2019 Market Update Talent for Digital Transformation
“Is Data the New Moneyball?”
In the CastLight Search article, “Is Data the New Moneyball?” the transformation that occurs in the 2011 baseball movie, “Moneyball”, is compared to the transformation Big Data is creating for Healthcare. In the movie, the shift away from making decisions based on money to making decisions based on data upended the World Series and, subsequently, the game of baseball. Big data may similarly upend healthcare.
The ability to turn massive amounts of raw data into understandable patterns is changing the way healthcare works. With a goal of delivering actionable healthcare information to consumers, whether it is face to face in a clinic or through a mobile device in the car, data is putting medical information into the consumer’s hands. Some say this ‘anytime anywhere’ access to medical data will not only revolutionalize healthcare, it will ‘democratize healthcare’.
These trends and factors are challenging the traditional delivery of care, traditional healthcare leadership and traditional recruitment efforts.
“Growth”, according to Gartner’s survey of 460 CEOs, is the #1 priority in 2019. It will be achieved primarily through digital transformation. When CEOs were asked what internal challenges there were to achieving this goal, “talent” was cited as a top barrier.
Talent challenges must first take into account the unique scope of digital transformation. A key difference between previous IT cycles and digital transformation is scope. Digital transformation involves more than implementing new software and training people. Digital involves objects (sensors, phones etc), interaction with IoT and AI, and it should achieve a business outcome, new revenue streams and new business models. Crossing this chasm will require leadership that leverages technology to drive change and value.
Welcome the emergence of new leadership roles.
Emerging leadership plays a critically important role in an overall transformation. Emerging leadership roles are designed to bring specific, strategic acumen designed to facilitate and speed transformation. Taking a look at industries where digital transformation is more mature, such as consumer and financial, we see the growing importance of roles that emerged during the early phase of their transformation but are still relatively new to healthcare.
For example, the chief digital officer role began as an extension of marketing but has grown into a strategic, business minded leader using technology as a key lever to re-engineer operations, spearhead digital transformation, and drive alignment.
Similarly well established outside of healthcare, is the role of chief data officer, solely dedicated to leading a comprehensive data strategy. It is gaining velocity now in healthcare. Other roles newer to healthcare, such as the Chief Transformation Officer and Chief Innovation Officer, often focused on commercializing products and ROI, are also growing in importance. We anticipate these roles will continue to grow in importance as they take shape in healthcare.
Other emerging leaders, such as the Chief Transformation Officer and Chief Innovation Officers, often focused on commercializing products, driving ROI and building innovation hubs are also growing in importance. For example, MD Anderson, Bayer, AstraZeneca, Providence Health, UnitedHealth Group, Johnson & Johnson, Johns Hopkins and others have set up new innovation hubs that are delivering measurable results.
Though different in approach, these roles share a common focus on leveraging data and digital technology to connect the consumer, control costs, and create new revenue streams. They also create career paths for elevated CIOs, CMOs, CMIOs and other talented leaders.
The key leadership role for technology, the CIO, is expected to evolve alongside these emerging leadership roles. As the CIO role becomes more of a ‘COO of technology’, partnering with other leaders will become a career imperative in 2019.
Finally, mergers and acquisitions have intensified the competitive landscape for talent. As systems become larger and more complex, talent needs are elevated and a demand for unique skills increases. These factors are also changing traditional healthcare roles.
Interested in learning more? Check out the recently released IDC FutureScape: Worldwide IT Industry 2019 Predictions; Gartner’s 2018 CEO Survey; Gartner’s 2018 CIO Report and we love Stanford Medicine’s just released, 2nd annual Health Trends Report.