One of today’s current buzzwords is “digital transformation.” What does that really mean? Afterall, in the content management world, we’ve been digitizing paper and automating business processes for years. So, what’s new? In this blog, we learned that digital transformation is about business strategy and not technology. We’ve all seen the examples of “disruptive business models” like Uber, Amazon and Airbnb. Great, but they all used digital mediums to engage with the customers and provide a better customer experience. So, if technology does matter, where does it fit in?
Today’s digital transformation is about connecting the dots and it’s based on content that is available throughout the organization and even beyond. It’s about moving away from paper-based decision making to real-time decision making. It’s about leveraging both existing and real-time information to gain insight, make better decisions and to engage with customers in a way that drives business value and customer loyalty. So I was curious—what does digital transformation mean in Life Sciences?
In Life Sciences today, patents are expiring, competition is intense, and organizations are compelled to continually speed time to market for new medicines. Organizational responses vary, but most are adopting new business models, expanding globally, entering into alliances and partnerships, outsourcing, aggressively pursuing acquisitions—or all of the above. Companies are executing on these initiatives against a backdrop of regulations and government reforms that are not only in a state of constant flux, but shift from one market to the next. How do organizations that are dealing with all these challenges, transform?
It comes down to a single focus, the patient. The business strategy needs to shift to put the patient at the center of everything an organization does. It’s no longer about the pill, device, or (more…)