STANLEY Healthcare Award Write Up

2017 Global Senior Living CommunityVendor
Company of theYear Award

BEST PRACTICES RESEARCH
© Frost & Sullivan 2017 2 “We Accelerate Growth”
Contents
Background and Company Performance ........................................................................3
Industry Challenges..............................................................................................3
Visionary Innovation & Performance and Customer Impact of STANLEY Healthcare.......4
Conclusion...........................................................................................................6
Significance of Company of the Year.............................................................................7
Understanding Company of the Year.............................................................................7
Key Benchmarking Criteria ....................................................................................8
Best Practices Award Analysis for STANLEY Healthcare....................................................8
Decision Support Scorecard ...................................................................................8
Visionary Innovation & Performance .......................................................................9
Customer Impact .................................................................................................9
Decision Support Matrix ......................................................................................10
Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best
Practices .................................................................................................................11
The Intersection between 360-Degree Research and Best Practices Awards.....................12
Research Methodology ........................................................................................12
About Frost & Sullivan ..............................................................................................12

Background and Company Performance
Industry Challenges
The world’s population is ageing, and the United Nations’ World Population Ageing report
paints a striking picture of the future. It states, “Population ageing is unprecedented,
without parallel in human history—and the twenty-first century will witness even more
rapid ageing than did the century just past.”1
In the United States, for example, every
day since 2011, 10,000 people turn 65 years old, and this trend will continue until 20292
.
By 2050, China will have more people aged 65 and older than the entire current
population of the United States.
With the growing senior population arises another healthcare challenge—the rise of non-
communicable disease prevalence. Per World Health Organization estimates, non-
communicable diseases such as cancer and diabetes accounted for 68.4% of all mortalities
in 2015, and this figure is set to rise to 73.9% by 2030.
All stakeholders involved in senior care, therefore, must deal with the challenge of an
increasing number of elderly people who live longer and suffer from chronic conditions
that make caring for them even more involved.
While digital technology advancements are set to help ease some of these challenges,
they present another set of issues, which concerns stakeholders. For example, the rate of
technology adoption by seniors is low and not expected to increase significantly. Also,
maintaining their dignity is of paramount importance across the global senior living space,
yet implementing technologies with customized features that consider seniors’ dignity is
an ambitious prospect. Actual implementation of digital technologies is also hindered by
the limitations of communities’ digital infrastructure capabilities.
1
World Population Ageing: 1950-2050 (United Nations, 2001)
2
Baby Boomers Approach 65 – Glumly (Pew Research Center, 2010)
20.0 18.0 16.0 15.0 14.0
28.0
25.0 24.0 24.0
21.0
42.0
45.0 45.0 45.0 43.0
10.0 12.0
15.0 16.0
22.0
0.0
10.0
20.0
30.0
40.0
50.0
2000 2015 2025 2030 2050
Population(%)
Population Distribution by Age Group, Global, 2000-2050
0-9
10-24
25-59
60 and above

STANLEY Healthcare’s Visionary Innovation & Performance and
Customer Impact
STANLEY Healthcare, a business unit of the Fortune 500 company Stanley Black & Decker,
is a leading vendor of solutions for hospitals, health systems, and the senior living space.
STANLEY Healthcare aims to expand its suite of solutions for the senior living market and
deliver greater value to its clients in supporting their provision of senior care in an
increasingly challenging environment.
Full Suite of Solutions
STANLEY Healthcare’s solutions serve several administrative needs of senior living.
Services include emergency call, wander management, staff security, facility security and
temperature and humidity monitoring. Additionally, STANLEY offers solutions that directly
impact residents—patient safety monitoring and fall management tools. In fact, STANLEY
Healthcare is the leader in fall management solutions with over a million fall monitors
installed over the past decade. Providing a wide array of solutions—and being the market
leader in certain categories like fall management and wander management—is one of
STANLEY Healthcare’s differentiating factors. Additionally, its software serves as a
common event management platform that integrates all of the above solutions onto a
single platform, making operations extremely convenient for senior living communities.
Realizing the nature of technology and acknowledging the fast-changing pace of
advancements, STANLEY Healthcare routinely partners with other technology companies
whose solutions can integrate with its own to provide enhanced value for its customers. It
also partners with some of the WLAN and infrastructure providers to ensure its products
and software work seamlessly with customers’ wireless infrastructure.
24x7 Support
STANLEY Healthcare provides
product support services to its clients designed to span the entire product lifecycle.
. The support begins even before purchasing to help clients gain an overall picture of how
they can best design, implement, and continue use of various solutions.
The ‘By Your Side’ customer support portal is an award-winning customer engagement
solution that serves several client needs. The portal helps clients get their queries
answered, provides access to product documentation, and even extends support for
solving technical challenges. Additionally, the portal serves as a forum for sharing ideas
and as a tool to request returns and order supplies.
In addition to the online customer support portal, STANLEY Healthcare also provides 24x7
phone support, remote diagnostics, and on-site repair services. This level of service and
customer support is currently unparalleled in the senior living space. Frost & Sullivan
considers this a key differentiator that helps STANLEY Healthcare stand apart from the
competition.

