November 12, 2010
EHRs, meaningful use, dashboards, telehealth, avatars, remote vital monitoring, brain imaging, neurotechnology, smart homes, and bioconnectivity – the past two days at the 2010 Institute for Behavioral Health Informatics have been a whirl of presentations and demonstrations of tech tools, many of which have a definite “wow” factor. But I think the real question for management teams is, “what does it all mean for my organization?”
These innovations are going to shape the financing and delivery of service, and the key issues are: which of the technologies will broadly adopted? And how will these technologies change competiveness in the market? In any market shift I always recommend that management teams return to the basics by focusing on their organization’s core competencies, and then analyzing how the value and delivery of those core competencies are shifting due to new technologies. This classic review of competitive advantage (thanks to Michael Porter) – the bargaining power of suppliers, the bargaining power of customers, the threat of new market entrants, and the threat of substitute products – is the key to strategic development in a time of disruptive innovation.
The complicating factor is that while there are global predictions of technology adoption, there are still two critical unknowns – when this adoption will occur in your market and, even more important, how fast this strategic challenge will arrive. To prepare your organization, these are the four questions to ask:
What are your organization’s core competencies?
What changes will happen in the market that will affect the delivery of those core competencies?
What is the future competitive advantage and viable market position?
How fast will these changes happen in your market?
Thank you to all of our sponsors, faculty, and attendees for making this year’s Institute a success. If you couldn’t join us, be sure to check out the live coverage of the event in our virtual exhibit hall.
Monica E. Oss
Chief Executive Officer, OPEN MINDS
To read more, check out: Managing in an Era of Bioconnectivity all members
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