April 17, 2019
MDG Boston FORUM at Regis College
US Healthcare Economics
Innovating our way out of a Crisis
This essential discussion was to help MedTech developers understand the economic factors driving opportunities within the US Healthcare System.
eComp president Rich Nadeau addresses the forum audience.
Discussing the value of Eaton Power Management products.
The world is in the midst of what many are calling the Fourth Industrial Revolution, and digital technology is upending every sector of the economy.
Nowhere is this more obvious than in manufacturing, where everything from planning, design, and preorder to supply chain, sales, and post-sales are benefiting from an extreme digital makeover. Here are four technologies that are disrupting manufacturing.
It would be fair to say that big data is transforming all sectors of the economy, but manufacturing is benefiting especially because of the sheer amount of data it generates at every step of the manufacturing process, often using vast numbers of machines across national and international sites.
What big data – in conjunction with algorithm and cloud technologies – does that makes it such a game-changer is disseminate unprecedented amounts of information in real-time. This gives decision-makers a huge advantage when it comes to driving efficiency and perfecting processes. Additionally, the nature of big data means there is more fluid and seamless integration of a manufacturer’s IT systems such as SAP, Oracle, and ERP.
The manufacturing supply chain is rapidly becoming unrecognizable from its pre-digital relatives. That’s largely thanks to the internet of things (IoT) technology, where strategically placed sensors are used to capture huge amounts of data that is then used to provide real-time feedback on every aspect of the supply chain, from sourcing raw materials to final product delivery.
Additionally, IoT is used in conjunction with big data to pinpoint any supply chain weaknesses, such as machinery that may require an upgrade, greatly improving overall efficiency.
Manufacturers are also increasingly incorporating artificial intelligence (AI), and augmented and virtual reality into their supply chains, giving them unprecedented insights over the entire scope of their operations.
This may include everything from ordering, procurement of raw materials and parts from suppliers, warehousing, freight and transport, staffing needs, and communicating with suppliers and customers. Manufacturers can then use that information to greatly reduce the time taken for the entire manufacturing process.
3D printing is revolutionizing manufacturing, thanks to its ability to mass-produce products far more cost-effectively than at any time previous, and to customize items specifically to a consumer’s needs.
Using specific software applications, 3D printers use all the digital data at their disposal to produce three-dimensional objects using a host of different materials. Like a standard inkjet printer, 3D printers deposit the chosen material – anything from plastic to titanium, polymers, gold, and silver – which a laser beam then uses to solidify the material, creating the product by placing layers of parts on top of each other.
3D printing is still in its relatively formative stages, but its potential to disrupt manufacturing is obvious given its cost and time advantages. In the not-too-distant future, advanced 3D printers will incorporate a range of materials that can be used simultaneously for increasingly complex designs, allowing for far greater innovation and product trial and error.
Artificial intelligence, or advanced machine learning, represents the next frontier of digital manufacturing, where the scope and potential is seemingly limitless. In the foreseeable future, AI will likely be responsible for everything from vastly improved supply chains to virtual designs, customized consumer products, and whole new business models.
One area of AI that manufacturers are especially excited about is generative design, where designers and engineers input parameters for materials, costs and manufacturing methods into a generative design software program. That program then generates and tests a range of design alternatives in a fraction of the time that such design and testing would have previously taken.
AI will continue to open up a world of possibilities for manufacturers that need to bring their product to market as quickly and cost-effectively as possible.
Businesses of all types and sizes should be aware of these disruptions, and adopt (or at least explore) them if they want to remain ahead of the curve and embrace their benefits.
Technology may be changing faster than ever, but successful organizations are still reliant on the expertise of employees, partners, and vendors to win the IT race, according to a recent OneAffiniti survey.
The finding is one of several key IT trends identified in OneAffiniti’s 2019 Business IT Trends Annual Report, which explored the differences between successful and unsuccessful businesses concerning the use of IT.
The survey of 625 US and Canadian individuals in decision-making or decision-influencing positions found successful organizations are able to identify the challenges facing their IT and resource accordingly, drawing upon the skills of employees, partners, and vendors.
Asked the key IT project success factors, “strong internal expertise” rated top at 29 percent, followed by “technical support” from partners (21 percent) and “service support” from vendors (11 percent), along with “internal leadership” (also 11 per cent).
These factors correlate with those identified by Erin Palmer as key to project success, namely:
Given the dominance of technical skills, CIOs, COOs, and boards alike should ensure such skills are available when making hiring decisions and strategic plans for significant IT deployments.
Analyzing the results, the survey showed that successful businesses identify their needs, allocate sufficient budget to meet them, and invest in the relationships needed to meet any challenges.
Partnerships are vital to this process, as highlighted by CompTIA, since the small and midsized businesses (SMBs) most satisfied with their IT also have close relationships with their technology partners, while larger companies seek help from partners in filling skills gaps.
Reflecting on the biggest challenges faced by successful projects, survey respondents gave a range of responses, from “insufficient budget” (19 percent) to “insufficient internal expertise” (17 percent) and “poor internal training and communications” (9 percent).
