12.05.17
The life sciences industry is on the brink of radical reinvention, driven by extraordinary advances in science combined with widespread access to data, cloud capabilities and other digital technologies. Life sciences companies today are creating more relevant products and services than ever before, enriching human lives and empowering patients to play a more active role in their health.
Each of the five trends we explored in our 2017 Tech Vision for Life Sciences report, AI is the New UI, Ecosystem Power Plays, Workforce Marketplace, Design for Humans, and The Uncharted, is rooted in the changing relationship between humans and technology. Whether by leveraging AI to empower employees or implementing human-centric design principles, companies that put people at the heart of innovation will see big returns in the years to come.
But understanding what these trends mean for the industry at large is only part of the story. How can individual life sciences organizations leverage these insights to drive meaningful results for stakeholders and the business?
AI is the New UI
In the past, artificial intelligence (AI) functioned exclusively as a backend capability, helping life sciences companies to become more efficient and to accelerate the development and delivery of new products and services. Today, AI has taken on a more nuanced, sophisticated role within these same organizations, allowing for more seamless customer and patient interactions. Our report revealed that 74 percent of life sciences executives believe AI will significantly impact the industry.
To harness the full potential of artificial intelligence, life sciences organizations should start by identifying their main business priorities, such as cost savings, heightened communication or better customer insights. Any artificial intelligence initiatives should track back directly to these goals. Not only will this be useful in securing stakeholder support, it will also allow business leaders to more easily measure impact. Similarly, instead of taking a “technology for technologies sake” approach to AI adoption, organizations should develop use cases around specific user journeys to help demonstrate in a tangible, methodical way how the technology will allow the business to achieve its goals.
Ecosystem Power Plays
The age of the insular life sciences organization is over. Today, collaboration is a key indicator of success across the entire healthcare ecosystem, allowing organizations to rapidly define, develop, supply and commercialize new products and solutions. At the heart of this transformation are platform-based digital ecosystems, which come in three primary configurations: platforms that aggregate data from various organizations to help accelerate innovation and discovery; patient services platforms that help life sciences companies transition from volume to value based business models; and platforms that support IoT integration.
As with artificial intelligence, it is crucial that life sciences companies align their adoption of platform-based models with desired business outcomes. Before implementing new IT and application architecture, companies should assess opportunities to replace legacy systems with platforms and ecosystems, as well as the skillsets required to effectively support these new technologies. Furthermore, to increase visibility into new innovations in digital health, they should consider joining start-up initiatives or investing in new, health technology innovation venturing capabilities.
Workforce Marketplace
The face of work is rapidly changing. According to a recent study by LinkedIn, freelancers will represent 43 percent of the workforce by 2020. This shift toward more fluid work arrangements has coincided with a rise in flexible workforce solutions such as on-demand labor platforms and online work management tools. For healthcare and life sciences organizations, these solutions offer the flexibility and agility needed to innovate and stay competitive.
For many life science companies, outsourcing may be business-as-usual. This is especially true in the digital era, where organizations frequently supplement their workforce in non-core competency areas like cybersecurity, advanced analytics or IoT. But for companies interested in expanding their footprint in the workforce marketplace, a good first step is to determine how and when the business leverages external talent. Perhaps there are certain departments where work is highly variable, cost sensitive or driven in large part by specialist skills? If so, this could be an opportunity to pilot a larger initiative, sharing findings with stakeholders upon conclusion.
Another important step when joining the workforce marketplace is to define and implement the policies, governance and technology needed to operate in this new space. With formal structures in place, the business will be better positioned to integrate sourcing strategies to ensure that all parties – both internal and external – can collaborate as seamlessly and effectively as possible. As part of this process, companies should look for opportunities to increase efficiency and lower costs by leveraging automated workforces, such as bots, artificial intelligence and machine learning. This will allow them to redirect resources – both human and financial – to other areas of the business.
