A survey by analysts Gartner found that 89% of companies expect to compete mostly on the basis of customer experience, versus 36% four years ago.
The ‘big shift’ in the consumer industries will see businesses move from traditional centralized organizations – which drove scale and efficiency to reach a mass audience – to technology-enabled flexible, modular corporate entities. This large-scale movement away from mass production to personalized solutions demands a similarly dramatic change in traditional operating models.
But I think we are starting to understand this tectonic shift and the strategic opportunity that has emerged for consumer industries to innovate and collaborate by testing new and transformative business models. In this blog I wrote for WEF as Chairman of the WEF’s Global Agenda Council on the Future of Consumer Industries, I cover some of the solutions.
In the healthcare sector, a traditional industry, the model of care designates treating patients when they get sick rather than taking a more preventative approach.
Until recently, the power in healthcare has been held by the medical professional, and the current approach to diagnosis and treatment is based on the training and experience of clinicians.
What has changed is that patients are now information-hungry consumers: a report by the Economist Intelligence Unit (EIU) last year called ‘Power to the Patient’ found 64% of healthcare executives believed mobile health could dramatically improve outcomes by giving people greater access to medical information.