Tellingly, successful businesses better understood the challenges they faced than their unsuccessful competitors.
According to CompTIA’s latest research, nearly four in 10 U.S. tech firms have job openings and are actively recruiting candidates for technical positions, with hiring intent most concentrated among large and medium-sized firms.
Finding workers with the right skills and experience, particularly in emerging areas such as machine learning, IoT integration, or robotics process automation (RPA) is critical, along with the necessary “soft skills.”
This is particularly the case amid intense competition for tech talent, rising salary expectations, and the limited pool of available workers.
And with the global IT industry expected to reach $5 trillion in 2019 – including $1.6 trillion in the United States – according to IDC, businesses that secure the right expertise will have a wealth of opportunities for growth.
To recap: successful IT businesses are those with access to skilled employees, partners, and vendor support, amid growing demand for tech in 2019. Does that sound like your business? If not, then you know what to do.
Every organization should have a UPS strategy (Uninterruptible Power Supply). One of the big questions is configuration: centralized into one unit or cluster, or decentralize, with multiple local devices? It’s an important decision and there are pros and cons attached to each approach.
Factors to consider include purchase and running costs; installation and maintenance; space and location; and staff or contractor requirements.
Our PDF guide lays out the pros and cons of each approach in an easy-to-follow format, using plain English and simple graphics to help you decide which strategy will work best for your organization.
Choosing the right UPS for your organization isn’t just important, it’s mission-critical. Once you’ve narrowed your choices down to a few candidates, you’ll want to make some head-to-head comparisons.
Software, batteries, interfaces, network cards, mounting hardware, power ratings … our comparison checklist makes it easy to lay out the capabilities you need and see how your choices stack up.
Download our checklist to help you make the best UPS choice. You’ll be glad you did.
REACH is a regulation of the European Union, adopted to improve the protection of human health and the environment from the risks that can be posed by chemicals. REACH compliance is mandatory on Products produced in or shipped into the European Union (EU) and member countries.
The challenge REACH regulation requires that companies disclose the use of Substances of Very High Concern (SVHCs). The SVHC candidate list is updated every six months. SVHCs listed in the “Authorization List” (REACH Annex XIV) are not allowed to be placed on the market in the EU after their sunset date. Complying with REACH requires dedicated resources to obtain supporting documentation from each supplier, every time new SVHCs are added to the candidate list.
eComp has teamed up with Total Parts Plus TPP providing data content for product environmental compliance and obsolescence management.
Do not get caught unprepared. 2020 is right around the corner. Contact eComp for a demo today at 508-881-8399!
The pressure to drive costs down drives the incentive to innovate up for the Med-Tech Entrepreneur.
Join eComp and the Medical Development Group Wednesday April 17th at Regis College.
This discussion is essential for MedTech developers to understand the economic factors that are driving opportunities within the US Healthcare System.
Join eComp at the 14th Annual Northeast Buildings & Facilities Management Show & Conference at the DCU Center in Worchester, MA on June 12th and 13th. eComp is proud to be representing Eaton Power Management, a global technology leader in power management solutions, at the show. eComp, powered by Eaton, is prepared to meet your facility’s needs from operations and management to maintenance and renovation.
Stop by Booth #421 any time during the show to ask about our Free Site Evaluation and how eComp and Eaton can provide you with power management solutions to make sure your facility operates efficiently, reliably, safely and sustainably. eComp is an ISO 9001:2008 certified franchised and independent distributor of custom and commercial off the shelf power management, network and IT solutions with over 15 years of experience providing solutions to government, industrial, medical and military markets . We look forward to seeing you at the show!
Augmented Reality and Virtual Reality technology has grown by leaps and bounds since its wide-spread introduction in 2015. While this technology has many entertainment applications, the potential for innovations in patient care, recovery, and surgery is an exciting prospect. Join eComp at the Medical Development Show on October 4th 2017 as we explore the benefits, limitations and capabilities of Augmented Reality/Virtual Reality technology. Industry experts are on hand with try-out stations to show just how Augmented/Virtual Reality is poised to change the face of the medical industry from patient care to clinical applications.
eComp will be at the forum representing asicNorth, Monzite and Eaton Power Solutions. asicNorth is a privately held corporation committed to producing the very best VLSI Design Services and silicon solutions, with a focus on their Internet of Things development ecosystem for custom devices. Monzite is an innovative design house that builds subcomponents for a range of applications, including sensors, imaging and microbolometer products for the scientific and medical market. We are also available to discuss a variety of Eaton power management solutions in order to secure always-on power for essential electrical systems and data services to maximize patient safety and comfort.
In recent years, the prevalence of brain and spinal cord injuries in athletes, both amateur and professional, has highlighted the need to understand the causes and consequences of these injuries. Join eComp and the Medical Development Group on September 13th at Regis College for an extended forum exploring recent insights into these injuries. With a panel of experts instrumental in defining and relieving the consequences of these devastating injuries, the forum will discuss methods for industry response in a way that returns hope to patients and their families.