Design for Humans
We’re currently living in the era of patient empowerment, in which technologies are giving individuals unprecedented control over their health. For a product or solution to be a commercial success today, it must cater to human needs and expectations. Over 78 percent of executives surveyed for Accenture’s Technology Vision for Life Sciences report agree that understanding the customer experience and creating solutions and services that align with human behavior will be a competitive differentiator for their organization.
So how can organizations embrace a more human-centric model? A good first step is to evaluate what existing solutions or processes could be reconfigured to provide a more personalized, patient-centric experience. There’s also an important cultural component to human-centric design. From the c-suite down, individuals at every level of the organization must strive to prioritize the needs of patients and customers and look for new ways to evolve their market approach. When it comes to new products or services, development teams must identify the ideal outcome for the end-user they’re trying to reach and work toward achieving that goal.
The Uncharted
Technology is ushering in a new era of innovation for healthcare and life sciences, creating new opportunities and challenges – particularly from a regulatory perspective. Combined with an industry-wide shift from volume to value, this disruption is forcing many companies into uncharted territory. According to Accenture research, 74 percent of life sciences executives believe they are entering entirely new digital industries and regulatory grey areas.
To capitalize on the potential of this new environment, life sciences companies should look for ways to engage the start-up community, establishing their reputation as a resource, mentor, or potential partner. Of course, they can’t just talk the talk – they must also walk the walk. To that end, companies should take steps to create an innovation-friendly culture, designating “Innovation Stewards” on internal teams that can help encourage out-of-the-box thinking. Establishing innovation goals and incentives will also motivate individuals and teams to be more creative. Training is also important, so employees can understand and apply innovative methodologies in their work. And since collaboration is a key ingredient to innovation, organizations should look for potential partners within the broader healthcare ecosystem to test promising ideas and develop prototypes.
The time to act is now. Rather than fighting disruption, life science organizations must seize the opportunity to create better, more relevant products and solutions that empower patients and customers. By taking advantage of the five trends outlined in our report, organizations will emerge as leaders in the people-first digital future.
Brags Srinivasan is managing director and global lead for Accenture’s Life Sciences Technology practice. He has more than 22 years of experience in the IT industry with extensive proficiency managing and delivering complex system integration programs and large-scale application services engagements for numerous clients, particularly in life sciences.
Each of the five trends we explored in our 2017 Tech Vision for Life Sciences report, AI is the New UI, Ecosystem Power Plays, Workforce Marketplace, Design for Humans, and The Uncharted, is rooted in the changing relationship between humans and technology. Whether by leveraging AI to empower employees or implementing human-centric design principles, companies that put people at the heart of innovation will see big returns in the years to come.
But understanding what these trends mean for the industry at large is only part of the story. How can individual life sciences organizations leverage these insights to drive meaningful results for stakeholders and the business?
AI is the New UI
In the past, artificial intelligence (AI) functioned exclusively as a backend capability, helping life sciences companies to become more efficient and to accelerate the development and delivery of new products and services. Today, AI has taken on a more nuanced, sophisticated role within these same organizations, allowing for more seamless customer and patient interactions. Our report revealed that 74 percent of life sciences executives believe AI will significantly impact the industry.
To harness the full potential of artificial intelligence, life sciences organizations should start by identifying their main business priorities, such as cost savings, heightened communication or better customer insights. Any artificial intelligence initiatives should track back directly to these goals. Not only will this be useful in securing stakeholder support, it will also allow business leaders to more easily measure impact. Similarly, instead of taking a “technology for technologies sake” approach to AI adoption, organizations should develop use cases around specific user journeys to help demonstrate in a tangible, methodical way how the technology will allow the business to achieve its goals.
Ecosystem Power Plays
The age of the insular life sciences organization is over. Today, collaboration is a key indicator of success across the entire healthcare ecosystem, allowing organizations to rapidly define, develop, supply and commercialize new products and solutions. At the heart of this transformation are platform-based digital ecosystems, which come in three primary configurations: platforms that aggregate data from various organizations to help accelerate innovation and discovery; patient services platforms that help life sciences companies transition from volume to value based business models; and platforms that support IoT integration.
