Equifinality

Equifinality concept was given by Hans Driesch, which says “In the system there are many different ways of achieving the desired state” or in simple term “Many causes may lead to the same outcome result”

This concept is applicable in all kind of system or field like Business, Healthcare, Psychology, and Startup. 

In Business a firm can use different competencies to establish similar competitive advantage.

In Startup are using different innovative and disruptive method to reach similar result.

In psychology, Equifinality refer to how different early experience in life (parental divorce, physical abuse etc) can lead to similar outcome ( e.g childhood depression)

In Healthcare system there are different causes which lead to bad health, different solutions to reach ultimate goal to be Healthy.

Understand the potential of Equifinality within the system. 

Marketing Trends That Will Transform the Healthcare Industry in 2017

1. Use of AR/VR in Marketing will increase.

2. Increase in AI based chat bots to chat with website visitors.

3. Value Based Marketing

4. Data Driven Marketing

5. More focus on User/Customers experience

6. Social Media Channels

7. Influence Marketing.

8. Engaging and Smarter Contents

9. Live Video

10. Mobile App and Mobile(light) website to target mobile user.

11. Data from Wearable Tracking Devices. 

The Six Senses

We are witnessing technology shift across the Industries. So industries require people with new skill sets. Daniel H. Pink has written about Six Senses in his book “A Whole New Mind”. Together These Six High-concept, High touch senses can help develop the Whole New mind this New era demand.

1. Not just functional but also DESIGN

It’s no longer sufficient to create a product, a service, an experience, or lifestyle that’s merely functional. Today it’s economically crucial and personally rewarding to create something that is also beautiful, whimsical, or emotionally engaging.

2. Not just argument but also STORY

When our life brimming with information and data, it’s not enough to marshal an effective argument. Someone somewhere will inevitably track down a counterpoint to rebut your point. The essence of persuasion, communication, and self-understanding has become the ability also to fashion a compelling narrative.

3. Not just focus but also SYMPHONY

Much of the Industrial ages required focus and specialization. But as while –collar work gets routed to Asia from West and reduce to software, there’s a new premium on the opposite aptitude: putting pieces together, or Symphony. What’s in greatest demand today is not analysis but synthesis-seeing the big picture, crossing boundaries, and being able to combine disparate pieces into an arresting new whole.

4. Not just logic but also EMPATHY

The capacity for logical thought is one of the things that makes us human. But in a world of ubiquitous information and advanced analytic tools, logic also won’t do. What will distinguish those who thrive will be their ability to understand what makes their fellow woman or man trick, to forge relationships, and to care for others.

5.Not just seriousness but also PLAY

Ample evidence points to the enormous health and professional benefits of laughter, Lightheartedness, games, and Humor. There is a time to be serious, of course. But too much sobriety can be bad for your career and worse for your general well-being. In conceptual age, in work and in life, we need to play.

6. Not just accumulation but also MEANING

We live in a world of breathtaking material plenty. That has freed hundreds of millions of people from day to day struggles and liberate us to pursue more significant desire:  Purpose, transcendence, and spiritual fulfillment. 

Source: Book -“A Whole New Mind” by  Daniel H. Pink

An Emerging Market - AI in Medical Imagine

Imagine you are at remote place and you met with an accident but there is no Lab and radiologist available, you just take X-ray from portable x-ray machine or mobile phone, upload on AI platform, your AI using Advance AI able to tell you about your current status whether there is any fracture or not.

Above is just simple example what AI can do in Medical Imaging. Healthcare Technology is on revolution. Technology is revolutionizing all the field of healthcare. From simple patient registration to high end Cancer treatment. Using technology healthcare providers are able to give result fast and accurate. One of the emerging field is totally on verge of technology shift is Imaging services in Healthcare. From Couples of years Artificial Intelligence has captured the attention of Doctors and investors. Large Research hospitals are working on AI to perfect the process for clinical use. Advancement in medical Imaging is going to reduce the work load of Doctor in large hospital and shortage of Radiologist in remote area. When radiologist calls up to read CT scan or X-ray, AI will review the image and identify potential findings immediately –AI also compare the Medical history of the patient from EHR.

