Maximising the Benefits and Navigating the Challenges in Today’s Business Environment
Digital transformation is changing the way we live and work. The integration of digital technologies into all areas of business is revolutionising the way organisations operate and interact with their partners and customers. In today’s business environment, companies must embrace digital transformation to remain competitive and thrive in the long-term.
The health, finance, and agriculture sectors are prime examples of industries that are being transformed by digital innovation. In the health sector, digital technologies are transforming the delivery of medical services and health care, and enabling the business models behind remote consultations and telehealth technologies. In finance, digital transformation is revolutionising the way financial services are delivered by incorporating AI technology robo-advisors, and establishing digital banks. In the agriculture sector, digital technologies are helping farmers to optimise their operations, from precision agriculture to drone-based crop management.
The following case studies demonstrate the success and benefits of new large-scale digital transformation initiatives in Australia and internationally.
Hospital in the Home
Ramsay Health Care is leading the development of virtual health solutions in Australia’s private health sector, and has implemented a hospital in the home program that provides patients with high-quality care in the comfort of their own homes. This program developed a specialist nurse-led virtual care service strengthening the integration of hospital and community/primary care for patients, and has resulted in improved patient outcomes, increased patient satisfaction, and reduced healthcare costs. Ramsay also operates community pharmacies and allied health outpatient clinics.
In the past year, the Ramsay Connect initiative that includes remote monitoring technology and expert clinical teams has reduced the number of bed days by over 30,000, and delivered $16 million in savings to health insurers. [1] Ramsay Health Care CEO, Carmel Monaghan said: “The service is designed to rapidly identify deterioration and respond accordingly tov prevent hospitalisations for patients with complex conditions such as heart failure, chronic obstructive pulmonary disease and diabetes. It improves accessibility and equity of access for patients through provision of technology and access to virtual care teams via videoconference, chat and education platforms.”
The National Health Service in Scotland has launched a hospital in the home program that enables patients to receive care in their homes, instead of in the hospital. [2] The ihub progamme supports the implementation of Hospital at Home initiatives across Scotland to offer a short-term, targeted intervention that provides a level of acute hospital care in a patient’s own home, with care equivalent to that provided within a hospital. This Hospital at Home program has improved patient outcomes, reduced healthcare costs, and increased patient satisfaction.
Agriculture Sector
In Australia, the $50 million Graininnovate Fund has been established by the Grains Research & Development Corporation (GRDC) and venture capital firm Artesian to invest in Agrifood startups from Australia, and globally, to help drive the future profitability and sustainability of Australia’s grain growers. [3] The Graininnovate investment portfolio of businesses are providing digital solutions that improve farm management and productivity. This includes the use of precision agriculture techniques and data analytics to make informed decisions about crop management and soil health, provenance and traceability, and supply chain security.
Finance Sector
JPMorgan Chase is investing $12 billion annually into its digital transformation program to improve the customer experience and streamline internal processes. [4] This program includes artificial intelligence and machine learning to automate tasks and improve decision making, along with the implementation of mobile banking and financial management apps. It’s to be noted that JPMorgan Chase employs 50,000 tech staff in its digital transformation program. Larry Feinsmith, Managing Director and Head of Global Tech Strategy, Innovation & Partnerships at JPMorgan Chase says: “While other tech companies have a narrower scope of things they do very well, what differentiates JPMorgan Chase is our ability to invest $12 billion dollars in a broad number of technologies simultaneously. Our size and scale are simply unparalleled.”
If you’re considering or implementing a digital transformation program and want to know the benefits and how to embrace it, these 5 steps will help you implement best practices:
1. Define your digital strategy
To successfully embrace digital transformation, organisations must first define a clear and comprehensive digital strategy. This should outline the organisation’s goals, the role of digital technologies in achieving those goals, and the steps the organisation will take to achieve its objectives.
2. Invest in the right technology
To successfully implement a digital transformation strategy, organisations must invest in the right technology. This might include cloud computing, artificial intelligence, blockchain, or other cutting-edge technologies, depending on the organisation’s goals and priorities.
3. Foster a culture of innovation
To successfully embrace digital transformation, organisations must foster a culture of innovation. This means encouraging employees to embrace new technologies and new ways of working, and creating an environment that is supportive of innovation and change.
4. Develop deeper collaborations and partnerships
Digital transformation is a complex process that requires strategic collaborations and partnerships with other organisations, both within and outside of the industry sectors. Organisations must work together to identify common goals and to create shared platforms and services that can support the delivery of digital services.
5. Continuously monitor and evaluate
Finally, organisations must continuously monitor and evaluate their digital transformation initiatives to ensure that they are delivering the desired outcomes. This includes regular assessments of technology and processes, as well as feedback from customers, partners and stakeholders.
In conclusion, digital transformation is changing the way organisations in the health, finance, and agriculture sectors operate, and organisations must embrace this change to remain competitive and grow in the long-term. By following best practice and taking a strategic approach, organisations can maximise the benefits of digital transformation and deliver better engagement and services to their customers.
References:
1. https://www.ramsayhealth.com.au/News/General-News/Ramsay-grows-home-hospital-care-through-innovative-models
2. https://ihub.scot/project-toolkits/hospital-at-home/hospital-at-home/
3. https://grdc.com.au/about/business-development-and-commercialisation/agtech
4. https://www.jpmorganchase.com/news-stories/tech-investment-could-disrupt-banking
About: Gary Morgan is an experienced board director, chief executive, consultant and corporate advisor with deep strategy, innovation and scaleup experience in the health tech, aged care, agtech, information security and research sectors. Gary is a Fellow of the Governance Institute of Australia, a Member of the Griffith University Industry Advisory Board for the ICT School and has co-authored papers and reports that have been published in leading entrepreneurship and medical journals and presented at international conferences.
Acknowledgment: This article was composed in part with the aid of AI technology.
English