| |December 20199As part of the digital strategy, Hospital with the help of innovator can leverage de-identified Patient data for plethora of use cases leveraging technologies like AI, IOT, VR, machine learning, RPA etcNeedless to say, both of the above routes can co-exist in parallel. With data at the center for mone-tization, there are 3 important stake-holders in the ecosystem a) Patient b) Hospital c) InnovatorEach of them will achieve a lot by partnering. Hospital can keep a por-tion of earning for CSR and R&D, Patient may get differential pricing model and Innovator can develop the solution faster.As part of the digital strategy, Hospital with the help of innova-tor can leverage de-identified Pa-tient data for plethora of use cases leveraging technologies like AI, IOT, VR, machine learning, RPA etc. While hospitals don't have the expertise to develop solutions and on the other hand innovators have the solutions but not the real patient data to validate the solution. Needs are complementary and the list of use cases is myriad. It could be in prediction of outbreaks, getting deep inside on disease & symptom patterns, ICU supervision, prevent-ing premature deaths, drug efficacy, remote patient monitoring, chronic disease management, predictive sur-gical outcomes, preventive health-care, care giver training etc. Despite the need and availabil-ity of easy-to-conceptualize and use cases, there are many challenges and at broad these challenges can be clas-sified into following 4 categories1. Unacquainted Landscape: Market potential includes Data as Service, Insight as Service or Plat-form as Service. Organizations have to decide where they want to play in the value chain and then accordingly formulate the strategy around rev-enue models, product offerings and compliance. There are too many var-iables with different permutations and combinations. A decision paral-ysis subsists on selection criteria and the prioritization. In some cases, for not losing the race on opportunity, some projects are initiated without a proper assessment and have to be dropped for fear of uncertainties or otherwise. 2. Governance: Appropriate standards, guidelines and policies have to be formulated to address Governance, Risk & Compliance (GRC) across departments. Data scientists, IT team, legal counsels and ethics committee must work in conjunction with the medical frater-nity to shape GRC policies. 3. Technology: Data quality is-sues around technology and opera-tions are common. Organizations have islands of legacy applications with no direction for Master Data Management. Privacy and robust data protection practice is a pre-requisite but, for multiple reasons, is inadequately implemented. Organi-zations in general, and more so in healthcare, are resource constrained on cybersecurity. 4.Culture: Culture around sen-sitivity for data protection needs enforcement. Departments across enterprises work in silos and has pseudo ownership of data. All or-ganizations have shadow-IT in one form or the other and are concerned about losing control on data dissem-ination. There is an apprehension that disclosure could possibly expose poor data quality and associated gaps in the data collection process. Because of above challenges sev-eral organizations are not able to lev-erage the wealth of their data. There are many possibilities enroute to the start, team compositions and part-nership models. The most vital is C-Suite commitment. This commit-ment is for executive sponsorship to make it happen - be it in defining the service line or allocation of adequate resources or ensuring collaboration between various stakeholders etc. Data monetization, as a prac-tice, is ahead of its time. Models are emerging. I am unsure if companies will eventually publish their "Quar-terly Earnings" per "Byte" to stock exchanges. I am absolutely certain, however, that most of companies' data is untapped and underutilized. It has the potential to unlock re-markable financial value. The axiom is ­ He Who Holds the Gold (read Data) Makes the Rule. Ironically, the unanswered question is who owns the Data (read Gold).
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