Harnessing the Power of Technology in Medication Management

Harnessing the Power of Technology in Medication Management

Many of us have been through phases where we missed our medication doses or took the medicine incorrectly because of the complexity in following instructions given by healthcare providers.

At the point of care, dealing with the logistics of handling a variety of medicines and providing dosages to patients can sometimes be overwhelming and time-consuming. These situations cause medication errors and thus a rise in mortality rate, increased hospital stay and higher medical expenses.

A survey from the Association of Medical Directors of Information Systems reported that over 80% of Chief Medical Information Officers (CMIOs) believe medication management initiatives positively impact patient safety. However, it was found that there is a 45% risk of error across all these medication management processes which could be minor with no real tangible impact on the patient. But these errors could cascade into serious errors that will put the patient at risk.

With the integration of clinical services and medication management technologies, the healthcare sector is transitioning from a paper-based medication prescription and administration model to a comprehensive medication management system.

Automation in medication management solutions and software is giving healthcare staff more face time with patients, provision of right dose of medicine to the right person at right time and increasing medication adherence for patients with overall quality of service. Assessment of patients, medication reconciliation, prescribing, dispensing and monitoring are the fundamental steps involved in these systems resulting in value-based care at reduced costs. For example, integration of electronic health records (EHR) of patients with the medication device at their bedside allows medication parameters from the EHR to be pre-populated into the device based on patient characteristics thus reducing the chances of programming errors.



Many global companies (Becton Dickenson, Omnicell, Philips, Swisslog, GE Healthcare, McKesson) have developed various types of medication management systems such as:

  • Automated/robotic dispensing systems/cabinets for handling, distributing and dispensing medications and supplies in hospitals and retail pharmacies
  • Medication management systems that interface and integrate with point-of-care information systems and provide rapid access to patient information and facilitate documentation
  • Embedded analytics software to monitor drug diversion and avoid redundant inventory management issues
  • Centrally located medication-management systems that replace or improve a manual system for filling unit dose carts

A new generation of artificial intelligence (AI)-powered (predictive analytics, machine learning) medication management systems are playing a key role in identifying and addressing the root causes of medication non-adherence. Systems that use a machine-based learning model can identify outliers in prescriptions from a pool of patients with similar characteristics and detect potential medication errors and logistics processes over time and prevent those errors from recurring. Using such AI-based systems, clinicians are also able to proactively detect potential side-effects of drug combinations or controlled substance overdoses at the prescribing stage, during medication administration and when patients move between health care settings. Leading healthcare organizations have deployed next generation analytics platforms to deliver actionable insights integrated into their EHR clinical workflows to empower their executives, clinicians, and nurses at the point of care (POC).

Patient-centric care is possible across the continuum of care with the use of these IT-integrated medication management systems that evaluate the dynamics of patients’ clinical, medication and related administrative information. A great collaboration is established between the patients, care teams, pharmacies and payers in the medication decision process.

Healthcare facilities and organizations should embrace and deploy medication management systems integrated with smart technologies as the focal point of their patient care. The ultimatum for the healthcare industry is to get the right medications to the right patients at the right time for the right condition while decreasing the burden of costs incurred.


OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.

On Premise Growth Strategy: Identifying Customer Segments

On Premise Growth Strategy: Identifying Customer Segments

How OSG helped a popular energy drink manufacturer understand consumer behavior at on-premise and off-premise channels and identify opportunities to tap consumers in the on-premise channel.



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OSG Steps to Success

OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.

FinTech’s Impact on Traditional Banking

FinTech’s Impact on Traditional Banking

Financial technology or ‘Fintech’, with the help of technology-enabled products and services, is rapidly reshaping traditional financial services, making them faster, easier, cheaper and more accessible. Fintech empowers consumers to take charge of their financial decisions, leading to much greater financial literacy than ever before. In short, Fintech combines traditional financial services with the latest digital technology and Big Data products, making customers’ lives easier.


