expensive and may compromise the continuity of care.

Handling challenges the 2019 way: How healthcare converted them into opportunities

2019 witnessed some innovative solutions in the form of healthcare technologies that showcased how companies could rise above challenges and use them to their advantage.

• Cutting costs and optimizing profits through increased efficiencyBy automating routine tasks, reducing workflows, providing virtual healthcare support, the companies are bringing down healthcare costs. One of our clients, Vios Medical, reduced operational costs by remotely monitoring services, applying big data approach to profitably manage the oversight of patients across the entire continuum of care, and automating common patient clinical workflows. Similarly, healthcare companies across the world are finding innovative ways to use technology to their advantage. An example of increasing efficiency through innovation is Pulsara, a solution that enhances treatment time outcome by improving communication and care coordination through the entire healthcare system.
• Improving accessibility and affordabilityRemote doctor visits, AI doctors, remote monitoring, personal health apps are making healthcare accessible and affordable. About 10% of doctors in the US practice in rural areas with more than 19% of the American population living in rural locations. This creates a major problem. Telemedicine solves this issue by offering remote medical consultations which allows patients to connect with a doctor through phone or video. Telehealth technology is empowering patients in even the most remote locations to access quality healthcare and receive life-saving diagnoses.
• Meeting customer expectationsTalking about improving customer experience, it has been found that with AI and deep learning, body scans have been shown to analyze CT scans up to 150 times faster than human radiologists, detecting acute neurological events in just 1.2 seconds- which means no more waiting upto weeks for results. Healthcare companies are driving innovations wherever required. One of our clients, Dr Lal PathLabs, uses a solution that closely monitors and derives the time of report delivery so that patients don’t have to wait for reports or can easily track the estimated time for delivery.
• Creating disruption through digital transformationBlockchain, RPA, cloud, artificial intelligence, and robotics virtual reality are some of the ways technology is disrupting health care. These technologies are helping with diagnosis and treatment, helping with speed, quality and accuracy, and improving the patient experience. Consider VR, for instance. Its use has helped in reducing anxiety in cancer patients undergoing chemotherapy and made injections and other painful procedures less distressing to children. Going a step ahead in disrupting the normal way of treatment, AR and VR are now being used to help Alzheimer’s and dementia patients retrieve memories and feel a sense of joy by immersing them in an environment that recreates a time, experience, or sound that was important to them in the past. Talk about creating disruption in healthcare through digital transformation!
• Blockchain for cybersecurity in healthcareData breach is a growing concern with increasing amount of digital transactions and the increasing data from various connected medical devices. The solution to this concern lies in blockchain. Since blockchain is Immutable and traceable, patients can send records to anyone without worrying about data corruption or tampering. Similarly, a medical record that has been generated and added to the blockchain will be completely secure. The patient can also exercise control over how their medical data gets used and shared by the various members involved in the chain. Anyone who wants to get medical data about a patient would need to get the necessary permission. According to a recent report, blockchain in healthcare market is expected to reach $890.5 million by 2023.
• Balancing demand-supply of health professionals through automation Statistics revealed that doctors spend one-third of their time, their remaining time goes in handling records and other routine tasks. This is a significant loss of productivity and is a critical issue, considering the current shortage of skilled professionals. The problem is being solved effectively by automating tasks and switching to technologies that could reduce workflow and eliminate bottlenecks that would otherwise consume a lot of time. Additionally, telemedicine, virtual monitoring, and personal health apps also aid in balancing the demand-supply of medical professionals. Healthcare industry is also making a shift from sick-care to preventive care measures, thereby reducing the number of patients.

Opportunities 2020: What digital healthcare stakeholders should know

Stakeholders of digital healthcare have a lot to look forward to in the near future. While we witnessed some significant breakthroughs in 2019, the next year seems promising as well. For every challenge, the scope for innovative solutions is vast. The idea is to sustainably and profitably meet the challenges in the most optimal manner. Having said that, here are some takeaways from this year that we think form the foundation for what to expect next year.

• Hospitals are shifting certain services to alternative points of care, including virtual environments, to benefit from a cost and accessibility perspective.
• Investments in telehealth and virtual care is likely to expand through horizontal service offerings to help hospitals cut down costs.
• With manpower shortage, healthcare providers would seek more opportunities for automation in clinical workflows. AI-powered robots and virtual assistants will provide personalized health care guidance.
• With growing health consciousness of today’s consumers, there will be ample opportunities to establish more direct and personal relationships with the consumer and drive patient engagement strategies.
• The demand for highly skilled resources, augmented by digital innovation capabilities will increase and the focus will shift to value-based and patient-centric activities.
• Cybersecurity has become a priority for healthcare organizations but the steps to protect themselves from data breaches have been insignificant, this means organizations will start looking for robust solutions that can secure them against cyberattacks.

