Dave Dobson, Chief Marketing Officer, Healthcare Equipment Finance, GE Capital, discussed the importance of digitization for today's marketing professionals during his keynote presentation to Argyle's CMO membership at the 2017 Leadership in Digital Marketing Forum in Chicago on September 13. In his presentation, "Driving Enhanced Value Through Digitization," Dobson explored the impact of converting data into a digital format.
According to Dobson, the sheer volume of data available to marketers can be overwhelming. In many instances, data overload may lead marketers to look at massive amounts of data but fail to gain actionable insights.
"There's a lot of data, and one of the challenges is finding the data that is most accurate," Dobson said. "We're data rich and information poor."
Fortunately, advanced data analysis technologies are available to help marketers. These technologies continue to evolve and may help marketers speed up the process of transforming data into relevant business insights.
"We have the processing power today to map the human genome … in one week," Dobson noted. "Our challenge as marketers is how to leverage big data to drive disruption and actionable decision-making."
Healthcare is one of many business segments that could reap the benefits of rapidly evolving data analysis technologies.
"Put data in the right people, with the right background, at the right time, and you can get insights from it."
The healthcare segment could experience significant disruption, thanks in large part to comprehensive data analysis. If healthcare professionals are able to capitalize on all of the data that is available, these professionals may be better equipped than ever before to deploy life-changing innovations.
"Working in the healthcare industry, we're at the tip of the spear in terms of digital disruption," Dobson stated. "Over the next three years, we're projected to have the most disruption of any industry."
When it comes to disruption and innovation, the industrial internet is key. The industrial internet is bringing machines and people together like never before and empowers marketers to quickly and effortlessly transform complex data sets into meaningful insights.
"The [industrial internet] starts with the Internet of Things. This is connecting machines to each other and to people and is providing the ability to retrieve that data and share it broadly across companies," Dobson indicated.
State-of-the-art machines are able to use data as well. Data can be incorporated into these machines to drive artificial intelligence (AI) – something that may reshape the way that data is processed and analyzed.
"Intelligent machines are taking the data and the intelligence that we learn and embedding it into the machines themselves," Dobson said.
Furthermore, many marketers are incorporating big data into their day-to-day operations.
"Our challenge as marketers is how to leverage big data to drive disruption and actionable decision-making."
With big data, marketers are able to access a broad range of business insights. Big data ensures marketers can develop processes to track business insights and use these insights to make informed decisions.
"Big data is about harnessing about all of these stores of data and bringing them all together into one place that we can access and then putting analytics around it," Dobson pointed out.
Ultimately, how marketers approach data analysis may dictate a company's success. If marketers embrace data analysis, they can find the right partners to help them optimize the value of large collections of data.
"You've got to partner with the folks that have expertise in a specific area. You need to focus on their challenges and the challenges of customers in that specific area," Dobson said.
Marketers also should consider a company's target audience as they assess data. That way, marketers can analyze the right data sets, at the right time, every time.
"Start with your customers and maybe even your customers' customers and identify their challenges and opportunities," Dobson recommended. "[Determine] what problems you're trying to solve."
Collaboration can play a pivotal role in data analysis too. If marketers work with multiple departments within a business, this company may be able to uncover unprecedented insights that can help it achieve its immediate and long-term goals.
"You want to bring in different ways of thinking," Dobson said. "Put data in the right people, with the right background, at the right time, and you can get insights from it."
Lastly, marketers should be unafraid of failure. Although data analysis can be difficult, marketers should do everything they can to analyze data, learn from it and incorporate it into their everyday operations. By implementing a data-driven approach, marketers can learn from their mistakes and use data to find ways to improve their respective companies.
"Succeed fast and fail sooner," Dobson stated. "Don't wait until you have something 100 percent complete before you go and test it. Instead, break a project down into incremental portions, test them and get market feedback."
Dave Dobson is the Chief Marketing Officer for GE Capital, Healthcare Equipment Finance. In this role, he leads the development and execution of the go-to-market strategy and drives growth initiatives, globally.
Since joining GE in 1998, Dave has had various leadership roles that support the healthcare industry including finance, sales & marketing positions across the industrial (GE Healthcare) and financial services (GE Insurance and GE Capital) businesses. He’s a member of the American College of Healthcare Executives (ACHE) and has served as a board member of the Business Marketing Association.
GE Capital, Healthcare Equipment Finance is a leading provider of financing solutions to the healthcare industry. With 45 years of experience, GE Capital, Healthcare Equipment Finance helps customers improve their clinical, operational and financial outcomes by providing flexible offerings to meet their cash and technology needs. Through longstanding industry relationships, GE can help customers manage through today’s industry dynamics while also planning for the future.