Innovation Potential
Going beyond its existing solutions and realizing the industry’s upcoming needs, STANLEY
Healthcare is working to realize the ‘Smart Resident Room’. Integrating sensors in an
Internet of Things fashion, the Smart Room concept will enable senior living communities
to monitor residents unobtrusively whilst they carry on with their daily activities. STANLEY
Healthcare is working on advanced solutions that combine a range of technologies,
including depth-sensors, under mattress pads and motion detectors, to continuously and
unobtrusively monitor respiratory rate, bed restlessness, gait, falls, motion and activity.
This information gives communities a fuller picture of the health status of each resident
and early warning both of immediate risks such as a fall and more gradual changes that
could be early indicators of a health issue. By collecting information on daily activities
from these and similar systems and combining it with the data from its own resident
safety solutions, predictive analytics solutions can then help community staff members
decode daily living patterns as well as deviations which may reflect disease conditions or
changes in chronic conditions to enable appropriate and timely medical interventions.
Another example of innovative technology being evaluated for integration into the Smart
Room is a cloud-based care coordination platform that links providers, family and the
resident. Through an intuitive in-room device controlled through simple icons or voice
commands, residents can request assistance or check-in daily with their status in an
interactive manner, using emoticons or graphics to depict their mood, for example. Voice,
video call, and messaging capabilities enable the resident to easily communicate with
family members or anyone else in their care circle. The device also provides the residents’
weekly schedule, food menus, medication, and activity reminders. For family members,
the platform not only allows communication with the resident but with others in the care
circle, as well as access to the resident’s schedule and activity logs. On the clinical front,
the device may also have potential to proxy as a Bluetooth receiver of residents’ wearable
device telemetry data such as blood pressure, heart rate, and other vitals, logging-in all
records automatically. STANLEY Healthcare is also considering enabling the clinical
applications of such smart devices for home-based senior care solutions.
To tackle the challenge of Wi-Fi access limitations prevalent in many senior living
communities, STANLEY Healthcare is moving towards using low-energy Bluetooth (BLE)
telemetry solutions, helping reduce reliance on Wi-Fi or proprietary networks for
communication alone. Also, by taking an unobtrusive approach to better serve senior
living community residents, STANLEY Healthcare is helping communities address the
challenges of low technology adoption while respecting residents’ dignity. Designing
solutions that are appealing enough to attract residents is an approach that helps
STANLEY Healthcare differentiate its solutions from others available in the senior living
space. Also, empowering senior living communities with automated task and process
solutions through the use of digital technologies will help them serve a higher number of
residents more efficiently, a scenario likely to occur soon considering the growing elderly
population.

Future Developments
Acknowledging the next wave of technological developments in the senior living space,
STANLEY Healthcare is moving towards adoption of cloud services. To aid interoperability
initiatives, it is also considering HL7 standards integration while maintaining HIPAA
compliance for resident information. Additionally, with cybersecurity posing a major risk
for the overall healthcare industry, STANLEY Healthcare is exploring ways to protect its
clients from hackers.
Loyal Customer Base
Not only does STANLEY Healthcare leverage the strong brand identity of its parent
company, STANLEY Black & Decker, it also has been successful in creating a loyal
customer base on its own accord. Serving over 12,000 senior living communities (apart
from over 5,000 hospitals and health systems), STANLEY Healthcare is a recognized and
established name in the senior living space. With such a large customer base spread
across North and South America, Europe, Australia, and New Zealand, STANLEY’s tested
innovations benefit numerous seniors directly. Initiatives such as voice of customer
surveys across its broad client base help STANLEY Healthcare better understand pressing
market needs and guide the design and direction of innovations to address them. Such
initiatives also promote loyalty amongst its established and new client base.
Conclusion
An ageing population and growing incidence of chronic, non-communicable diseases are
set to increase the strain on senior living communities. Limited digitization avenues due to
insufficient infrastructural capabilities as well as low technology adoption and dignity
challenges among the elderly population prevent senior living communities from fully
taking advantage of technological advances. STANLEY Healthcare not only helps
communities in breaking such barriers by providing digital solutions, it does so by
incorporating feedback from its large customer base and designing user-friendly,
unobtrusive innovations that address these challenges, making senior living communities
tech-savvy and future-ready for implementing efficient senior care.
For its strong overall performance, STANLEY Healthcare has earned Frost & Sullivan’s
2017 Global Company of the Year Award.

