This Week in Consulting
Friday, May 25th, 2018
THIS WEEK’S MUST READ
“As the devices and their accessories become smarter, medtech is in the unique position to incorporate within the product design the data sets that their devices produce and capture, and then use that data for both internal research, packaging and monetization.”
Advanced analytics are being applied across different industries – from retail and transportation to hospitality and health care – to inform and enhance sales operations. However, when we look at the promise of advanced analytics for medical device companies, there are often vast complains about the lack of good market data for analytics, or that internal data is patchy, incomplete, poorly defined and spread across many systems. Yet people often don’t realize that medtech has lots of interesting big and small data sets internally—in some areas a lot more than other industries can ever hope for. This Week’s Must Read an insight piece written by Maria Kliatchko, in which she explains the notion of a lack of data in medtech is a long-outdated myth and give her advice to the companies looking to improve their advanced analytics capability.
Read on to Find out More: “Stop Waiting for Data in Medtech. It’s Already Here”, featuring Maria Kliatchko from ZS Associates.
THIS WEEK’S VIDEO:
John Wilbanks discusses whether the desire to protect our medial data is slowing research, and if opening up medical data could lead to a wave of health care innovation.
INDUSTRY NEWS & INSIGHTS
- Dutch Management Consultancy Twynstra Expands International Footprint: A Dutch consultancy with decades of experience providing strategic and sustainable solutions is expanding its international client base. Twynstra seeks to make a difference by helping public and private clients solve some of the world’s most pressing climate and energy-related challenges. | Consultancy.uk
- Capgemini and Efma Launch Innovative FinTech Portal: With a growing number of FinTech players offering services to traditional financial players, there is an increasing appetite for services helping corporates find the right platform for them. A new partnership sees consulting firm Capgemini and global financial services non-profit Efma join forces to align clients with the FinTechs most suited to their needs. | Capgemini Press Release
- The GDPR Racket: Who’s Making Money From This $9bn Business Shakedown: With the GDPR’s implementation a matter of days away, companies in the UK are still scrambling to comply with the European law. As some confusion remains around key concepts such as ‘consent’ for many top companies, this has seen FTSE 350 spending on the matter speed past the $1 billion mark, according to new research. | Forbes
- Digital Transformation Consulting Market Accelerates to $44 Billion: The global digital transformation market has almost doubled in size over the past 18 months. According to the most recent figures available, revenues of the consulting service line have increased by more than $20 billion since 2016. The trend presents a notable opportunity for the largest management consultancies, first and foremost. | Consultancy uk
Congratulations to the Consulting Quest Team!
It is with great honor to announce that Consulting Quest has been chosen as a finalist for the Best Procurement Consultancy Project Award for the World Procurement Awards 2018! Do not forget to check out our nominated case study.
- Time for Medtechs to Rethink GPOs?: GPOs offer the opportunity for greater market coverage and efficient contracting, both of which benefit medtechs and their contracting, both of which benefit medtechs and their provider customers. At the same time, there is pervasive grumbling about the market influence that GPOs can wield and the level of reciprocal value realized by medtech companies. | Ken Graves, Kevin Grabenstatter, Jonas Funk, L.E.K. Consulting
- How 3D Printing Can Enhance and Expand Medtech Opportunities: 3D printing has already demonstrated its value across a wide range of industries beyond health care. The ease of one-off printing has historically allowed many companies to use 3D printing for prototyping. In the biomedical field, these benefits translate into a set of specific values drivers. | Clemens Moeller, Christopher Durand, Scott Rader, BCG
- Medical Device Regulatory Changes Affect the Bottom Line: New or updated medical device regulations—from the International Organization for Standardization, the EU, and a group of nations that have adopted the Medical Device Single Audit Program—are refocusing compliance requirements for the medical technology industry. With new deadlines coming into effect, companies must plan now to avoid risks and seize opportunities. | William Greenrose, Mutahar Shamsi, Deloitte Consulting
- 5 Tips for Protecting Your IoT-enabled Medical Devices: The growth of IoT (Internet of Things) enabled medical devices further exacerbated cyber attacks and hacks to healthcare organizations. Fortunately, there a number of things that healthcare organizations can do to protect their connected medical devices against cyber attack, check them out. | HIT Consulting
Consulting Quest will be hosting a free Webniar for industry leaders in the coming months exploring best practices in Consulting Procurement. If you are interested in participating, please fill out this survey.
Check Out Other Upcoming Events and Workshops & Become a Part of the Consulting Quest Community!
- How To Triple Your Consulting Fees In 3 Easy Steps:The professional experts who get paid the most are those who are best at pulling their prospects’ emotional strings. Check out these four steps you can take to join their ranks. | Michael Schein, Forbes
- 6 Fearless Steps You Can Take to Grow Your Consulting Business: In this piece you will find some essential ways to grow your consulting business and begin thinking on a larger scale. | Ben Shanbrom, Nation1099
- So You Want To Be A Consultant? Five Signs Consulting Is Right for You: Before you quit your job and jump into consulting, there are a few things you should know. Check out this latest article from Forbes on Consulting career. | Forbes
- How Geography Affects Where Elite Consulting Firms Recruit: Research has shown that attending an elite university can make or break a student’s chances of being recruited by the best firms (whether or not that strategy makes sense for firms). | Harvard Business Review
- Are you a Consultant with Supply Chain background or prior experience working in Retail/CPG? This may be the opportunity you have been long for. A Client of Consulting Quest – an Asia-based small Global Consulting Firm – is seeking to hire an Engagement Manager to join their newly established office in New York City. Learn More
Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.
Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.