Measure your technology impact 4Ps

The traditional 4Ps of marketing are Product, Price, Promotion and Place. Now that we have online distribution omnichannels, we have the 4Es-The “4Es” of Marketing are “Experience”, “Everyplace”, “Exchange” and “Evangelism”.

The shareholder value of your company in financial terms orginates in its discounted future net cash flow, not the number of likes on LinkedIn.

Doctors always are deciding which new gadget or drug to include in their clinical armementarium. What is valuable to them, and what is not?

In 1995, the late and legendary Harvard Business School professor Clayton Christensen introduced his theory of disruptive innovation right here in the pages of Harvard Business Review?. ? The idea inspired a generation of entrepreneurs and businesses, ranging from small start-ups to global corporations.

Almost three decades later, debates have emerged around how the theory should be applied in the real world especially within the tech start-ups that have driven so much economic growth?.

Some want vendors to make them a QWILT SET.

Others want to practice the ABCDEs of technology adoption.

Now they are trying to decide whether and how to implement and disseminate the latest shiny new object, artificial intelligence.

If you are a sick care technopreneur, focus on creating, communicating and harvesting the value in four domains: Productivity, Performance, People and Profits

PRODUCTIVITY

The economists tell us that labor productivity is a measure of the amount of goods and services that the average worker produces in an hour of work. The level of productivity is the single most important determinant of a country’s standard of living, with faster productivity growth leading to an increasingly better standard of living. Given recent stagnation in wages, however, some are re-examining the link. It turns out if you make more things or produce more services, you don't necessarily make more money. In the case of doctors, the reverse is true. If you make more money, it does not necessarily mean you are more productive.

Productivity boosts from AI are estimated to be worth trillions of dollars over the next decade, say consultants. Many companies are encouraging their workers to embrace and learn the new tools. The industries that will benefit most are sales and marketing, customer care, software engineering and product development. For most workers, it can make your day-to-day a bit less annoying.

PERFORMANCE

Once your program is launched, then the next step is to measure the impact of your deployments and continuously improve their quality and variances of your key performance indicators.

People create technologies and then the technologies affect how people think, feel, and act. Take the iPhone, launched in 2017, for example and how it has changed our lives.

Intelligent innovation i.e. Aintrepreneurship, creates innovative intelligence that informs future intelligent innovation. They are two sides of the same quality improvement coin.

PEOPLE

While most of the focus seems to be on the potential of emerging technologies and accelerating them, there are several other barriers to AI dissemination and implementation. Perhaps the most obstructive one is the people part.

What is your burnout impact factor?

Engineering is easy. People are hard

PROFITS

So what, who cares, who pays, how much?

Here are some tips on communicating your value proposition that emphasizes benefits, not features.

Each of the different sick care stakeholders will measure value in different ways. Most of the time, however, it's what's in it for them.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack