SOCIAL INNOVATION:
IN HEALTHCARE
B
y connecting multiple
machines, a manufacturer
can create an intelligent
network of machines
that can autonomously
communicate and work in
sync which significantly
reduces the need for
intervention by operators.
This manufacturing
transformation, through application
of IoT sensors, system logic and big
data, has even been directly supported
by the German government, where the
trend has been dubbed Industry 4.0.
Leveraging vast amounts of real-time
data in a factory environment, Industry
4.0 represents the “fourth industrial
revolution” - following the steam
engine, the conveyer belt, and the first
phase of IT automation.
Companies are beginning to see the
benefits of leveraging IT to enhance
their operations and better address the
challenges that traditional industries
are facing. Frost & Sullivan now sees a
groundswell emerging where Industry
4.0 offers a prime opportunity to fill
the efficiency void in the global shift
towards Social Innovation. Frost &
Sullivan defines Social Innovation as
“the deployment of technology and
new business models to bring about
real positive change to the lives of
individuals and societies’. Social
Innovation is about creating a shared
value for all stakeholders. In spite of
slight differences in interpretations,
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there is one common theme:
convergence. Technology that was
commonplace in only one industry is
now being adopted across a multitude
of areas. We need only look at the
development of in-car entertainment,
navigation and autonomous driving
systems to see how the IT world has
converged with the automotive.
Convergence is not only about
technology but also new business
models too. Sectors that were seen as
distinctly separate in the past are now
converging and resulting in innovations
that will help provide breakthrough
changes for society. Consider digital
imagery in the medical arena for
example. All of this underlines what the
supporters of Industry 4.0 believe: the
use of IT to enable smart manufacturing
in industries will bring about signifi