Back in June, I was a guest VIP blogger at the World Innovation Forum here in NYC. As you might intuit, the theme of the conference was innovation, or rather the lack of innovation within many companies today. While there were many ideas and reasons why a company should innovate, one of the recurring themes for how they should innovate was through Measurement. The most passionate speaker on measurement was the opening keynote speaker Dr. Michael Porter. Dr. Porter “had me at hello” as he jumped right in and began talking about measuring outcomes in the health care industry.
Dr. Porter pointed out that while the health care industry is a science and evidence-based industry with regard to the products it brings to market, (i.e. hypothesis, testing, measurement, etc.), when it comes to understanding how well those products actually work in the context of patient care, the industry falls short of the mark. Why? Because other than cancer remission and organ transplant success, the health care industry as a whole does not measure outcomes of end-to-end patient care. I was surprised to learn that an industry rooted in experimentation, results and measurement does not routinely continue to track things beyond go-to-market. Interestingly, Dr. Porter noted that when the industry does measure, monitor, and optimize outcomes, the results are dramatic in a very positive way. Download Dr. Porter’s slides for details.
While Dr. Porter’s talk was specific to measuring outcomes in the health care industry, the principle is applicable to every industry and organization. While measurement is not a new concept, outcomes-based measurement is still very much an innovation; however, it won’t be for long. Because measuring outcomes has the “magical” affect of getting everyone concerned with metrics to care about what’s really important for both your business and your target audience. More »

