Untapped Potential: Investment Opportunities in Wearable Health Devices Shunned by Healthcare Institutions
The emergence of wearable devices has blurred the lines between employees and customers. In commercial applications, they can serve as a powerful strategic asset for enterprises. However, at present, many healthcare institutions are not yet prepared to wield this tool.
Figure: With the aid of wearable devices, patients can not only move around freely but also be discharged earlier.
Mobile technology has long been applied across all aspects of the business world. The current situation is often such that for professionals, if they need to complete certain tasks while on the move, they tend to choose smartphones or tablets as their computing devices to meet related needs. Clearly, following this development trend, smartphones and tablets will next be replaced by wearable devices.
According to IDC (Internet Data Center), global enterprise spending on mobile technology development totaled $901 billion in 2014. With increasing connectivity and collaboration opportunities among enterprises, researchers predict that total corporate investment in mobile technology will reach $1.2 trillion by 2019.
On the question of where these funds are headed, ZDNet interviewed five industry experts. In light of the development trends in wearable technology and the Internet of Things (IoT), and with the aim of maximizing benefits for internal users and external customers, what areas should Chief Information Officers (CIOs) at various companies focus on?
Below, we present some perspectives from these five experts.
1. Consider how the combined use of multiple tools can create value.
Richard Corbridge is the Chief Information Officer of Ireland’s Health Service Executive. He stated that, to date, the impact of emerging trends such as BYOD (Bring Your Own Device) and gamification has been mixed, largely depending on how organizations and management perceive and approach “innovation.” Nevertheless, a wave of new developments is surging forward, particularly in the healthcare sector.
He believes that the trend of using mobile devices to monitor health is poised for explosive growth. To gain a competitive edge, more companies and institutions are likely to apply gamification to their devices and wellness programs, a surge that will transform operational models in healthcare and preventive medicine.
The transformative power of mobility is so immense that Corbridge even believes trends in different technologies could converge simultaneously, sparking a revolution. The significance of BYOD in the healthcare sector is that patients can access their health data, monitor long-term physical well-being, and receive real-time updates through their own devices, whenever they choose.
In addition, wearable devices offer patients another added convenience: they are no longer constrained by the spatial limitations of traditional healthcare delivery settings, such as hospitals, wards, and operating rooms. Corbridge believes that wearable devices can help patients leave healthcare facilities earlier while continuing to monitor their health status post-discharge, thereby ensuring patient safety and improving medical efficiency.
2. Consider how mobility changes the nature of work.
Alastair Behenna, a seasoned IT leader and consultant at CIO Partnership, believes that the evolution of mobility symbolizes the emergence of a highly attractive domain. In light of extensive changes and innovations in technology, senior executives must consider: How should IT services evolve to address this new landscape?
To meet the needs of lifestyles in the digital age, traditional work models are undergoing integration and transformation. The boundaries between customers, suppliers, partners, employees, subcontractors, sales channels, and competitors are becoming blurred or even disappearing, creating a new, comprehensive user community for enterprise technology systems.
Alastair Behenna explains that each individual within these user communities simultaneously assumes multiple roles. They may be customers, driving changes in corporate hiring philosophies; or subcontractors, flocking to fill talent gaps; and they may also be digital natives who have grown up in the digital age, accustomed to and aspiring toward a highly interconnected lifestyle and way of working.
Behenna also stated that these individuals have been granted access to the same channels and tools, thereby affording them equal opportunities to enter the market. Previously, business operations established in this market were determined solely by scale and cost. The IT industry, already under significant pressure, may face even more formidable challenges with the emergence of new work models.
3. Leverage a robust architecture to better develop the business.
David Reed, Head of Information Technology and Data Operations at the Press Association, believes that mobility is crucial to nearly every industry in contemporary society. However, for the Press Association, portable technology plays an especially important role, a significance that will continue to grow in the future.
He noted that smart devices have enabled the Cooperative to place greater emphasis on digitalization, helping it gain a competitive edge in an increasingly crowded market. In modern journalism, time is of the essence. With mobile devices, journalists at the Cooperative can write news stories anytime and anywhere, saving precious time whenever possible.
The Associated Press and EE jointly developed the COPE strategy. This strategy involves a range of devices and mobile data management technologies: the devices are provided for individual use, but ownership remains with the enterprise. Today’s journalists are required to possess the professional competence to file copy, upload photos, and even capture high-definition video on-site at news events.
In David Reed’s view, this is the key to fully leveraging mobility: achieving internal adoption within teams. This means that if enterprises wish to capitalize on the changes enabled by mobile technology, they must be prepared in terms of architecture. By implementing a COPE (Corporate-Owned, Personally Enabled) strategy, United News Agency can provide employees with the various devices they need while maintaining security control over its mobile fleet.
4. Conduct small experiments to see what happens.
Christina Scott, Chief Product Innovation Officer at the Financial Times, believes that enterprise mobility will undoubtedly bring numerous benefits to businesses. These strategies should include leveraging mobile devices and cloud-based applications to grant employees greater flexibility in their work.
As for the customer side, Scott noted that a significant portion of Financial Times readers access content via mobile platforms. The Financial Times’ ambitions now extend beyond mobile devices: they have begun exploring other related areas, such as wearable devices and the Internet of Things (IoT).
Last year, the Financial Times, Samsung, and Spritz, a company dedicated to researching rapid reading technology, conducted an experiment together. In this experiment, readers were able to read articles at a considerably fast pace with the aid of specific devices. Scott found this experiment both intriguing and enlightening. Currently, this field is still in its nascent stage of development.
After carefully studying the Financial Times’ wearable strategy, Scott personally predicts that the major breakthrough in the wearable technology sector will likely occur around 2017. For innovative technologies, there remains a substantial market to explore; for instance, surround sound technology could be developed with commuters who drive to work as the target demographic.
5. Lay a solid foundation for embracing changes driven by mobile technology.
Working Links: Former CIO Omid Shiraji believes that although there is immense enthusiasm for the development of IoT and wearable technologies, IT leaders at enterprises must first ensure one thing: they need to lay a solid foundation at the application and service levels to accommodate the influx of additional mobile devices.
The next phase in the evolution of mobility should focus on exploring how to leverage already-established technologies. For most industries, wearable devices and the Internet of Things (IoT) remain unfamiliar, emerging domains. Many enterprises have not yet matured to a point where they can accept greater flexibility for their employees in terms of when, where, and how work is performed.
Shiraji believes that corporate CIOs should devote their full attention to identifying ways to enhance productivity through the use of smartphones and tablets. The three activities that typically account for the largest shares of employees’ time are commuting, working, and resting at home. What CIOs need to address is ensuring that IT-enabled services provide employees with due convenience, regardless of their location.
Compiled by Lü Xiaoyi
Editor: Mo Renying