HCL recognized as an Innovator in Avasant’s Healthcare Digital Services RadarView™ Report 2019-2020
Among endless service provider options, novel and disruptive mechanics in innovation brings recognition as an Innovator for Healthcare Digital Services 2019-2020
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“Strategically growing its healthcare revenue by deploying digital solutions, acquiring specialized companies and building a strong partnership ecosystem.”
AVASANT ANALYST INSIGHTS
Practice Maturity
- HCL’s Healthcare accounts for 5.5% of the total company revenues and is growing at 31% CAGR (2016 – 2019). Recently, it has increased the market penetration by providing customized, industry specific offerings. The key focus areas are – customizing the existing offerings, enhancing consumer experience, improving care delivery and generating value for clients.
- It has 3 modes of strategy for its service offerings: Mode 1 (traditional services for operational efficiencies through automation), Mode 2 (next-gen technologies to enhance customer experience through personalization), and Mode 3 ( platforms for building IP). For healthcare industry, though mode 1 contributes 70% of the healthcare revenues and is growing at 5%, the focus is more on mode 2, which is growing at 15% per year.
- For providers, HCL has developed digital capabilities like IoT-enabled weighing machines, RFID embedded identity cards for remote monitoring of patients. The protocols in both these collect the important data and share it with the doctors for medication or consulting.
- It has developed some uses cases (still in PoC stage) by leveraging next gen technologies: CoTrust (blockchain application platform for patient data and consent management for healthcare providers) and HCL Lucy (one-stop-support bot and personal assistant).
Investments and Innovation
- HCL has invested strategically to gain access to technology expertise in healthcare solutions by acquiring niche companies. These companies are Power Objects (Microsoft CRM implementation) for USD 46M, Strong-Bridge (consulting) for USD 45M, IBM SW products (integrating capabilities) for USD 1.8B, C3i solutions (patient engagement) for USD 60M and Actian (database solutions) for USD 330M.
- It increased its focus on training and skill development of its employees. Various modules on healthcare-specific integration tools and platforms are available to the employees for virtual training and in-class sessions.
Partner Ecosystem
- HCL delivers innovative solutions for enhancing patient experience by partnering with niche healthcare companies specializing in digital technologies. Examples include Carematix for IoT-based wellness monitoring, Cleardata for cloud management platform, myElth for blockchain-based patient engagement and Diameter health for clinical data aggregation and transformation.
- It built a strong partnership ecosystem with technology companies for their platforms (Oracle Health Science, Microsoft, SAP), IP assets (IBM, Morado, CA) and full stack solutions at the intersection of infrastructure and applications (Hitachi Vantara, Dell).
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This graphic was published by Avasant LLC as part of a larger research document and should be evaluated in the context of the entire document. The document is available upon request from Avasant website. Avasant does not endorse any provider, product or service depicted in its research publications, including RadarViewTM, and does not advise users to select only those providers recognized in these publications. Avasant’s research publications are based on information from best available sources and Avasant’s opinion at the time of publication, and their contents should not be construed as statements of fact. Avasant disclaims all warranties, expressed or implied, with respect to this research, including and warranties of merchantability or fitness for a particular purpose.