Corona

Corona

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  TEAM NAME :Corona TEAM MEMBER 1: Aakash Kulshreshtha TEAM MEMBER 2: Sanchay Vyas TEAM MEMBER 3: Varad Raiwani INSTITUTE: Indian Institute of Foreign Trade
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  Corporate ECOSYSTEM PRE-COVIDAND POST-COVID • As a result of COVID-19, technology companies are changing how they engage with BFSI clients, which is helping clients better serve customers. • COVID-19 has changed how corporates operate • corporates had fewer in-person visits during the first few months of COVID-19, and a shift to remote care where possible. • 78% of corporates saw a decrease in the number of employees visiting their practice during COVID-19 • 36% of employees asked to have work from home • More than 60% of corporates value self-administration methods for employees and clients for remote monitoring • corporates see greater value from Information technology • corporates are seeing IT companies diversify their communication beyond product information and are finding more value in additional support services. • 82% of corporates have seen IT companies change what they communicate about, to include support that meets their most pressing needs • Virtual engagement is here to stay • As physical access is limited with no end in sight, the relationship between corporates and employees will require new ways of creating meaningful connections. More than 40% of corporates said they are restricting who can enter the office for professional reasons with 28% planning to implement permanently. • 87 percent of corporates want either all virtual or a mix of virtual and in-person meetings even after the pandemic ends 62% 19% 3% 3% 11% Physician Reported Impact of Covid-19 on Patient Volume Significant Drop Mild Drop No Change Mild Increase Significant Increase 80% of Physicians saw a drop in patient volume Source: McKinsey
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  IT ECOSYSTEM PRE-COVIDAND POST-COVID IT companies have shifted from in-person to virtual meetings with clients and emoloyees Before COVID-19, 64% of meetings with client reps were held in person. During the pandemic, this shifted to 65% of meetings held virtually, consistent across areas: 0 20 40 60 80 100 120 Before Pandemic After Pandemic Physical Meetings Virtual Meetings IT reps are communicating now more than ever, but struggling to be relevant Most clients are interacting with IT reps more than before COVID-19, however they want IT solutions to have a better understanding of their needs and expectations now and after the crisis. 61% of IT clients said they communicate with IT corporate reps more now than before COVID-19 61 59 57% of IT clients said IT companies are failing to understand the real impact of COVID-19 on them. Now is the time for IT solutions to reinvent its relevance Express empathy Recognize the unprecedented human impact today and tomorrow. Understand implications of delayed solutions, cost and business challenges. Expand support services Give practical support to deliver Close Client Care. Provide instructions for work from home and details about solution Rethink messages Create messages that drive more impact i.e, the ease of administration and the ability to maintain adherence without visiting a physical facility. Create partnerships Build relationships with digital IT innovators to deliver new solutions that enable the service provider to continue to support clients.
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  LONG-TERM (AFTER 5YEARS) STRATEGIES TO PROVIDE OFFERINGS/SERVICES TO THE STAKEHOLDERS There is a need to develop an omni-channel strategy by making use of different media channels. This will involve -Identifying the preferred channels of individual clients and their usage patterns (e.g. frequency, time, duration) -Selecting the channels (face to face or virtual, digital or non- digital) to be combined, according to the message to convey, partnership to propose and service to offer and adapting the message and the content according to the channel specificities Create Service-led Interactions with HCPs Craft a Commercial Omnichannel Strategy The interactions with IT professionals need to be formalized by making them be perceived as a service. These interactions can include calls, virtual meetings etc. This will lead to a better understanding and memorization of the content and a formal structure increases the chances of convincing clients and increasing the preference of the company’s products by them. Develop a Human-focused Reputation During the pandemic, IT companies have been held in the highest regards due to the efforts in the fight against the virus and providing a solution. This image needs to be maintained post the pandemic and the company needs to be seen as an organisation that is human centric and focuses on the benefit of people. The problem for the long term is the fact that trust between the IT corporates and B2B client companies needs to be maintained as currently there is a perception amongst clients that the companies are failing to see the impact of the pandemic on them