2021 planning: New business models, big opportunity

When the pandemic threw the world into disarray in spring 2020, most organizations responded by holding on—barely, at times. Executives assessed the impact on operations and dealt with the immediate emergency. Now businesses are ready to move beyond resilience and recovery and capture growth. 

Certainly, corporate execs and finance professionals have to focus on the future and take advantage of emerging technology. “You have to evolve to succeed,” explains Scott Brown, senior vice president of finance at tech distributor Mouser Electronics. “Whether it’s software, hardware or automation, we are investing in state-of-the-art solutions and systems to help us work smarter across all areas of the company.” 

The good news: Nearly everyone is feeling optimistic. A worldwide survey of 297 business executives conducted by MIT Technology Review Insights, in association with Oracle, shows that organizations are ready to invest in innovative ideas to reinvigorate their organizations. And they’re getting the work underway. 

The journey from survive to thrive 

The pandemic challenged every business in 2020. It tested every element of organizations’ workflows and utterly changed their planning processes. But by autumn, most executives had a handle on the situation. When they spoke with MIT Technology Review Insights, they were busy designing strategic business plans for 2021. Among them: major business model and technology adjustments to help them achieve success. 

Most execs are upbeat about their companies’ future. Few are are postponing any sort of changes for the next 18 months or putting everything on hold until things shake out. 

Overall, 47% expect their business to thrive in 2021, 36% expect their organizations to transform, and only 12% are hunkering down for a bleak year of survival. Herein, “thrive” is distinguished as a successful continuation of an existing business model. Take a manufacturer of standing desks—there’s a good chance it’s selling a lot more with the influx of employees now working from home. Compare that to “transform,” or making significant changes. That might include rethinking how a company sells to customers or adding a new product line. 

The 2021 objectives vary by company size to some degree. Large companies—which in this report are organizations with more than $1 billion in revenue—are more open to transforming; in contrast, small and midsize companies aim to thrive. 

Making big moves 

Perhaps it’s possible to cope in the short term by making modest adjustments, such as renegotiating supply chain contracts or reskilling displaced workers. But many companies have used the pandemic as an opportunity to reassess their business. Which parts can succeed mostly as-is? Which need redirection? Which should be eliminated? Where are the untapped growth areas? Whatever their conclusions, corporate executives are taking action. 

These are rarely small changes. For instance, some in the retail industry quickly found ways to keep business buoyant while stores were closed—bolstering their e-commerce setups and making it easier for customers to shop online or arrange for contactless pickup at a store. The coffee industry made changes across its entire supply chain, from harvest to the local coffee shop, despite the uncertainty of demand. 

In 2021, 80% of businesses surveyed are planning strategic big moves, such as acquisitions, divestitures, new business models, and widespread automation. In fact, 39% have already made a “big move” in 2020. Just over a quarter of businesses, 27%, are contemplating such plans in 2021. In some cases—14% overall—the major plans are underway but are not scheduled for deployment in the next 36 months. 

Big moves are more likely to be undertaken by larger organizations; 87% of businesses with more than $1 billion in revenue have plans, compared with 76% of smaller businesses. These large-scale changes are also more common in the Americas—84%, compared with roughly three quarters with such plans in Europe, the Middle East, and Africa (EMEA), and Asia-Pacific. 

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Big tech companies have stepped in to alleviate or solve some of these issues, bridging technological gaps that give health organization partners the opportunity to realize cost savings and bolster their top lines.
One of these companies is Amazon, which has been casting a wide net across the healthcare ecosystem over the last two years — having started initiatives to disrupt or transform pharmacy, the medical supply chain, health insurance, and care delivery.
In the Amazon’s Leap Into Healthcare report, Business Insider Intelligence details how the tech giant is making waves in the healthcare sector.
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THE INTERNET OF MEDICAL THINGS: The coronavirus is catalyzing a need for healthcare IoT in the US — here's how connectivity and technology providers are carving out their place in the market

Summary List Placement
This is a preview of the Business Insider Intelligence Internet of Medical Things premium research report. Purchase this report here.
Business Insider Intelligence offers even more technology coverage with our Connectivity & Tech Briefing. Subscribe today to receive industry-changing connectivity news and analysis to your inbox.

Healthcare providers have been turning to the Internet of Medical Things (IoMT) to facilitate their digital transformation since before the coronavirus hit the US — but the pandemic has caused a sea change in providers’ willingness to implement IoT solutions that augment efforts in preparing for, containing, and diagnosing the virus. 

As the backbone that powers the IoMT, connectivity and technology providers have a mounting opportunity to capture a larger slice of the market as it evolves alongside the coronavirus pandemic. Prior to the pandemic, healthcare providers were forecast to adopt IoT devices at one of the fastest rates of any industry segment, with the installed base of IoT endpoints expected to grow 29% year-over-year in 2020.
And pre-pandemic, healthcare was among the top three industries expected to see the fastest growth rates (15.4%) in IoT investment in terms of spending over the 2017-2022 forecast period. But the coronavirus is fundamentally changing how healthcare can be accessed and delivered in the US, and we expect to see even faster growth throughout 2020 — and that this upward momentum will outlast the pandemic.
In The Internet of Medical Things, Business Insider Intelligence assesses the North American IoMT market and explores how the IoMT opportunity for connectivity providers is evolving alongside the coronavirus pandemic, and how these players are carving out their place in the growing segment. We first unpack the opportunities for connectivity and technology providers in the IoMT market and outline how the coronavirus pandemic will impact demand for various IoT solutions in healthcare. We then detail how emerging techonlogies are propelling the healthcare IoT space forward. Finally, we explore how connectivity and technology players can expand within the IoMT ecosystem.
The companies mentioned in this report include: AT&T, Augmedics, AVIA, Choice IoT, DarioHealth, Eko, GE Healthcare, Intel, Medtronic, Packet, Phillips, PlushCare, PTC, Smardii, Sprint, Telit, Vuzix, XENEX, Zebra. 
Here are some of the key takeaways from the report: 

Healthcare providers are prioritizing IoT investment in solutions that enhance virtual care delivery, augment emergency services and triage, and automate or streamline tasks. 
The IoMT opportunities for connectivity and technology providers will only be amplified as the IoT intersects with other emerging technologies. 
We interviewed executive decision-makers in the connectivity and technology space to gather their insights on how they determine which IoMT opportunities to prioritize, the best go-to-market strategy for these new opportunities, and what goes into the decision process when selecting a partner to expand within the IoMT. 
The report also highlights the opinions of executive decision-makers in the connectivity and technology space on topics that include: telemedicine, preventative care, administrative operations, 5G, edge computing, artificial intelligence, and augmented reality. 

In full, the report: 

Sizes the North American IoMT market through 2022 and explains how it compares with pre-coronavirus estimates. 
Identifies the three biggest IoMT opportunities for connectivity and technology providers based on conversations with companies entrenched in the IoMT ecosystem, and on our analysis of their impact, scalability, early evidence of value creation, and increased utility amid the coronavirus pandemic.
Provides recommendations for connectivity and technology providers on how to carve out and expand their footprint in ways that unlock the most value. 

Interested in getting the full report? Here’s how to get access:

Business Insider Intelligence analyzes the tech industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more. > > Check if your company has BII Enterprise membership access to the full report
Sign up for the  Connectivity & Tech Briefing, Business Insider Intelligence’s expert email newsletter keeping you up-to-date on the people, technologies, trends, and companies shaping the future of healthcare, delivered to your inbox 6x a week. > > Get Started
Purchase & download the full report from our research store. > > Purchase & Download Now
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