‘Casing the joint’ for high-value expense reduction ideas worth stealing!

Lab rat

In my last blog I called out my own “moonshot” of personally participating in $10B in healthcare direct expense reduction over the course of 10 years. I want to break free of the low earth orbit that consists of the tried-and-true known solutions by 1: articulating the expense problem for the long-term. 2: inspiring professional heroism.  3: developing new tools and as well as bringing the best and most innovative solution architecture from other industries and disciplines.

In order to accomplish this goal, I need to develop a community of people who will share their big ideas on leading and transforming expense management, and manage all of this through a crowdsourcing strategy. I committed to a high degree of visibility while I develop the strategy and conduct this work so all of you can be part of the experience and gain insight from what will be a live learning laboratory… I am your supply chain lab rat.

Does this all seem highfalutin to you?

Frankly – it did to me too! As I studied the 5 primary evolutions affecting the healthcare supply chain leader, I began to feel the effects of “evolutionary jet lag” as I realized that the net expense reduction that I was leaving on the table were staggering and at times by more than a factor of 3X what the original spend analytics disclosed our potential cost reduction impact would be. We simply need new skills to compete against the collisions of razor-sharp competing initiatives and even breakthrough sales and marketing from manufacturers and distributors. So let’s get to it.

Crowdsourcing strategy

In this application we are harvesting ideas from the “crowd”… Participation in this campaign is called ‘co-creation.’ This is done with 4 crowd harvesting tactics that will make up our crowdsourcing strategy:

(I will detail out the steps over the next few blog posts).

MicroBranding :

  • Naming the campaign, and developing a shared purpose for participatory co-creation of the solutions.

Developing solution harvesting tools:

  • Idea tracking
  • Discussion forums
  • Distributed Innovation Platforms
  • Surveys
  • Polls
  • The Concept Lounge
  • Video Blogs with comment sections

Develop channels to drive participants to your microbrand’s community:

  • Segmented e-mail
  • Call to action posts
  • Social networking in support of the microbrand

Develop “markets” to collect, distill, distribute, and commoditize solutions:

  • Content marketplace: Filter datum into marketable content and create action and innovation portfolios.
  • Predictive marketplace: Supportive “stock market” type mechanism to set a forecast value prediction. A set group of “predictive market analysts” predict against a pre-developed index or group of indices.

In the next series of posts, I will go into detail on how I am building out the tools, channels, and markets to accomplish the goal. But before we part, let me talk through the one agreement we will start with…

The microbrand

I segmented a small group of colleagues and advisors into a community to offer thought on what the campaign to participate in $10B in cost-of-care reductions in 10 years would be called. It needed to be catchy enough to be intellectually and emotionally satisfying. Potential co-creation participants should feel inspired and get a tactile sense of shared purpose as these harvested concepts (or “muses” as crowdsourcing technocrats call them) are developed since this will be the proverbial high tide that raises all the ships. We settled on a working microbrand of “10B/10Y”. This seemed descriptive, but still truncated, and actually kind of expressively gratifying to say.

Until we meet again – I admire you for answering the call to fill the hands that heal.

TH

crowdsourcing

 

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One comment

  1. Pingback: Getting small to drive big results |

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