Tego, inc. Award Write Up

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Tego, Inc. Receives 2016 United States Asset Intelligence for Healthcare New Product Innovation Award

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Tego, inc. Award Write Up

  1. 1. 2016 United States Asset Intelligence for Healthcare New Product Innovation Award 2016
  2. 2. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 2 “We Accelerate Growth” Contents Background and Company Performance ........................................................................3 Industry Challenges..............................................................................................3 New Product Attributes and Customer Impact..........................................................3 Conclusion...........................................................................................................7 Significance of New Product Innovation.........................................................................8 Understanding New Product Innovation.........................................................................8 Key Benchmarking Criteria ....................................................................................8 Best Practice Award Analysis for Tego, Inc, ...................................................................9 Decision Support Scorecard ...................................................................................9 New Product Attributes .......................................................................................10 Customer Impact ...............................................................................................10 Decision Support Matrix ......................................................................................11 The Intersection between 360-Degree Research and Best Practices Awards.....................12 Research Methodology ........................................................................................12 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices .................................................................................................................13 About Frost & Sullivan ..............................................................................................14
  3. 3. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 3 “We Accelerate Growth” Background and Company Performance Industry Challenges Transitioning the healthcare industry towards an integrated model focused on efficiency and effectiveness heightens the need for smart asset management solutions. The lack of supply chain automation, data and process standardization, visibility, and system connectivity ultimately result in the loss of billions of dollars every year for the global healthcare industry. Manufacturers, suppliers, and providers in the healthcare industry often end up underutilizing or overstocking assets, making it difficult to identify and locate their own assets. On average, hospitals incur a loss of $4,000 per bed each year from theft or loss of equipment, while misplaced equipment results in a loss of $8,000 per bed. In addition, complexity of the medical device supply chain has increased exponentially over the past few years, with technological advances and new regulatory oversights such as unique device identification (UDI). According to a US Food and Drug Administration (FDA) report, the number of medical device recalls increased 97% from 2003 to 2012, with nearly 1,190 recalls in 2012. Drug counterfeiting, product recalls, and stock shortages are major challenges for pharmaceutical manufacturers, driving the need for a drug pedigree. Unlike other industries, healthcare is vastly complex and highly regulated, with stringent quality and safety standards that demand organizations go beyond the internal supply chain and asset tracking to address challenges associated with asset lifecycle management, patient and staff management, medication adherence, and hygiene management. Several companies in the market provide asset management solutions by relying on traditional auto-identification (ID) technologies such as barcode scanning, voice recognition, and biometrics for tracking medical supplies. More recently, companies provide radio frequency identification (RFID) systems that can be accessed using the Web and mobile applications. However, most of these standalone asset management technologies have several disadvantages such as dependency on a power source (e.g., batteries), Internet connectivity, limited functionality under harsh environmental conditions, and low data-storage capacity, necessitating human intervention to store, manage, and analyze asset-level data across diversified healthcare industry applications and workflows. With the increasing trend of digitization and decentralization of the healthcare industry, next-generation smart asset management solutions are needed that can seamlessly integrate into existing workflows and can utilize a combination of technologies such as RFID, embedded sensors, cloud-based analytics, and asset intelligence platforms/solutions to enable category-agnostic remote tracking and real-time monitoring as well as maintenance applications for any physical asset.
