What Healthcare Can Learn from Other Industries About Digital Transformation

Given the strict regulatory environment surrounding healthcare and its use of personal customer information, it’s no wonder the industry has been cautious in adopting widespread digital technologies, such as AI, machine learning (ML), robotics and natural language processing (NLP). However, rapid advancements in cloud technology and digital technologies in general have proven the efficacy of digital strategies in other industries. Healthcare is due for a transformation.

Evidence of this can be seen in the fact that more than $50 billion has been invested in digital healthcare by venture capitalists and private equity firms over the past five years; two-thirds of it has gone into consumer-centric solutions. The reason?

Data can no longer be managed without it. Heavily regulated utility companies and financial institutions have recognized the trend and adopted digital strategies to lower cost, reduce risk and enhance customer experience. The time for healthcare to make the shift is now.