Industry Outlook & Insights
MedTech Exec Talk
Medical device and diagnostics companies are actively embracing digital initiatives to address evolving provider and consumer demand for convenience and outcomes validation. However, most digital initiatives are consumer/customer or “front office” facing with “back office” functions operating in more traditional forms. This dichotomy of a digital front office and traditional back office presents operational and financial risk as well as consumer/customer disappointment. While clinical differentiation is essential, commercial success will increasingly depend on a manufacturer’s ability to create a cohesive and fused approach to digital transformation.
Recently commission research by Cognizant along with a survey of over 500 business and technology decision makers in the US and UK revealed significant benefits for companies that can seamlessly connect front- and back-office processes. Digital transformation is not about pilots or commercial launch of discrete apps, but transforming the enterprise to support agile management decision making to consumer/customer demands for visibility, reliability and satisfaction. Cognizant research found:
- Digital transformation maturity is driven by four key areas: process, organization, technology, and data insights
- Less than 40% of companies have aligned internal teams to put the customer at the forefront of their activities
- Back-end process teams (e.g., supply chain, finance) are the least likely to have a decision-making role in digital transformation
However, companies with higher digital maturity are 2.5 times more likely to report double digit revenue growth.
This session will share the findings of the research along with case studies and practical steps companies can take.