Example: How AI works in Medical Imaging.

https://www.itnonline.com/videos/examples-artificial-intelligence-medical-imaging-diagnostics

In past through Machine Learning Technologist have reached up certain level of accuracy but using advance Deep learning accuracy can be reach up to 100%. There is a report published by RSNA about Deep Learning which can Identify TB.

http://pubs.rsna.org/doi/full/10.1148/radiol.2017162326

There are many startup are working on this- Like

http://qure.ai/ - Qure.ai

http://genetesis.com/ - Genetesis

https://sigtuple.com/ - Sigtuple

https://www.butterflynetinc.com/ - Butterfly Network

https://baylabs.io/ - Baylabs.

AI will going to take some percentage of $3 billion market of Medical Imagine. 

Information Age to Intelligence Age

Technology is on big shift in all industries and healthcare is not left behind.  There are lots of disruption happening around the world in healthcare sector. Lots of new startup are coming up with innovative solutions. New technology like AI, Machine Learning, Deep Learning are pervading in Healthcare. Rising income and increasing healthcare spending are giving boost to investment in healthcare in emerging market. In Indian Companies like

 Maya- http://www.maya.live/

Grow Fit- https://getgrowfit.com/

QorQI - http://www.qorql.com/

Elth.ai - http://elth.ai/

Above list are just 4 of them, but more innovative startups are emerging in Healthcare. All having common goal “Providing best and affordable care through leveraging cutting edge technology”. Innovation is only solution to provide best and affordable healthcare to most needy population.

Healthcare is such an industry which generated huge data every second. Now we have such technology where we can store and secure huge data. It’s depend on companies how they want to utilize these data. Through analysis data we can we can give better and informed care to patients and predict the risk in patient before occurring. If any industries want to take advantage of Data then they have to start storing and securing data right now. Data is basis of all new cutting edge technology. One can develop AI when they have huge huge data to work on otherwise AI will not give quality result. “To guarantee quality care we first have to measure, to measure, we need data.” Barriers in adopting new technology is cultural rather than technological. 

Want to succeed and grow in the Digital World

Want to succeed and grow in the Digital World. You need strategies that answer following essential questions.

1.       Consumers – How connected is my audience?

2.        Connection – How do I reach them?

3.       Content – What content needs and the platform should I target?

4.       Commerce – How can I turn that into commercial opportunity?

Execution!

How To Execute Effectively ?

1. Improve Co-ordination across Units.

2. Reallocate resources continuously.

3. Keep Message Simple and Consistent.

4. Reward behaviour that support Execution. - Ex-Ambitious,Agility, Experimental,Innovation.

5. Have Front line manager to take Tough Calls.




                        

New Medical Trends and Practices

1. Gene Testing

2. Percision Oncology

3. Greater Reliance on Robotics

4. Stem Cell Therapy

5. Bio-absorbable  Stent

6. E-ICU's

7.Cloud Based Point of Care Devices and Diagnostics for Remote Location

8. Heart valve replacement with minimal invasive surgery procedure.

9. Use of AI and Advance AI like image recognition and voice recognition.

10. Digital Therapeutics. 

Net Promoter Score (NPS) : Simple but powerful tool to measure customer experience of your brand

Just like revenue and profit, Customer loyalty can be systematically measured, managed, and improved. As we know that loyalty is directly proportional to word of mouth.

To compute NPS for your organization, select a random sample of one hundred customers and ask them "On a scale of 1-10","How likely is it that you would recommend (Brand) to a friend or colleague?"   After you receive the responses,divide them into three buckets. In the first bucket,place the responses that are a 9 or 10,and label that bucket "Promoters". In the second bucket,place the responses that are either a 7 or 8,and label it "Passives". In the third bucket,place the responses that are 0 through 6, and label it "Detractors". 