  4. 4. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 4 “We Accelerate Growth” New Product Attributes and Customer Impact Match to Needs: Technology for Fulfilling Unmet Needs To meet these challenges Tego Inc, one of the pioneers in smart asset management solutions, has introduced its proven asset intelligence platform (AIP) solution targeted towards the healthcare industry to make every asset smart by bringing intelligence to things that have been unreachable with conventional Internet of Things (IoT) solutions. With decades of research, Tego has developed an industry-leading radio frequency (RF) intellectual property portfolio, and by combining with complimentary technologies (application/hardware), Tego has achieved an edge to provide fully integrated and configurable intelligence-based asset management platform solutions that cater to the most complex industry verticals such as healthcare, aerospace, and energy. Tego’s AIP solution is a 3-layered system that includes the following: • TegoChips are central to Tego’s AIP solution, can write, read and store 3,000 times more data than traditional RFID-only chips, and have the ability to retrieve data such as images, spreadsheets, and pdf formats from any non-Internet- enabled asset. Its I2C bus also enables the first fully passive chip to power sensors without a battery. • TegoTags are designed to survive extreme temperatures, gamma radiation, and eBeam sterilization maintaining the data on the chip for over 30 years. • An intelligent Tego operating system (OS) software platform enables the functionality of data sharing and communication on multiple devices as well as standard RF readers and is highly customizable to meet the unique properties of any hardware. The platform can be easily integrated into any existing cloud or enterprise system such as enterprise resource planning (ERP); maintenance, repair, and operation (MRO); customer relationship management (CRM), and other IoT platforms, with a bare minimum deployment cost. TegoHub is also their own cloud infrastructure targeted at small/medium size businesses unable to afford a proprietary platform of their own. These systems make Tego’s AIP solution one of the most innovative end-to-end solutions in the industry. The solution is evidently gaining significant traction as a 360-degree approach for smart asset management in the overall healthcare space by demonstrating the most compelling results across hospitals, drug and device manufacturers, distributors, and sterilization service companies. Positioning: Digitizing All Assets to Tell Their Story The increasing digitization trend is shifting the healthcare industry towards an integrated care delivery system. Tego is uniquely positioned to drive this connected health ecosystem, with its ability to digitize and connect any physical asset in the healthcare
  5. 5. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 5 “We Accelerate Growth” ecosystem, even assets that do not have a power source or network access and are on the move or exist in remote locations. Tego’s AIP is a category- and condition-agnostic solution that enables healthcare industry participants to reduce inventory, maintain costs, mitigate loss and theft, and increase asset values by generating new opportunities with workflow/processes optimization. For example, Tego’s solution helps large health systems/hospitals locate critical assets, people, and equipment in a timely manner and have better control of chokepoints that are common for room-to-room transfers, particularly for high-sensitivity transfer areas such as the neonatal intensive care unit (NICU), maternity, and OR/ER step down. Tracking medical equipment and supplies in hospitals and tracking drugs by pharmaceuticals to manage counterfeiting are other major applications. Tego’s ultra-high frequency (UHF) RF solution makes asset management compliance simple and streamlined by incorporating logistics, predictive analytics, and Big Data concepts as embedded properties of each medical device to adapt to evolving regulatory and compliance trends such as UDI, Good Distribution Practices, ePedrigree, and Health Insurance Portability and Accountability Act (HIPPA). Design: Small, Flexible, Rugged, and Smart TegoTags are the physical embodiment of TegoChips, with antennas that can be easily embedded into materials of Work In Progress and carbon fiber, spun into epoxy, or fitted on any finished good. To ensure safety, TegoTags are meticulously designed to be tamper proof to prevent tag cloning and anti-counterfeit designs. In the healthcare industry, sterilization is a frequent process that often limits the prior tagging of barcodes and RFID solutions that cannot withstand the harsh sterilization process. However, rugged TegoTags’with the TegoChip inside solves this engineering challenge by creating a sterilization process-resistant RFID tag and enabling asset tagging prior to sterilization that can survive repeated exposure to most harsh sterilization conditions in the healthcare workflow, such as gamma radiation, eBeam sterilization, and extreme temperature conditions (e.g., cold storage and ovens/autoclaves). Reliability: Data Safety and Privacy Going forward, improvements in privacy and security standards will be major enablers for the adoption of RFID and other asset management solutions in the healthcare industry. To address these pressing issues, Tego uses built-in US National Security Agency (NSA)-level encryption, digital signatures, password protection, and anti-cloning techniques to ensure an industry-leading password-protection system. The solution is HIPPA compliant and does not broadcast asset resident data because ensuring data safety and privacy is a critical factor for healthcare applications. Quality: Trusted and Vetted by the Industry
  6. 6. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 6 “We Accelerate Growth” Tego’s decades of engineering know-how and expertise while working with large companies in the aerospace, energy and life science industries make the company one of the most trusted and innovative participants in the next-generation smart asset management solution arena. In addition, TegoChips’ ability to store data on assets for their entire useful lifespan makes asset management smarter and provides benefits beyond those of a traditional RFID installation. TegoChips allows manufacturers (pharma/medical device) and distributors to embed all relevant data such as pedigree, safety, compliance, ongoing certificate storage, and disposal/maintenance schedules pertaining to each asset, which empowers subsequent end users to ensure clinical compliance/ safety standards and maximize the asset value with timely maintenance and appropriate use to optimize asset lifetime value. Tego is the only integrated end-to-end RF solution provider that designs and manufactures its own UHF passive chips, tags, and software-enabled tagging of medical devices, pharmaceuticals, and life sciences products at the time of manufacturing. With more than 30 patent portfolios, Tego has truly become a pioneer in this field and has created a significant hurdle for competitors looking to participate in the smart asset management solutions market, making Tego one of the most preferred and trusted solution providers in this space. Price: Platform-based, asset-light model Organizations deploying RFID to improve inventory accuracy and order accuracy, boost shipping throughput, and reduce inventory counting view implementation costs and maintenance costs as prohibitive in today’s uncertain economy. Two specific expense areas cited as reasons for non-adoption are the customization cost and infrastructure cost of the required mobile tracking devices. Tego’s software allows for point-of-use reporting and real-time inventory tracking, without incurring high costs for hardware. Users are not required to maintain a server. The model is plug and play, which does not require a tedious installment process and is ready to use without any lead time. The cost and responsibility of deploying and maintaining the system lie with the vendor; therefore, the risk incurred by end users is mitigated to a great extent. In addition, a managed services model allows for the possibility of having analytics integrated into the system so that meaningful insights can be derived from the collected data. The solution is an operation cost model instead of a capital expenditure- based model; therefore, cost efficiency in using this model is improved, and scaling up the infrastructure is easier.
  7. 7. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 7 “We Accelerate Growth” Conclusion Tego’s innovative yet inexpensive solution enables digital data to become part of an asset’s DNA by leveraging logistic technologies to drive quality of care, linking the supply chain and clinical system that in turn minimizes cost and waste with process automation to improve visibility, and data accuracy. Tego’s AIP solution is one of the most innovative solutions for next-generation smart asset management, specifically for applications in the healthcare industry. With its strong overall performance, Tego Inc. has earned Frost & Sullivan’s 2016 New Product Innovation Award, with its innovative smart asset management solution for the healthcare industry.
  8. 8. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 8 “We Accelerate Growth” Significance of New Product Innovation Ultimately, growth in any organization depends upon continually introducing new products to the market, and successfully commercializing those products. For these dual goals to occur, a company must be best-in-class in three key areas: understanding demand, nurturing the brand, and differentiating from the competition. Understanding New Product Innovation Innovation is about finding a productive outlet for creativity—for consistently translating ideas into high quality products that have a profound impact on the customer. Key Benchmarking Criteria For the New Product Innovation Award, Frost & Sullivan analysts independently evaluated two key factors— New Product Attributes and Customer Impact—according to the criteria identified below.
  9. 9. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 9 “We Accelerate Growth” New Product Attributes Criterion 1: Match to Needs Criterion 2: Reliability Criterion 3: Quality Criterion 4: Positioning Criterion 5: Design 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 Practice Award Analysis for Tego, Inc. 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 New Product Attributes and Customer Impact (i.e., the overarching categories for all 10 benchmarking criteria; the definitions for each criteria 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, we have chosen to refer to the other key players as Competitor 2 and Competitor 3.
  10. 10. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 10 “We Accelerate Growth” DECISION SUPPORT SCORECARD FOR NEW PRODUCT INNOVATION AWARD Measurement of 1–10 (1 = poor; 10 = excellent) New Product Innovation New Product Attributes Customer Impact Average Rating Tego, Inc. 10 9 9.5 Competitor 2 7 7 7 Competitor 3 6 7 6.5 New Product Attributes Criterion 1: Match to Needs Requirement: Customer needs directly influence and inspire the product’s design and positioning Criterion 2: Reliability Requirement: The product consistently meets or exceeds customer expectations for consistent performance during its entire life cycle Criterion 3: Quality Requirement: Product offers best-in-class quality, with a full complement of features and functionality Criterion 4: Positioning Requirement: The product serves a unique, unmet need that competitors cannot easily replicate Criterion 5: Design Requirement: The product features an innovative design, enhancing both visual appeal and ease of use 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 like 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
  11. 11. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 11 “We Accelerate Growth” 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 can 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. DECISION SUPPORT MATRIX FOR NEW PRODUCT INNOVATION AWARD High Low Low High CustomerImpact New Product Attributes Tego, Inc. Competitor 2 Competitor 3
  12. 12. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 12 “We Accelerate Growth” 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 players and for identifying those performing at best- in-class levels. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS Technology Obsolescence Disruptive Technologies New Applications CEO Demographics Needs and Perceptions Segmentation Buying Behavior Branding and Positioning Competitive Benchmarking Emerging Competition Competitive Strategy Capital Investments Availability of Capital Country Risk Economic Trends Crowd Sourcing Growth Strategies Career Development Growth Implementation Industry Evolution New Vertical Markets Industry Expansion Industry Convergence Emerging Technologies Smart Cities Sustainability New Business Cultures GeoPolitical Stability
  13. 13. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 13 “We Accelerate Growth” Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan Awards 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 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 • Present award to the CEO • Inspire the organization for continued success • Celebrate the recipient’s performance Announcement of award and plan for how recipient can use the award to enhance the brand 10 Take strategic action Upon licensing, company may 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
  14. 14. BEST PRACTICES RESEARCH © Frost & Sullivan 2016 14 “We Accelerate Growth” 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 almost 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from 31 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.

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