I have always been interested in exploring growth industries and in identifying the trends that are driving them. Following are two fields to watch, along with some courses from the CalSouthern School of Business that can provide applicable skills and knowledge.
Market research indicates an upward trend in the digital health technology market: from $1.7 billion in 2010 to $5.7 billion by 2015. This means that the medical field is transitioning to electronic medical records (EMRs), medical software applications and wireless health-monitoring devices. This will enable people to learn more about their health, and have a more proactive approach to personal healthcare.
The trend toward digital health technology is emerging quickly because it reduces the cost of healthcare in two important ways. First, it eliminates unnecessary testing: EMRs enable physicians to see what and when diagnostic tests were run, thus preventing duplication. Second, with the advent and proliferation of user-friendly business intelligence tools such as data mining (a fancy term for knowledge discovery), medical clinicians can be more proactive in preventing disease. According to a study by the National Business Group on Health, the average total cost of a severe heart attack—including direct and indirect costs—is about $1 million. But the cost of prevention of heart disease is a mere fraction in comparison. Knowledge discovery can collectively analyze copious amounts of patient data, detecting trends, relationships and correlations that yield insights that empower preventive treatment.
If you're interested by this trend, CalSouthern's Information, Organization and Strategy course (MGT 87515) is applicable. It has a focus on leveraging and sharing information to develop more effective organizations. In addition, the course presents concepts of information management used in decision making; knowledge discovery via data mining can be applied to digital health technology, which underscores one of the ways that MGT 87515 a valuable educational asset to learners.
In summary, look to the field of healthcare informatics (the intersection of computers, science and healthcare) as a growing industry with many possibilities in terms of career tracks and advancement potential, as well as one that offers the societal benefits of reducing the total cost of healthcare and improving patient outcomes.Domestic Production and Manufacturing
The slogan “Made in America” is making a comeback, thanks to a number of critical factors, not the least of which is good ol' American ingenuity. Another important reason is that, to put it simply, outsourcing the manufacturing of goods and services has become more costly. Due to the suffering globalized economy, increases can be seen across the board in areas such as foreign labor and shipping costs, as well is in time to market.
In addition, Americans are trending back toward demanding increased quality, expecting products and services to “just work”—and to withstand the test of time. In addition, PricewaterhouseCoopers reports that domestic labor is more affordable and an important contributing factor to this “renaissance” of U.S. manufacturing.
At CalSouthern, our Strategic Management and Management of Change courses (MGT 86507 and MGT 86535, respectively) address and apply to this new business scenario. These courses focus on strategic analysis via analytical tools that can enable and empower leaders to harness new business paradigms and help these leaders meet the strategic, on-the-move challenges they face in business today. In addition, concepts of leadership development and organizational change can be implemented so that business can transition toward domestic production and manufacturing.
Ultimately, producing product here in the United States requires that industry “build a better mousetrap,” finding more effective and efficient—ingenuous— methods and strategies when it comes to fabrication and function. Leaders of industry would be wise to heed this call to U.S. productivity, and foster environments for creativity and innovation; leaders need to adapt and understand what motivates the workforce and convert them into “knowledge workers.”