“The emergence of the Internet of Things (IoT) has now enabled medical devices companies to create a new business model premised on services, personalization, and other innovations,” writes Ram Meenakshisundaram. “The “things” in IoT can refer to a wide variety of devices — implants, physiological monitors, wearables, capital intensive diagnostic equipment, and so on.” Excerpts:
“The healthcare industry is well on its way to a smart, connected future enabled by IoT, as market leaders recognize that sensors connected through IoT can transform business models and harbinger new possibilities. Healthcare organizations that integrate these “connected health” trends into their practices, processes and workflows can offer patients better care and greater satisfaction while reducing the cost of care.
With IoT, the medical device manufacturer can usher in true customer-centricity. There are three types of transformational opportunities:
- Greater operational efficiency, as a result of preventive maintenance of devices and remote diagnostics and software upgrades, improving customer satisfaction.
- Digital innovation around the communication of vitals and device information, and new services that can help customers contextually understand the insights.
- Connected ecosystem, as a result of the ability to link devices and systems together, bringing superior intelligence to the customer.
IoT should be viewed as a business solution. The true value of IoT will be realized when systems are designed to provide impactful business outcomes. Fertile ecosystems that connect the dots must be visualized where IoT can provide deeper insights into a device’s operating environment and its internal state.
The dawn of services-based medical devices and connected ecosystems for greater customer centricity positions us on the cusp of digital disruption and presents a great opportunity to shape the future.”
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