Once done,focus only on the Promoters and Detractors. NPS = Promoters - Detractors. For example responses are 50/20/30 for Promoters/Passives/Detractors respectively them, NPS= 50-30= +20. If it is 20/10/70, NPS= 20-70= -50. So NPS above 0 means that majority of your customers are happy and willing to give you strong referrals for free. 

Promoters are customers who love your organization so much that you might as well think of them as your sales ambassadors. They spread positive word of mouth. 

Detractor are their exact opposite. They are your unsatisfied customers,who had bad experience with your organization. 

The Passives are neither excited nor disillusioned, they are neutral, they do not spread any word of mouth. 

So, NPS quantitatively captures the net word of mouth power of your organization. 

Every companies/ Leaders must do introspection of following 4 things to get success.

Kaal (Time): Do you take right action at right time? Are you launching new products/services at the right time? Is your market is ready for your product/services? Are you able to meet project time? Etc…

Gun (Character): Are your intention of doing business is right? What is your purpose of doing business? Are your company is in the path of mission and vision statement? Etc...

Karam (Action): Are your company taking every possible step which leads toward success? Are your employees goals and company goals are same? Have you taken needed right action to correct past mistakes? Your each every action shows how you and your company serious about the Goal/Aim/Objective. Etc...

Swabhava (Nature): How do you treat your clients and employees? Are you fulfilling your commitments which are made during contracts with client? Are your customer care team/front teams treating correctly as per company standard procedure? Etc... 

Management Gyan : Mythologically

These parameters helps you in indentifying who is Ram, who is Ravan, who is Duryodhan , and who is Krishna in your team , organization and social circle.

Rama (Up holds values and justice)	Ravan (Believes in his own law)
Duryodhan (does not break the law but intent is wrong)	Krishna (follows no rule, works for everyone's betterment )

The most dangerous person in the organization is Duryodhan; he doesn’t wrong the law but his intent is wrong. 

source: corporate dossier,ET.

Brand “Religion”

Have you ever thought? Which is first brand name in the world? Most probably it would be any oldest Religion. This Brand Religion is deeply rooted in human brain. Story of this brand transfer from one generation to another generation like no other brand can ever did, probably not will not be able to do in future. Here is what can we learn from brand Religion?

1. It spread awareness by hiring celebrities (Godmen) and media houses (religious institution)

2. It generated interest by giving a product benefit (promise of heaven, resolution of difficulties etc.)

3. It evoked desire by making example of people who did not join and suffered.

4. It generated action by making it easier to join. It had an amazing distribution network reaching grassroots villages, with service outlets manned by well trained staff.

Feature centric Vs Benefit centric

Features are something external, characteristic of product and services, appearance, its components and its capabilities. Benefits are value which you are offering along with your product and services.

Features are descriptive but Benefits are emotional. Many business owners talk about their work in the term of features it offers, but it`s much more power to talk about the benefits customers receive. Feature is tangible but Benefit is intangible in nature. Benefits add values to your product. What is Value, exactly? Here’s the basic definition.

val-ue: something desirable and of worth, created through exchange or effort. Value means helping people.

A feature satisfies the need of customers, but Benefits goes satisfies the hidden need. For example: You go to for horse riding to one of the ranch outside city which offer riding, lodging, food and thousand acres of riding facility, but these are things which they are offering, yes they are satisfying you needs but what benefits are you getting is Freedom to escape and be someone else. After hectic weekdays in office now you want to enjoy fullest it is not food and lodging which are satisfying you its benefit which gives customer a Freedom kind of sense which something beyond the basic needs. 

One day you daughter went to shopping and bought one wedding dress along with others accessories but not this feature attracts your daughter instead a emotional benefits that gives sense of special feeling on wearing dress. 

May be your product is full of features that you thinks is innovative and extra to what your competitors are offering but what is they are not give any benefits to your customers, What is they not feeing emotionally satisfied.

What about the new recipe book you have bought from the market, which has lots of simple recipes to make at home and those are easy too but exactly benefits you are getting from this book is that you are able to spend quality time with your family.