Mark Beaumont-IoT and the Digital Matrix Assignment #2 Due 10/7/2019

Mark Beaumont MD

January 12, 2022

 

 

 

The industrial incumbent, GE Healthcare, provides transformational medical technologies to meet the demand for increased access, enhanced quality and affordable healthcare around the world. Their worldwide technology ecosystem led to revenues of $18.3 B in 2016 having customers in 180 countries, employing over 313,000 and holding 3,960 patents highlighting their role as a leader in the Internet of Medical Things (IoMT) sector.4,5 GE provides innovation from medical imaging, software & I.T, diagnostics-drug discovery, biopharmaceutical manufacturing and performance improvement solutions.5

 The IoMT is the connected system of medical devices and applications that monitor, collect and analyze data that is then provided to healthcare IT systems through online computer networks to deliver valuable new insights.7 Recently, GE has been experimenting widely and are in a phase of reinvention demonstrating a commitment to digital transformation while leveraging existing capabilities to generate more value for consumers. 1,4, 11 GE has evolved with the IoMT and the pervasive deployment of digital sensors is extending digitization and connectivity to previously analog tasks and service operations.8 Nearly 60% of healthcare companies now have IoMT devices installed and about 70% utilize the technology for maintenance and monitoring practices. This data points to a growing adoption of technology and its widespread use that GE is strategizing to take advantage of.7

GE is poised to transform patient well-being as the demand for solutions to lower healthcare costs increases. A recent report predicts that the IoMT market will reach $136 B worldwide by 2021. Today there are 3.7 M connected medical devices in use that inform healthcare decisions.6,7 GE is leveraging these opportunities by developing technology that monitors patients then notifies them and providers with data to identify health issues and allows for earlier intervention.8 GE also capitalizes on the IoMT given the expansion of high-speed internet, favorable government regulations and devices equipped with N.F.C, R.F.I.D and W.S.N tags.8 The growing demand for quality care improvement and adoption of connected medical devices are factors that have significantly contributed to the technological advances in IoMT. 

GE is positioned to continue its’ success in digital technology as they partner with other digital leaders such as Microsoft, Apple and Google to build mutually profitable, long term partnerships that combines strategy and analytics grounded in sound management practices and financial principles.4,8 An example of this is G.E.’s AutoBed platform which can monitor up to 1200 hospital beds at a time while monitoring other patient requirements. As a result, hospital staff can better manage bed availability which reduces ER wait times, improves care delivery, optimizes hospital operations and reduces costs.12,13 

To continue advancing, GE needs to maintain a strong digital outlook while remaining financially sound, overseeing data security, privacy and information regulation. The company that wins is the one that owns information, remains connected and can pioneer technology. GE is positioned to do so while amplifying their vision which is to become the most valuable technology driven industrial company.1,6 

References

  1. Venkatraman, V. (2017). The Digital Matrix: New Rules for Business Transformation Through Technology
  2. Venkatraman, V. (n.d). Venkat Digital Matrix Booklet [PDF].
  3. https://en.wikipedia.org/wiki/Internet_of_things
  4. GE Advances Digital Leadership with Launch of $1.2B Industrial IoT Software Company
  5. https://www.ge.com/digital/blog/ge-advances-digital-leadership-launch-12-billion-industrial-iot-software-company
  6. https://www.gehealthcare.com/
  7. 6 IoT in Healthcare applications leading to better care and lower costs
  8. https://builtin.com/internet-things/iot-in-healthcare
  9. IoT: The Internet of Things
  10. https://builtin.com/internet-things
  11. Iansiti et al. Digital Ubiquity: How Connections, Sensors, and Data Are Revolutionizing Business; Harvard Business Review; November 2014.
  12. Lee et al. The Internet of Things: Applications, investments, and challenges for enterprises; Business Horizons (2015) 58; 431-440.
  13. The IoT Ushers in a Healthcare Industry Revolution
  14. https://www.electronicdesign.com/embedded-revolution/iot-ushers-healthcare-industry-revolution
  15. GE Healthcare Announces Development of New Applications for Caradigm Intelligence Platform; March 4, 2013; Healthcare IT News.
  16. https://www.healthcareittoday.com/2013/03/04/ge-healthcare-announces-development-of-new-applications-for-caradigm-intelligence-platform/
  17. How tracking technology can better fill hospital beds; Kim Gittleson; BBC News, New York; 2013
  18. https://www.bbc.com/news/business-25059166
  19. How Bed-Tracking Technology Allowed Mt. Sinai Medical Center to Reduce Admission Wait Times; Wednesday, November 27th, 2013
  20. https://www.beckershospitalreview.com/healthcare-information-technology/how-bed-tracking-technology-allowed-mt-sinai-medical-center-to-reduce-admission-wait-times.html