How does disruption happen? As CB Insights CEO Anand Sanwal explained at a Future of Health conference (playing off of Ernest Hemingway’s words): “Gradually...then suddenly.” In healthcare, the “suddenly” is now.
As our industry sees more and more disruption, our organization needs to get and stay ahead. That’s where I come in. My role as Strategic Insights Consultant is to deliver the right insight to the right person at the right time. Whether it’s sharing the findings from the latest State of Healthcare report, understanding where we need to invest for digital therapeutics or changing our thinking around omics, I need to be on top of all the different spaces within healthcare and make sure my organization is too.
We had been using a number of different tools to keep track of disruption in the healthcare space, what our competitors are doing, and what the future looks like, but there was nothing that brought it all together for me.
Until we found CB Insights. I had subscribed to the CB Insights newsletter for a while but once I really saw how much value the platform can bring and how much further it can take my organization, I had to become a client. It's the only all-in-one platform for understanding what’s happening in the digital health tech space, what’s next and how you can act on it.
Staying Ahead of the Market
Before CB Insights, I would spend entire days looking through different sources of information and pulling together data just to get to a single point of view on one disruptive technology and key healthcare trends in areas such as omics. It wasn’t efficient. I knew that we were at risk of missing out on new spaces, and falling behind in the ones we were already tracking.
Now that we have CB Insights, I don’t worry about that. And because I can put together reports in a day that would have taken me weeks, I can be much more strategic and targeted with the insights I provide to the organization. Instead of going after big, broad categories and providing more general insights, I can dive deeper into the insights that really matter to our organization, and provide more actionable recommendations and data to my stakeholders.
I use the quarterly State of Healthcare report as my jumping-off point for my strategy sessions each quarter. When I see different spaces highlighted there, especially in the omics section, I know they’re worth paying attention to. I’ll take those insights a step further by looking at news coverage trends and company profiles within the platform to get a better idea of the players in the space.
Once we’re starting to monitor a space, I review the market size. I like that the Market Sizings tool is a wisdom-of-the-crowd analysis; I know I have the best of the best estimates out there for the market.
A key question for our stakeholders is what our competitors are doing in these emerging digital health spaces. The CB Insights analysts put together a lot of research highlighting what the big players in digital health are doing, and I can do my own exploring by looking at Business Relationships and investment data in their company profiles.
It saves me over $200,000 per year and gives me the peace of mind that I will never miss anything. Instead of spending days searching for information and then maintaining it, my team and I can focus on smart, strategic findings and recommendations.
Keeping the Organization Informed
It’s not enough for my team to know what’s happening; we need to translate our insights and make a case for our strategy to the rest of the organization. Part of this is making sure that we’re not coming to our stakeholders with one-off recommendations. We need to be in regular communication with them on the trends we’re seeing start to emerge, so when we shape our strategy, it’s not out of the blue. This is why we started internal briefings. Thanks to the data visualization tools and reports, I can pull these into my briefings quickly and easily, without having to start from scratch. My internal meetings with stakeholders are more efficient and effective because I know that they’re up-to-date on each space every step of the way.
The internal briefings wouldn’t have been possible without the easy-to-use research and data visualization tools within CB Insights.
Pushing The Organization Forward
The mission of Moffitt Cancer Center is to prevent and cure cancer and my team’s mission is to keep us ahead of the disruptive trends and forces that can help us get there faster. Innovation and disruption are more than just buzzwords to us; they’re happening now. And with CB Insights, I know we’ll be a part of it.
ABOUT THE AUTHOR
Strategic Insights Consultant
Judit Tejada is a Strategic Insights Consultant in the Strategy Office at Moffitt Cancer Center in Tampa, Florida. In her role, she advises the Chief Strategy Officer and informs leadership on the macro trends and disruption in the healthcare market.