As with artificial intelligence, it is crucial that life sciences companies align their adoption of platform-based models with desired business outcomes. Before implementing new IT and application architecture, companies should assess opportunities to replace legacy systems with platforms and ecosystems, as well as the skillsets required to effectively support these new technologies. Furthermore, to increase visibility into new innovations in digital health, they should consider joining start-up initiatives or investing in new, health technology innovation venturing capabilities.
Workforce Marketplace
The face of work is rapidly changing. According to a recent study by LinkedIn, freelancers will represent 43 percent of the workforce by 2020. This shift toward more fluid work arrangements has coincided with a rise in flexible workforce solutions such as on-demand labor platforms and online work management tools. For healthcare and life sciences organizations, these solutions offer the flexibility and agility needed to innovate and stay competitive.
For many life science companies, outsourcing may be business-as-usual. This is especially true in the digital era, where organizations frequently supplement their workforce in non-core competency areas like cybersecurity, advanced analytics or IoT. But for companies interested in expanding their footprint in the workforce marketplace, a good first step is to determine how and when the business leverages external talent. Perhaps there are certain departments where work is highly variable, cost sensitive or driven in large part by specialist skills? If so, this could be an opportunity to pilot a larger initiative, sharing findings with stakeholders upon conclusion.
Another important step when joining the workforce marketplace is to define and implement the policies, governance and technology needed to operate in this new space. With formal structures in place, the business will be better positioned to integrate sourcing strategies to ensure that all parties – both internal and external – can collaborate as seamlessly and effectively as possible. As part of this process, companies should look for opportunities to increase efficiency and lower costs by leveraging automated workforces, such as bots, artificial intelligence and machine learning. This will allow them to redirect resources – both human and financial – to other areas of the business.
Design for Humans
We’re currently living in the era of patient empowerment, in which technologies are giving individuals unprecedented control over their health. For a product or solution to be a commercial success today, it must cater to human needs and expectations. Over 78 percent of executives surveyed for Accenture’s Technology Vision for Life Sciences report agree that understanding the customer experience and creating solutions and services that align with human behavior will be a competitive differentiator for their organization.
So how can organizations embrace a more human-centric model? A good first step is to evaluate what existing solutions or processes could be reconfigured to provide a more personalized, patient-centric experience. There’s also an important cultural component to human-centric design. From the c-suite down, individuals at every level of the organization must strive to prioritize the needs of patients and customers and look for new ways to evolve their market approach. When it comes to new products or services, development teams must identify the ideal outcome for the end-user they’re trying to reach and work toward achieving that goal.
The Uncharted
Technology is ushering in a new era of innovation for healthcare and life sciences, creating new opportunities and challenges – particularly from a regulatory perspective. Combined with an industry-wide shift from volume to value, this disruption is forcing many companies into uncharted territory. According to Accenture research, 74 percent of life sciences executives believe they are entering entirely new digital industries and regulatory grey areas.
To capitalize on the potential of this new environment, life sciences companies should look for ways to engage the start-up community, establishing their reputation as a resource, mentor, or potential partner. Of course, they can’t just talk the talk – they must also walk the walk. To that end, companies should take steps to create an innovation-friendly culture, designating “Innovation Stewards” on internal teams that can help encourage out-of-the-box thinking. Establishing innovation goals and incentives will also motivate individuals and teams to be more creative. Training is also important, so employees can understand and apply innovative methodologies in their work. And since collaboration is a key ingredient to innovation, organizations should look for potential partners within the broader healthcare ecosystem to test promising ideas and develop prototypes.
The time to act is now. Rather than fighting disruption, life science organizations must seize the opportunity to create better, more relevant products and solutions that empower patients and customers. By taking advantage of the five trends outlined in our report, organizations will emerge as leaders in the people-first digital future.