Conclusion

Despite various challenges to the current healthcare environment, digital healthcare companies have leveraged a mix of technologies to drive innovation and convert challenges into opportunities. Investments in digital technologies are rising- 77% of healthcare executives reported that their organizations are increasing investments in big data analytics; the global healthcare market spend on blockchain is expected to hit $5.61 billion by 2025; virtual reality in the healthcare market is growing fast and is expected to reach USD 6.91 Billion By 2026; AI in the healthcare market will cross $1.7 billion by 2019; this and much more.

The end goal, however, is to achieve both operational and financial viability, while maintaining the sustainability of healthcare ecosystem; digital technologies are only means to it. Organizations have a long way to go before achieving sustainability because just like every challenge gives rise to opportunity, every innovation brings more issues to address- the security vulnerabilities that came along with interconnected systems, for instance.

The post 2019 Digital Healthcare Flashback and What It Means for Future appeared first on [x]cube LABS.

Industry 4.0 is currently generating tremendous noise and drift for data exchange and automation in manufacturing technologies together with IoT, cloud computing, cognitive computing, and cyber-physical systems. Mobile technology is one of the fundamental driving forces behind Industry 4.0, creating “smart factories” and streamlining manufacturing operations with mobility. While most of them have been slow to adopt the benefits of technology, manufacturers aren’t unaware of the substantial tangible improvements other industries are undergoing with the implementation of mobile technology and organizations are noticing improvements in their divisions. Mobility in manufacturing is bringing intensification across all divisions, optimizing from the shop floor to the warehouse to management. Even IT leaders cannot overlook the hazard of production downtime and competitive benefits of improving productivity using mobile devices and solutions.

The Need for Mobility Solutions in Manufacturing Companies

While global expansion strategy forms the core of the emerging need for mobility solutions in most of the manufacturing companies, it is equally important to meet the ever-growing expectations of consumers and stakeholders in the ecosystem. For example, an automobile manufacturer sold auto spare parts to its partners. As the demand for spare parts increased, they felt the need and launched a mobile app to manage the demand-supply gap. Now consumers can place an order for more spare parts online. This helps them reduce cost and improve productivity in the long way. Therefore, to remain competitive, manufacturers must look out for efficiencies in production and the capacity to deliver a broader mix of customized products. This demands operational processes and production lines to be integrated and flexible to allow fast configuration changes and reduced load times, without compromising on quality or safety.

Adoption of mobility solutions by manufacturing enterprises helps to improve their capacities which manifest in the form of improvement in enterprise processes.

Credit: Ericsson Mobility Report June 2018

81% of Industrial Manufacturing CEOs said that they plan to rely on operational efficiencies to bolster growth via enhanced competitiveness.
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Key Advantages of Mobility Solutions

Data and information play a crucial role in implementing business processes right from marketing to manufacturing. Mobility holds the key to the prospect of managing your business from anywhere at any time. Moreover, it shares real-time updates for decision makers. Mobility also provides information during an emergency and therefore manages the uncertain situations well

Portability – Mobile apps are designed for on the go, anytime usage. The right mobile solution can reduce the need to return to a fixed-point to review checklists, receive information or fulfill orders. For example, tablets allow workers to conduct quality checks, send out alerts for any problems and instantly update job status on an order or machines.

Real-Time Problems / Real-Time Solutions – Instead of anticipating problems and outcomes based on earlier performance and trends, it is critical for organizations to have the ability to figure out an issue while there is time to correct it. Learning about errors, malfunctions or other problems after the fact, could delay progress, whereas the management team and staff can be alerted instantly of issues in real-time. Therefore situational awareness can extend the reaction time and lead to positive outcomes and better customer relationships as well.

Accessibility Increases Worker Productivity – Choosing mobile tablets can lead to better productivity of warehouse workers as people respond well to current technology which is easy to understand. Rather than having to visit the fixed workstation repeatedly, workers can perform tasks on the go. Employees are already embracing mobility in their personal life, therefore the traditional learning curve when introducing innovative technology, systems or processes are reduced to a great extent and will arguably, disappear in a few years’ time.

Precision Monitoring –  With GPS locations in vogue, it allows manufacturing organizations to analyze their logistics and figure out where they are being inefficient or losing time in their freight management duties. Instant updates allow team leaders to check the status of any order at any time, or to find raw materials and goods arriving instantly. For businesses with active on field sales staff(s), the ability to both check inventory and input sales on the go increases efficiency tremendously and can boost customer relationships in the process.

Mobility in the manufacturing industry is trending like other industries and is the reason many companies give mobile devices to their staff and discourage BYOD to avoid risk. However, for the company-owned devices as well, organizations should be extra vigilant for the security of the devices as well as business data. Organizations need to address security concerns and place adequate security measures for mobile device management to prevent data theft and misuse of the devices for personal entertainment which eventually leads to wastage of time and productivity decline.

