June 3, 2019 // By Magenic
Magenic partnered with a medical technology company to accelerate their product evaluation process by over 85%.
A leading medical technology provider asked Magenic to help it speed up its process of evaluating and delivering new products to market. The company recently found success with a tablet device that tracks usage of surgical sponges in operating rooms and had more patient-safety ideas in development. But the organization felt slowed by its 18-month research cycle and asked Magenic to help it move faster.
Magenic convened multiple stakeholders, including hospital administrators, patients, physicians, and nurses, and used an outside-in approach centered on consumer experiences to develop an iterative evaluation process. Magenic tested for desirability, feasibility, and viability and established a communication platform that relayed information throughout the organization, to both research and business units.
Magenic reduced the company’s 18-month product evaluation process to 11 weeks and helped foster a shift away from their traditional tech-driven approach toward a more customer-driven approach. The strategic product development work benefits from tighter alignment between business and technology teams. The company can now make an assessment to move forward with an idea, find a partner for it, or shelve it, faster than ever before. The company quickly went from having 14 product ideas in its pipeline to 30, each focused on improved customer experience.
By identifying technology opportunities to optimize movement flow in the OR, hospitals can save $10,000-15,000 per nurse each year.