Analytics

Healthcare Monitoring – Fast Company Market Perspectives

Healthcare Monitoring – Fast Company -“Why We Don’t Talk About “Wearable Software”

Revolution is coming in the wearable healthcare monitoring arena as we move from devices to software/ ecosystems and new predictive analytics are fully embraced. Excellent Fast Company Labs article by Tina Amirtha summarizing directions. I see significant opportunity here not covered in the article  – why pharmas will play a key role, role of wearables in telemonitoring/Telehealth, tracking medication compliance,adverse drug reactions. And wearable healthcare monitoring coupled with analytics is spawning many exciting entrepreneurial ventures

Check out the Fast Company article at http://tinyurl.com/klzncnl. My comments shown are shortened due to space – here is a complete copy:

Tina- great article. As former CEO of a public predictive analytics company pleased to share comments. First, analytics is indeed the “Holy Grail” but my view is the real opportunity drivers here are not individuals but pharmas who have the incentive to establish and grow ongoing patient relationships. Healthcare monitoring/analytics is ideal strategy to help pharmas achieve this objective. Last time I looked the 3 to 4 major pharma chains represent about $200 billion or 75 percent of the market and about 24,000 locations- independent pharmas account for the rest of the locations and market. Secondly, health monitoring devices can make a substantive contribution to Telehealth/ telemedicine – I have done work in this area and telemonitoring proponents have not fully embraced these technologies- in my view and they are missing a real opportunity. We are seeing new entrepreneurial ventures addressing this market- my experience is creating sustainable business models addressing hardware, software, analytics dimensions is a real challenge for some of the reasons you noted.

Finally, in a late 2012 blog post “Buy Health Monitoring Devices Off The Clothing Rack      http://tinyurl.com/nhyp9uy 
I suggested we may be buying health care monitors in Lands End, and discussed how this will impact traditional retailer strategies. Sales staff questions may move from “What size and color jacket would you like to see?” to “Can I show you our blood pressure-only monitoring jacket or our top of the line full featured model tracking glucose, oxygenation and includes a USB port?”And what about health care coverage. Expect to see some interesting issues emerge here- are you buying a jacket or a medical device; where do you draw the line? Clothing may also be an external driver to grow this market

Bottom line here- the real opportunity, which translates into hard dollar cost savings and improved healthcare quality, is using wearables and the software ecosystem to track medication compliance, adverse drug reactions, drug efficacies, and similar data. My vision is coupling wearable healthcare monitors with predictive analytics will dramatically reshape today’s healthcare system- refocusing the emphasis of today ‘ s wearable discussion and educating industry players on the possibilities here are the challenges and next steps needed to make this happen

Paul B. Silverman

 

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the School of Business at George Mason University. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

 

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How Analytics is “Raising the Bar” for Corporate Strategy: Understanding the External Environment

I was invited to do a guest blog post and serve as an Advisor for Funding Profiles, a Santa Clara-based company offering a powerful suite of financial analytic tools that “integrates with existing business applications to continuously translate traditional financial metrics into the language of business strategy”. For companies with thousands of products, infrastructure, and processes spanning the globe, the ability to ‘drill down’, examine ‘what-ifs’, and assess how and if global LOBs meet KPIs and support the strategic plan, is a powerful planning tool.
But markets and technology are moving quickly, consumer power is increasing, and external global factors will impact all global businesses which creates risk and uncertainty. In fact, one study shows macro-environment, competitive and corporate positioning factors account for about 80 percent of ROA variation among LOBs. So optimizing the company’s internal resources, processes, and KPI’s really addresses only 20 percent of the planning challenge based on these findings.

My blog post describes some of today’s traditional strategy and market analysis tools and how powerful emerging analytics are reshaping today’s corporate planning strategy planning process. The starting point- developing the ‘big data’ analytic framework with powerful visualization and analysis tools and that is what Funding Profiles has achieved. Integrating the analytic framework with new analytics capable of analyzing both external structured data and unstructured text is where we are heading. And I do expect major global competitors to embrace these new capabilities, recognizing that these new tools can provide a competitive edge, creating what Tom Davenport (Author- Competing on Analytics: The New Science of Winning) defines as “analytic competitors”. You can read my entire post at http://www.fundingprofiles.com/blog/index.html

Paul B. Silverman
July 21, 2014

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the School of Business at George Mason University. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

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Comments- Are Analytics Shifting from Executives to Employees?

Interesting article in Information Management Feb 6th issue  discussing how analytics decisions are being driven by mid-level staff rather than C-level executives. But analytics demands resources- what analytics should be pursued; how should analytics be deployed to increase revenue, decrease costs, and improve strategic position; what are the company’s key competitive peer group metrics? These are C-level not middle management decisions. Analytics, effectively deployed, can provide high ROI, but successful adoption typically demands C-level participation.

My comments noted no question there is a C-level gap in in understanding how analytics drives increased revenue, decreased costs, and improved strategic position. The concept of “analytics competitor,” mentioned in Tom Davenport’s writings (Competing on Analytics, others) emphasize that “C-level” analytics, creatively applied, helps companies create winning strategies- examples which I have used in MBA courses are Netflix, Progressive, and even Cirque du Soleil which created a new ‘circus/theater’ market sector- if you wonder why you don’t see three circus rings or elephants, analytics played a key role in these and many other decisions. Worthwhile reading. Key point- C-level management teams that understand the power of analytics driving new business strategy will achieve above average returns and a competitive edge. “Tops-down” thinking and unfortunately missed by many.

Secondly, no doubt there is a ‘massive treasure trove of data’ available- big data is a resource, not a solution. Analytics are the tool to leverage ‘big data” to improve key metrics, e.g., revenue, costs, strategic position, and so on. And no doubt analytics supports and improves workforce operational decisions… Read more including perspectives on analytics in the healthcare sector at http://tinyurl.com/mw674t8

 

Paul B. Silverman writes about entrepreneurship, healthcare, analytics, and strategy management and serves as Advisor, Speaker, Educator, and Managing Partner of the Gemini Business Group, LLC, a new venture development firm, and author of “8 Building Blocks To Launch, Manage, And Grow A Successful Business.” He also serves as Adjunct Professor in the School of Business at George Mason University. See more at Paul B. Silverman Blog and sign up for Entrepreneurship Today! email updates to track latest new venture developments.

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HBR Taps Data Scientist as the Sexiest Job of the Century

HBR Taps Data Scientist as the Sexiest Job of the Century

Here is an interesting post from the Spitfire Business Intelligence blog about a recent HBR article

“The award is the business world’s equivalent of People Magazine’s annual Sexiest Man Alive designation.But who could ever have imagined that the nod would go to the data scientist, a role pioneered by the world’s Web behemoths and now being sought after by mainstream companies seeking to gain actionable business insight from sifting through large volumes of data?”

http://spotfire.tibco.com/blog/?p=14455

 

Click on the above link to read the complete post and you may also want to access the HBR article which I think most will find interesting. These are the same messages I and many others are making about analytics and its ability to dramatically reshape and improve current business processes, create more efficient operations, and drive significant new product development and other high potential revenue opportunities.

The role of creative, powerful analytics is also reshaping our traditional perspectives on industry analysis and strategy development which are being integrated into traditional business management programs. And new career and business opportunities are emerging from all sectors in many diverse organizations, and I foresee these accelerating. We should keep in  mind analytics are still in early stage of development and deployment, and today’s management is only beginning to understand how these techniques add real value and competitive edge.You can be sure exciting and challenging times lie ahead in the analytics arena.

 

Paul B. Silverman

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