86% of CEO's say a clear vision of how Digital technologies including Mobile can create competitive advantage is key to the success of their investments.
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Some Operational Benefits of Mobility

• Increases overall productivity
• Ensures cost reduction with increased efficiency
• Real-time monitoring and faster access to critical information
• Facilitates collaboration between people at all levels
• Rapid product development
• Improve RoI
• Increase in sales
• Enhance customer satisfaction
• Manage regulatory compliance

Reduce Time to Market and Achieve Optimal Efficiency

In this increasingly connected world, manufacturing intelligence is the new normal. The choice of connectivity determines the planning, materials, build quality and flexibility of a manufacturer’s digital foundation. This adds to the possibilities and ultimately increases the value it brings to their operations, enabling smarter resource management. It affects which equipment and operations can be connected, how many assets and processes can run simultaneously, and how well it scales beyond one geographical site to achieve optimal efficiency. Mobility is helping with data collection, and manufacturers are applying advanced pattern detection and predictive analytics to simplify steps and eliminate delays by pulling the right levers to get ahead of production cost trends and generate good market speed.

Bottom Line

Mobility is making manufacturers compete in their prospects and customers timeframes while delivering higher value in less time than before. Therefore manufacturers and their suppliers must generate and share vast amounts of digital data about the design, dimensions, quality, and location of components. Additionally, tracking their journey through the factory and beyond is imperative. They must manage complex flows of physical materials and become data managers. Yes, we anticipate a growth in the number of data engineers in the flexible plant to almost double between now and 2030.

The post How Mobility Solutions Are Transforming the Manufacturing Industry appeared first on [x]cube LABS.

The best piece of advice ever doled out to me that I remember above all others was: “If you have a plan, you can win.” And I never forgot that – it bolstered what I thought I knew and gave me the courage to always ask people as to where we were headed. My earliest lessons in this were learnt during a treasure hunt at a birthday party I think, but this principle, of course, applies to businesses as much as to individuals. The importance of starting with a clear, defined, business strategy cannot be overstated, and the process of implementing the strategy successfully involves asking some key questions, and being aware of the purpose each day, prioritizing and adjusting along the way.

The biggest challenge that many leaders think they face is preparing for the future. The common question in this line of thinking is: How can we anticipate what is coming up next and be prepared? The question has become harder to answer, as the pace of change accelerates due to the widening impact of digital technologies. The solution, of course, is to adopt digital technologies and embrace the future, and this is something a large number of enterprises are attempting already. However, most enterprises find very soon–and yet often too late–that there is more to digital transformation than just adopting a set of technologies.

Where exactly are they going wrong? The answer, we’ve discovered repeatedly in our interactions with business leaders from a wide variety of industries, is that businesses that rush headlong into digital transformation (as they understand it) are far more likely to fail. On the other hand, businesses that pause to ask some key, fundamental questions, and then rush headlong into digital transformation tend to have far better chances of succeeding.

You read that right, yes. The ‘rushing headlong’ part doesn’t really change. After all, pace of innovation is a key ingredient in digital transformation. Still, there are some critical questions leaders in an enterprise must ask before they begin the digital transformation journey. Let’s take a look at these key questions fundamental to formulating your digital strategy.

Whatever you’re going after– is the successful launch of a new product or growing an existing service at a rapid pace, a robust digital transformation strategy will help you see where you are going and help you get there.

To start creating a robust digital strategy, ask yourself these three critical questions:

What data do I have and what insights can I gain from that data? How can I increase the data that am collecting? And how can I contextualize it all in terms of services and personalization?

OK, so first off, I cheated. When I said three questions, I actually meant five. Or maybe nine? I haven’t counted yet, but let’s move on.

Thoughtfully done analytics or business intelligence solutions invariably unlock a tidal wave of insights for digital business strategy. While many companies struggle to justify their data and create value with their big data spend, the promise of actionable insights is critical. Forrester reports that 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action. Clearly, actionable insights are the missing link for companies that want considerable business outcomes from their data signaling a digital transformation.

The universe of data modeling has vastly changed over the years, leading to a change in the way the volume of information is interpreted and providing opportunities to gather more. So how does a company fully exploit the data and analytics to get a working model? This requires three mutually supportive capabilities. First, they need to identify, combine, and manage multiple sources of data. Second, they need to develop the capability to build advanced-analytics models for predicting and optimizing outcomes. Third, and the most critical–management must have the muscle to transform the organization so that the data and models actually produce better decisions. Two important features support these competencies: a clear digital business strategy on how to use data & analytics to compete with the distribution of the right technology architecture and capabilities.

