We are still running around, jumping in the puddle of data mining and other data insights when we are hit by this new wave called ‘Internet of Things .
Typically in the healthcare system the patients dont really care what sensors will record and transmit and to whom and to where and whether it follows the standard protocol, what they really care about is whether they will be able to get well soon and how this IoT is going to help him have a better quality of life and how soon that would happen.
Similarly the providers dont care about the tons of data that will be accessible to him, he would be more eager to know the intelligent real time information that would help him diagnose any ailment. However, at the moment, the health monitors, wearables remain largely outside typical care channels. One common IoT-enabled wellness monitor, for example, creates, transmits, analyzes, and stores data—but in a database not linked to, and incompatible with, traditional health records. However useful, the information is unavailable or even unknown to doctors unless patients volunteer it—and, indeed, physically bring it to a visit. There is a gridlock in the flow of information at the aggregate stage. Alleviating that gridlock—and integrating prevention and wellness monitors with existing electronic health-records systems—is key to taking full advantage of IoT-enabled devices’ capabilities and keeping people healthier longer.
Established health care IT companies, will no doubt find these new business models threatening, considering the new entrants eager to join the fight for customer value. It is critical that IoT Companies deliberately identify how IoT technology fits into their existing products and strategies, and enables the delivery of transformational innovation. Simply using the IoT to enable innovation is unlikely to create sustainable advantage.
Companies should identify areas of high unmet needs and clearly articulate the value they will deliver for their customers. Development should begin with a specific use case in mind and a clear vision of how each stage in the Information cycle will contribute to addressing customer needs.
Strategy to access capabilities through in-house development, acquiring companies, or partnering will be necessary. In all cases, whether entrant or incumbent, the IoT strategy should be built from an understanding of which care settings and which gridlock the entity seeks to alleviate. From there, choices as to whether to focus on the setting or the stage of the gridlock will determine the appropriate business model. The long-predicted IoT revolution in healthcare is already underway, as new use cases continue to emerge to address the urgent need for affordable, accessible care.