Implementing Digital Business Strategies : A study of the impact and application in the Medical Technology Industry

Abstract: Digital innovation is a key to solve problems of future healthcare. Medical Technology (MedTech) firms will have to employ successful digital business strategies (DBSs) to become innovative and increase the efficiency to solve the problems in healthcare. This thesis aims to outline important aspects when employing a DBS in a MedTech firm. The results are based on empirical data from consultants working with digital strategies as well as professionals working in the MedTech industry. I conduct semi-structured interviews with 11 professionals of different backgrounds to gain their perspectives and insights on how to successfully implement a DBS in an organisation. I discuss and conclude their opinions concerning the business model and change management aspects of a DBS. The focal point of this thesis was partially led by my commissioner, Human Care. From the literature review and interviews, I introduce several interesting findings which can be helpful for both management of MedTech firms as well as consultants working with DBSs. Some of the findings contributing to successful DBSs includes improving the organisation’s innovative ability and creating opportunities for new innovations. This can be done by working more agile, introducing new competences and co-innovating with customers of the firm. Furthermore, the DBS can change firms’ business models. Interviewees find that the impact can be minor or extensive depending on the DBS employed and can ultimately lead to entire new business models being created. The DBS can have disruptive impact on incumbent firms’ current business and create completely new products or services. Management must correctly evaluate their current position and future desired state to develop a strategy fit for their specific firm. Finally, I find that there is a clear correlation between the changes in the business model and the change management work when implementing a DBS. I present some areas that management of MedTech firms must attend in order to increase the chances of success in their DBS.