Different Financial Sectors that Fuel the Growth of Fintech

Whether we are purchasing at a local tea shop, going online and checking financial transactions or utilizing apps that track spending which allows financial institutions to make quick lending decisions, Fintech is all around us.

Fintech offers its services in First Wave Sectors (which scale quickly) and Second Wave Sectors (which scale slower and have more regulations and risks involved, with difficult customer acquisition).

  • First wave sectors include peer-to-peer (P2P) lending, capital raising (crowdfunding) and online/mobile payments

Peer-to-peer lenders – These match borrowers to investors, shortening the approval time to hours. Some P2P lenders include Upstart, Funding Circle, LendingClub, Prosper Marketplace and more nonbank lenders.

Crowdfunding – These help charities and entrepreneurs by raising small amounts of money from large groups of people. Some crowdfunding platforms include: Indiegogo, GoFundMe, Crowdcube, Kickstarter

Mobile payments – These help people transfer money from their mobile phones, without a need for bank accounts. Some services also convert currencies for much less than what banks charge. Venmo, Samsung Pay, PayPal, Apple Pay are some examples


  • Second wave sectors include international money transfer, asset and wealth management, insurance, investments (robo-advisors), digital security, Big Data analytics and Blockchain.

Robo-advising – Use algorithms to match portfolios to customer’s risk preferences. Giant BlackRock Inc., Nutmeg, Scalable Capital Ltd. are some examples

Blockchain and Bitcoin – Exchanges and banks are developing applications using blockchain, the free database that processes Bitcoin (electronic cash) transactions

Insurance – Traditional companies are investing in Insurtech start-ups, which cut the time taken to buy life insurance products, from weeks to minutes

Initially, fintech started offering services in first wave sectors with approximately 70% of start-ups falling under this category globally.

Quite recently, there is a rise of the second wave sector expanding the scope of financial technology even further. Blockchain-based services such as cryptocurrencies (a form of electronic cash) are still in its infancy with potential to transform technology that goes well beyond finance.


The Fintech Ecosystem:

In most cases, fintech products and services are developed by start-ups, which are young companies attempting to scale by creating opportunities in new markets or in established markets through a better value proposition. Therefore, fintech start-ups are small companies that aim to improve the way individuals and companies bank by collaborating or competing with established financial service providers.

However not all players on the fintech market are start-ups. Over the years, some companies have established themselves well in the sector like: PayPal, Alipay, Klarna, Square, BitPesa, Lending Club, OnDeck, SavvyMoney, Lendio, Credit Karma, LendingRobot, BTC and more.


Impact on Traditional Bank Branches:

A leading 2017 industrial report revealed that the branches continue to play an important role for a variety of services. Approximately 50% of those surveyed said they’d prefer to open a new deposit account or apply for a new loan in person. Furthermore, 25% said they wouldn’t open an account with a financial institution that didn’t have local branches.

Despite digitization, Physical channels – branches and ATMs – seem to continue playing major roles in banking, as:

  • Comparatively simpler transactions have migrated to digital channels, but branches remain relevant for more complex transactions
  • Stringent know-your-customer (KYC) and anti-money-laundering rules across various countries mandate personal contact for specific transactions, especially for first-time customers
  • Many customers prefer personal advice about products even after conducting research digitally
  • Similarly, many Millennials prefer to visit a branch to open a new account, learn about budgeting, understand retirement options, and to understand and apply for a mortgage
  • Security concerns: Branches provide a sense of permanence and security that is difficult for digital banks to match


Traditional bank’s strategies to combat FinTech – investments, partnerships and acquisitions

It was only in the second half of 2010 that banks started realizing the emerging threat of FinTech companies. As FinTech start-ups started gaining momentum, a fear set among banking institutions, which led to the rise of bank innovation teams to combat FinTechs through investments, partnerships and acquisitions.