Significance of Company of the Year
To receive the Company of the Year Award (i.e., to be recognized as a leader not only in
your industry, but among your non-industry peers as well) requires a company to
demonstrate excellence in growth, innovation, and leadership. This kind of excellence
typically translates into superior performance in three key areas: demand generation,
brand development, and competitive positioning. These areas serve as the foundation of a
company’s future success and prepare it to deliver on the two criteria that define the
Company of the Year Award (Visionary Innovation & Performance and Customer Impact).
Understanding Company of the Year
As discussed above, driving demand, brand strength, and competitive differentiation all
play a critical role in delivering unique value to customers. This three-fold focus, however,
must ideally be complemented by an equally rigorous focus on Visionary Innovation &
Performance to enhance Customer Impact.

Key Benchmarking Criteria
For the Company of the Year Award, Frost & Sullivan analysts independently evaluated
two key factors—Visionary Innovation & Performance and Customer Impact—according to
the criteria identified below.
Visionary Innovation & Performance
Criterion 1: Addressing Unmet Needs
Criterion 2: Visionary Scenarios through Mega Trends
Criterion 3: Implementation Best Practices
Criterion 4: Blue Ocean Strategy
Criterion 5: Financial Performance
Customer Impact
Criterion 1: Price/Performance Value
Criterion 2: Customer Purchase Experience
Criterion 3: Customer Ownership Experience
Criterion 4: Customer Service Experience
Criterion 5: Brand Equity
Best Practices Award Analysis for STANLEY Healthcare
Decision Support Scorecard
To support its evaluation of best practices across multiple business performance
categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool
allows our research and consulting teams to objectively analyze performance, according to
the key benchmarking criteria listed in the previous section, and to assign ratings on that
basis. The tool follows a 10-point scale that allows for nuances in performance evaluation.
Ratings guidelines are illustrated below.
RATINGS GUIDELINES
The Decision Support Scorecard is organized by Visionary Innovation & Performance and
Customer Impact (i.e., these are the overarching categories for all 10 benchmarking
criteria; the definitions for each criterion are provided beneath the scorecard.). The
research team confirms the veracity of this weighted scorecard through sensitivity
analysis, which confirms that small changes to the ratings for a specific criterion do not
lead to a significant change in the overall relative rankings of the companies.

The results of this analysis are shown below. To remain unbiased and to protect the
interests of all organizations reviewed, Frost & Sullivan has chosen to refer to the other
key participants as Competitor 2 and Competitor 3.
Measurement of 1–10 (1 = poor; 10 = excellent)
Company of the Year
Visionary
Innovation &
Performance
Customer
Impact Average Rating
STANLEY Healthcare 9.0 10.0 9.5
Competitor 2 9.0 9.0 9.0
Competitor 3 8.0 8.0 8.0
Criterion 1: Addressing Unmet Needs
Requirement: Implementing a robust process to continuously unearth customers’ unmet
or under-served needs, and creating the products or solutions to address them effectively
Criterion 2: Visionary Scenarios through Mega Trends
Requirement: Incorporating long-range, macro-level scenarios into the innovation
strategy, thereby enabling “first-to-market” growth opportunity solutions
Criterion 3: Implementation of Best Practices
Requirement: Best-in-class strategy implementation characterized by processes, tools, or
activities that generate a consistent and repeatable level of success.
Criterion 4: Blue Ocean Strategy
Requirement: Strategic focus on creating a leadership position in a potentially
“uncontested” market space, manifested by stiff barriers to entry for competitors
Criterion 5: Financial Performance
Requirement: Strong overall business performance in terms of revenues, revenue growth,
operating margin, and other key financial metrics
Customer Impact
Criterion 1: Price/Performance Value
Requirement: Products or services offer the best value for the price, compared to similar
offerings in the market.
Criterion 2: Customer Purchase Experience
Requirement: Customers feel they are buying the most optimal solution that addresses
both their unique needs and their unique constraints.
Criterion 3: Customer Ownership Experience
Requirement: Customers are proud to own the company’s product or service and have a
positive experience throughout the life of the product or service.

