Executives require intelligence that delivers actionable insight and are demanding increased performance from their market intelligence (MI) teams. This global trend certainly applies to leading healthcare companies like our long-time client, Medavie Blue Cross, which finds value in knowledge unlocked by MI.
Globally, the healthcare industry is dealing with change at a previously unfathomable pace. Expectations for efficient service and positive “bedside manner” remain, but the unpredictable economic landscape in which service and products are offered has been compounded by shifts in consumers’ attitudes and rapidly evolving technology.
How does MI help the C-suite and key decision-makers achieve their strategic goals and generate a return on investment?
For Medavie, it’s imperative to take a long-term market approach to strategic planning, but that doesn’t mean there is not a sense of urgency to getting the plan right. A constant flow of data assists in shaping the way forward, but a solid understanding of said data, via MI, is essential for executives and board members to be directed towards the profitable path.
The ability to adapt to market changes as they happen, rather than retroactively, and anticipating what’s to come are the primary benefits of purposeful MI. Examining cutting-edge technology that supports current and future lines of business is possible via landscape reports, competitor news and analyst predictions. A fully-functioning MI team will take those pieces of information to concisely narrate what it means for an organization and its market space.
The healthcare market is highly-regulated and complex, so well-informed decisions must go beyond the firm’s bottom line. Case studies, best practices, and crisis management are all part of the intelligence flow that MI can capture and analyze. Intelligence can take stock of the current consumer or population the company serves and dive deeper. Going beyond face value, patient and consumer assumption about healthcare is another element MI can hone in on.
MI’s aim in producing insight for strategic planning isn’t all about being first to market and dealing with economic doom and gloom. Shedding light on potential partnerships or agreements, whether community-minded or mega-merger-sized, is part in parcel. Providing examples, context and outcomes of healthcare industry alignments are useful in assisting a client make headway in their clients’ wellbeing, beyond its base operations. In terms of social responsibility, smaller groups must make a defining statement in order to stand out, while larger players are expected to create an impact, and instill legacy, on the ground. Market intelligence is a company’s compass to becoming a well-rounded, corporate entity which meets and surpasses its targets.
At ShiftCentral, we read in between the lines so our clients can get the maximum impact from their market intelligence.
This article was originally published on ShiftCentral, now part of LAC Group.
Mario Thériault
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