  • According to MEDICI Research, nearly all FinTech Acquisitions in 2018 were led by American & EU Banks. And while American & EU FinTechs have been the major target of acquisitions, startups from Asia and other regions are also emerging as the preferred destination for acquiring FinTechs. Breaking down the total acquisitions by segment indicates that:
    • 38% of all acquisitions have been made in wealth management followed by
    • 19% in B2B FinTech
    • 14% in Lending
    • 10% in payments
  • Another industry study revealed that the number of FinTech deals rose sharply, from just over 1,800 in 2016 to nearly 2,700 in 2017, showing continued investment in banking, insurance and capital market start-ups
  • Global investment in FinTech companies between 2010 – 2017 reached more than US$97.7 billion, with the US start-ups accounting for 54% of all investments, followed by UK and India. Within this timeframe the FinTech deals globally, grew at a compound annual rate of 35%, with total funding growing at a CAGR of 47%


The 2017 growth in the sector was majorly driven by:

  • Huge new investment flows from China, Russia, the Middle East and other emerging economies
  • Huge investments in FinTech start-ups operating in payments and lending sector
  • B2B FinTech models, where they help banks & other financial institutions upgrade their technology
  • Rapid leap of ‘insurtech’ ventures offering advanced insurance-related services


FinTech to become the Driving Force of Future Banking:

Rise of Digital-Only Banking Consumer: A 2017 Digital Banking Consumer Survey provided significant insights into the rapidly changing behaviour of the banking customer:

  • Around 46% of consumers use only digital channels (omni-digital customers) in 2017, a rapid increase from 27% share seen just four years ago in 2014
  • More than 80% of consumers own a smartphone, amongst which 60% reported using mobile banking in 2017, up from 36% in 2012
  • The segment of customers who used a variety of channels including both digital and physical (omni-channel customers) has been significantly shrinking over the past four years (57% in 2012 to 45% in 2017), being replaced by the “omni-digital” customer
  • Human-interaction channels continue to shrink, falling from 15 to 10% during same period


Rise of Millenial generation:

  • The most prominent factor that helped FinTech to become a disruptive force in the financial world, is the millennial population. Millennials are highly demanding and less loyal expecting personalized products and services at their convenience. They tend to check for information/ financial products/ advice online instead of following traditional ways of finding information
  • As per a report for Millennial Disruption Index (MDI), 1 in 3 millennials change their bank in every three months in hope of getting desired experience, which in turn is increasing the need for FinTech solutions (which provide customized products and services as customer’s convenience)



In this FinTech era, the financial institutions need to adapt to the digital trends as early as possible, understanding the unmet needs of a digital customer in a better way. The growing expectation from Financial institutions is to shift from product-based models to customer-based models, equipping themselves to offer “real-time”, “easy to use”, “personalised products and services” to the digital customers through “customer’s preferred channel”. By finding the right blend of acquisitions, partnerships and investments, traditional banks have a leverage to come up with innovative solutions to address the evolving needs of their customers in this tech-first era of financial services.

This will also open doors for the banks to get exclusive rights to the advanced technology which could provide a competitive edge over others, rapid expansion into new markets, and even a new customer base.

OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.

The Value of Customer Journey Mapping and Unlocking New Approaches with Technology

The Value of Customer Journey Mapping and Unlocking New Approaches with Technology


  1. Who this paper is for
  2. What readers will gain from reading this paper
  3. What is customer journey mapping?
  4.  Where does customer journey mapping start and end?
  5.  How do you map customer journeys?
  6. Measuring customer interaction points
  7. Limitations of the traditional approach to customer journey mapping
  8. New approaches using technology to map customer journeys
  9. Analyzing the data
  10. The value of customer journey mapping
  11. Conclusion

OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.

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Driving Return on Customer Experience

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Most marketers struggle to design a customer experience (CX) program that truly moves the needle for their business. This is because customer touch-points have become more complex, and customers are more connected to your brand than ever. With a growing need for programs that truly identify what matters to your customers and lead to sustainable customer delight, many new tools and methodologies claim to know what you need to load your CX arsenal…

OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.

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