Additionally in the long run, the image of the company amongst the customers needs to be maintained as customers are becoming more aware and information is easily accessible to them. IT enterprises of the future will have the ability to transform the current models to ones that are more digitally resilient. Smart use of disruptive technologies like AI, IoT and cloud will transform the ways information service organizations deliver value to customers. As digital services becomes widely applicable, IT organization will be able to virtualize large portions of service activities through a mix of available technologies like IoT, wearable sensors, social media, mHealth, etc. Channels of interaction: Systems of Engagement: Sales management Client service management Finance management
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  SHORT-TERM STRATEGIES TOLEVERAGE THE CHANGING ENVIRONMENT • In a February 2020 McKinsey consumer survey, 48 percent of respondents 50 years of age and older said they would be likely to seek virtual channels of care in addition to or in place of physical visits. • Lets divide the overall strategy into 3 sub-groups of the following: • OPERATIONAL STRATEGY • FINANCIAL STRATEGY • INVESTMENT STRATEGY 1. OPERATIONAL STRATEGY • International patients form a bulk of base in top tier hospitals in the ratio of 5:1 as compared to domestic patients. Hence, we should focus on promotion of international patient medical travel to start the inflow of international patients. • New admission has decreased by 90% and in-patient number by 64% as per the BCG survey. Hence, the focus should be on increasing the bed occupancy in private hospitals. • Stocking of inventory should be avoided and JUST IN TIME model should be adopted to optimize inventory levels. • Margins on drugs to be increased to offset the high cost of surgeries. • Engaging with prescribers through integrated consultation platforms. • Sales team has to redesign the call structure to leverage relationship maintenance. • Social Media Marketing: • According to BCG survey of 200 physicians, 84% moved to telecommunications. 61% prescribers found digital engagements effective. • Curated webinars and email marketing. • Awarding online certifications from reputed organizations for credibility confidence building. • differentiated content and delivery compared to in-person detailing • Scientific content interspersed with brand details can increase engagement. • lead roles across E-SFE and digital marketing will need to be created. • Training of field force on effective communication through digital channels will ensure consistent delivery and messaging INVESTMENT STRATEGY FINANCIAL STRATEGY OPERATIONAL STRATEGY 69% digital patient education 67% info on how to better treat patients remotely 65% info on infusion labs, imaging centers access 65% solutions to afford and keep stock of therapies HCP review of pharma support services
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  • enabling patientservices for existing patients • therapy shaping initiatives for new patients. prioritize diseases that have a low diagnosis rate. • A separate marketing team may be established for this purpose. • For tail doctors (10-15% of coverage): - Relook at division structure to merge doctors , Move select doctors to e-detailing • promote efficiency through models like tele-ICU and change-capacity use through “hospital at home” (HaH) models. 2. INVESTING ACTIVITIES: • Firms can consider establishing a team of medical liaisons to coordinate with partners and strengthen relationships with KOLs. • Investments will need to be made in data and analytics, with initiatives towards data security and data management to protect privacy • Partnerships with epharmacies, emerging channels and platforms • virtual specialist visits and tele-ICU coverage in partnership with local rural health systems • institutional investment in lower-cost, alternative settings of care (for example, ambulatory surgery centers) 3. FINANCING ACTIVITIES: • Government financing through initiatives like: • Emergency resistance loan for 10 years at 0% interest. • Tax waivers • Clearing pending dues government schemes like ESI,CGHS. • Initial public offerings to generate cash flows •Existing customers who shifted from subscription to transaction only •Lost customers who went to competitors, substituted services WIN BACK •Provide continuous renewal for customers whose services will expire RENEWAL •Target existing customers that can grow with offerings such as premium services •Expand offerings to customers who don’t purchase all of the services. UPSELL/ CROSS SELL TYPES OF SALES PLAYS MANUFACTUR ING SUPPLY Robust processes and equipment Optimized inventory level using JIT Pre-Clinical Research Virtual / AI/ in- silico mode Explore alternative models for data collection Internal Support Functions Shift to remote training models for internal teams Tactical mix to maximize customer engagement Sales call pitch made softer for acute phase of crisis Market Research, Business Development Shift from Primary research to secondary analysis Develop new channels to communicate