Criterion 4: Customer Service Experience
Requirement: Customer service is accessible, fast, stress-free, and of high quality.
Criterion 5: Brand Equity
Requirement: Customers have a positive view of the brand and exhibit high brand loyalty.
Decision Support Matrix
Once all companies have been evaluated according to the Decision Support Scorecard,
analysts then position the candidates on the matrix shown below, enabling them to
visualize which companies are truly breakthrough and which ones are not yet operating at
best-in-class levels.
High
Low
Low High
CustomerImpact
STANLEY
Healthcare
Competitor 2
Competitor 3

Best Practices Recognition: 10 Steps to Researching,
Identifying, and Recognizing Best Practices
Frost & Sullivan analysts follow a 10-step process to evaluate Award candidates and
assess their fit with select best practice criteria. The reputation and integrity of the
Awards are based on close adherence to this process.
STEP OBJECTIVE KEY ACTIVITIES OUTPUT
1
Monitor,
target, and
screen
Identify Award recipient
candidates from around the
globe
• Conduct in-depth industry
research
• Identify emerging sectors
• Scan multiple geographies
Pipeline of candidates who
potentially meet all best-
practice criteria
2
Perform
360-degree
research
Perform comprehensive,
360-degree research on all
candidates in the pipeline
• Interview thought leaders
and industry practitioners
• Assess candidates’ fit with
best-practice criteria
• Rank all candidates
Matrix positioning of all
candidates’ performance
relative to one another
3
Invite
thought
leadership in
best
practices
Perform in-depth
examination of all candidates
• Confirm best-practice criteria
• Examine eligibility of all
candidates
• Identify any information gaps
Detailed profiles of all
ranked candidates
4
Initiate
research
director
review
Conduct an unbiased
evaluation of all candidate
profiles
• Brainstorm ranking options
• Invite multiple perspectives
on candidates’ performance
• Update candidate profiles
Final prioritization of all
eligible candidates and
companion best-practice
positioning paper
5
Assemble
panel of
industry
experts
Present findings to an expert
panel of industry thought
leaders
• Share findings
• Strengthen cases for
candidate eligibility
• Prioritize candidates
Refined list of prioritized
Award candidates
6
Conduct
global
industry
review
Build consensus on Award
candidates’ eligibility
• Hold global team meeting to
review all candidates
• Pressure-test fit with criteria
• Confirm inclusion of all
eligible candidates
Final list of eligible Award
candidates, representing
success stories worldwide
7
Perform
quality check
Develop official Award
consideration materials
• Perform final performance
benchmarking activities
• Write nominations
• Perform quality review
High-quality, accurate, and
creative presentation of
nominees’ successes
8
Reconnect
with panel of
industry
experts
Finalize the selection of the
best-practice Award recipient
• Review analysis with panel
• Build consensus
• Select winner
Decision on which company
performs best against all
best-practice criteria
9
Communicate
recognition
Inform Award recipient of
Award recognition
• Inspire the organization for
continued success
• Celebrate the recipient’s
performance
Announcement of Award
and plan for how recipient
can use the Award
10
Take
strategic
action
Upon licensing, company
able to share Award news
with stakeholders and
customers
• Coordinate media outreach
• Design a marketing plan
• Assess Award’s role in future
strategic planning
Widespread awareness of
recipient’s Award status
among investors, media
personnel, and employees

The Intersection between 360-Degree Research and Best
Practices Awards
Research Methodology
Frost & Sullivan’s 360-degree research
methodology represents the analytical
rigor of our research process. It offers a
360-degree view of industry challenges,
trends, and issues by integrating all 7 of
Frost & Sullivan's research methodologies.
Too often companies make important
growth decisions based on a narrow
understanding of their environment,
leading to errors of both omission and
commission. Successful growth strategies
are founded on a thorough understanding
of market, technical, economic, financial,
customer, best practices, and demographic
analyses. The integration of these research
disciplines into the 360-degree research
methodology provides an evaluation
platform for benchmarking industry
participants and for identifying those performing at best-in-class levels.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth
and achieve best-in-class positions in growth, innovation, and leadership. The company's
Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined
research and best practice models to drive the generation, evaluation, and implementation
of powerful growth strategies. Frost & Sullivan leverages more than 50 years of
experience in partnering with Global 1000 companies, emerging businesses, and the
investment community from 45 offices on six continents. To join our Growth Partnership,
please visit http://www.frost.com.
360-DEGREE RESEARCH: SEEING ORDER IN
THE CHAOS

STANLEY Healthcare Award Write Up

Recommended

Recommended

More Related Content

What's hot

What's hot (19)

Similar to STANLEY Healthcare Award Write Up

Similar to STANLEY Healthcare Award Write Up (20)

More from Claudia Toscano

More from Claudia Toscano (20)

Recently uploaded

Recently uploaded (20)

STANLEY Healthcare Award Write Up