Knowing what you want to accomplish through your digital strategy is important since the speed of doing business has increased by quantum leaps. Businesses move forward when the technology enables them to be closer to their ultimate strategy and achieve what they aspire to be. It starts with an initial framework of the company’s desired goals keeping in context the conventional business strategy to get the desired outcome.

By the end of 2019, spending on digital transformation will reach $1.7 trillion worldwide. -IDC
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What is the ecosystem that I’m playing in? How can I leverage a clear understanding of internal capabilities and external factors to fine-tune my digital strategy?

While there are multiple layers of models that are put to use in a business set up to achieve the goals, the very first layer of digital strategy is the basic business model. A business’s use of digital can’t be analyzed in a separate petri dish. A digital strategy needs to be integrated into the organic whole of how a company runs, as well as what they aspire to be. Therefore, in order to build upwards from the basic business model, we need to look at:

People: A digital strategy relies on the skills of your entire team. It doesn’t start out in the cloud; rather, it is inseparable from the efforts of the developers, designers, marketers, strategists, content writers and so on.

Process: Articulating precisely what a business human capital will do and how you will blend your work with one another to create a fully synergized strategy comes next.

Platform: Only after the goals, people and processes are in place do we consider the platforms they’ll need. Again, technology is the means, not the driver. Platforms depend on individual company goals; they can include cloud servers, content management systems, data analytic systems, mixed reality, artificial intelligence, geo-based apps and more..

Products: Once platforms have been classified, then the individual products that make up your digital strategy are identified. These could possibly include apps, wearables, responsive websites, IoT smart products, augmented reality experiences and more.

Channels: Once you have your digital products, then the question is how you’ll connect those products with all concerned. Which channels work adequately as delivery conduits in your digital business strategy? Which include in-person shopping experiences, email, social media, workplace networking, intranet, websites, IoT remote connections and so on.

Experience: It’s critical to pursue and retain a clear sense of user experience. Are your brand’s visual cues consistent and addictive? Does it evoke a sense of ease and delight as people interact?

Customers: Right at the top of the digital strategy framework, it’s all about people and not just the customers who purchase the products or services — although they are extremely important. An effective digital strategy which is followed by transformation enhances the experience of all the parties involved like employees, vendors, suppliers, partners, and stakeholders etc.

By 2020, 60% of all enterprises will have fully articulated an organization-wide digital platform strategy and will be in the process of implementing it. -IDC
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Do I have the innovation chops and people skills scalability?

A key reason why digital strategy needs to be agile is that it involves constantly trying to strike a balance between two opposing forces of innovation and acceptance. Willingness of the agents to change is important, as they need to feel inspired to give their best and perform at the highest level. As goals don’t change, however, the methods of achieving those goals, and the tools that underlie those methods evolve so swiftly that keeping up with them has become a profession of its own. So how do we reconcile these opposing forces? By building teams who collaborate across functions is how it begins- because it touches across many functions in a company.

Digital leaders are quick to spot this and place a premium on collaboration. They allow the creation of processes, form cross-functional teams who share the best practices and develop expertise. To gain momentum, cross-functional teams need support from the top and a clear mandate which provides enough resources to build out a program. Therefore effective teams need real business responsibility, coupled with the authority to break through functional silos, and a passion to lead.

By the end of 2018, at least 40% of organizations will have a fully-staffed digital leadership team. -IDC
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Per IDC- “Digital transformation (DX) is at the center of modern organizational strategies, and estimates the economic value of DX to almost $19 trillion or more than 20% of global GDP. Advances in 3rd Platform technologies and associated accelerators are transforming whole industries and represent the largest driver of technology investment for the foreseeable future”

Well-informed, designed, and activated business strategies are necessary for the digital era. As digitization modifies the behaviors of customers, the type of business and competition changes at greater speed and scale. To achieve the highest standard of business performance, executives must reinvent their enterprise through digital strategies and innovative capabilities that constantly generate and sustain brand, product, and operational advantages. Digital strategy consulting and agency services consequently play a vital role in helping build enterprise leadership, vision, goals, business structure, and organizational forms, with necessary talent requirements, and data and technology. Therefore, in the enterprise context, it is crucial to communicate a sense of long-term direction to employees and other stakeholders, explain the detailed steps the company needs to take in the near future, and at the same time allow for adaptability to evolving along the way.

For enterprises that have already experienced disruption or are facing competition from new digital entrants, the goal is to identify how digital business strategy changes and refines your understanding from broad to specific points which form the core of your digital strategy foundation. Therefore digital strategy should be agile and deliver iterative value to the business on a frequent basis. Agility enables the strategy to change as the organization continues to evolve taking input and suggestions from all levels of the organization. By starting with a clear understanding of a company’s purpose, one can avoid wasting time and resources implementing technology that doesn’t enable new competitive advantage.

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