MI to help adapt in the continuous evolvement of the healthcare industry.
In this continuously evolving healthcare environment, innovation and intelligence are the foundation of competitive advantage.
The healthcare industry is once again facing a period of uncertainty as traditional players are challenged by new entrants, many of them seeking to leverage a digital business model. Perhaps the most notable of these is Amazon — certainly, the ecommerce giant’s entry into the healthcare space has been the subject of many discussions. Most in the industry view the development as a threat, while some see it as an opportunity.
Last year, Amazon announced a partnership with J.P Morgan and Berkshire Hathaway to create a healthcare venture with the purpose of reconstructing the healthcare benefits of its employees. It was unclear as to whom would lead this joint healthcare venture, until Dr. Atul Gawande was recently appointed CEO.
Either way you look at it, the move signifies a strategic shift for companies involved in the health sector that requires action. The status quo in not an option, but neither is navigating blindly — that’s where an effective competitive intelligence function creates value for your company.
A successful competitive intelligence program should include an early-warning system to help anticipate such market shifts before it’s too late. For example, the appointment of Malik Majmudar, a cardiologist, by Amazon could be indicative of Amazon’s future plans, even though he has not yet specified exactly what his job at Amazon will be.
When a competitive intelligence program delivers actionable insights, organizations are better equipped to coordinate a timely and appropriate response. CVS and Walgreens, for example, reacted to Amazon’s entry into the healthcare industry by stressing the importance of face-to-face care. Which in this case, might be considered their edge in the battle.
Empowering executives with actionable market and competitive intelligence is our core function at ShiftCentral. We’d love to talk to you about how we can help deliver the utmost relevant, timely and insightful intelligence to keep your company ahead of the pack.
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This article was originally published on ShiftCentral, now part of LAC Group.