TOPICS COVERED:
- New to the Cogniom Investor email updates? Click here to get caught up!
- TANDM Updates
- Market Validation study framework
- Customer Validations
- Version 4 RELEASED!
- Sunny Street Support
- Our Ask
Holy pandemic Batman! I hope you and your loved ones are safe and well during this crisis. I’ve spent this last couple of weeks reaching out to our healthcare network offering our support and our well wishes during this time. One of the conversations I had with a pharmacist from a QLD hospital said that early modelling suggested we wouldn’t see a peak until June and the likely continuation of isolation until Q3 or Q4. While we really have no idea how the course of this crisis will play out, I think one thing is for sure: Life will never look the same again.
TANDM UPDATES:
While the pandemic has thrown a spanner in the works for so many, we’ve been incredibly fortunate enough to have it create an overall positive impact on our business. While some of our projects have been pushed out a few months as the health industry navigates through the virus peak, we are expecting a surge in studies.
Operating Theatre Efficiency Studies
We conducted the first of these with Johnson and Johnson at the end of last year, and now have a firmed up framework to use as a template for other hospitals. As the ban on elective surgeries are lifted there is going to be an extraordinary number of backlogged procedures, as well as surgeons vying to book theatres. Remember, this is a massive revenue stream for hospitals they can no longer rely on during this time. Hospitals and private surgeons will now be able to access our study framework to identify areas for improvement within their own systems, to ensure they are maximising revenue once more.
Johnson and Johnson
Further to Theatre efficiency studies, J&J are looking to conduct a time studies on current processes surrounding the distribution of surgical equipment and use the TANDM Suite as a Return on Investment (ROI) calculator on implementing a new process. The virus has put the initial project on hold, but this has allowed J&J the time to expand the opportunity to the entire Asia Pacific region. Warwick, who we continue to work with at J&J is ecstatic to have a tool that can turn around analytics so quickly, and we have no doubt more projects will require our software.
Aged Care
We currently are working on two projects within the Aged Care space:
– 1. LAS manages the bedside call bells for nearly 300 Aged Care sites in Australia. We are in the early stages of exploring how our services would work to trend and predict facilities with an imbalance of nursing staff. By identifying pain points within current procedures when answering call bell alarms, our solutions could combine to tie a TANDM observational study to recalibrate staffing ratios between registered nurses and their care workers assisting them. Pretty exciting experiment we are excited to try out!
– 2. We’re also working with the consulting group Populeux who are conducting Day In the Life studies for aged care facilities, based on the model we built with them at Hummingbird House. This will help facilities identify where improvements can be made around rostering and daily processes, especially in light of Royal Commission findings. This will become crucial as facilities change their business models to work with new NDIS funding structures.
Referral Partnerships – GP Clinics
We had the privilege of meeting two consultants within the acute healthcare space who both assist many GP clinics and private practices with their daily procedures. With the rise of COVID-19, the government is finally allowing reimbursements for online consultations which has resulted in a rapid transformation with telehealth implementations being thrown into clinics. The echoes of which are all-to-similar to my experiences of the EMR rollouts when success metrics were not defined beforehand, making the benefits nearly impossible to calculate. We are working on a Telehealth ROI Calculator within our software to help ensure the investments being made by GP’s are cash positive in value.
MARKET RESEARCH AND CUSTOMER VALIDATION FRAMEWORK
New Study Framework from Concept to Reality
One of the biggest things to come from the lockdown is having to adapt to a changed marketing environment. For most businesses, sales have likely reduced or shut off completely. Being agile enough to adapt your product/service to a new target market becomes critical – and we are no different!
Using the survey abilities from the TANDM Suite, we combined the “SaaS Mission Matrix” framework to help us define our key customer segments (massive thanks to Llew Jury for educating us on this one). Then we ran each customer type through the W3 Framework detailed in the book, “Sell More Faster”
by Amos Schwartzfarb. With ten simple measurements after each customer interview, we were able to rapidly assess the urgency and value of potential projects and order them by priority. Our results showed that aged care and acute care are still our next markets – but with focuses on “Day in the Life”, “Staff Balancing”, and “Telehealth ROI Calculators” as needed Templates. Universities and the Big 4 Consulting agencies on the other hand, have indicated they are basically on hold until after COVID-19 crisis passes. This us has allowed us to redouble our efforts and ensure our marketing and sales efforts aren’t going to waste.
I’ve got to say I’m pretty proud of this one. Flushing out this idea and seeing the Cogniom team come together to help turn it into a functional toolkit in under a week is inspiring. We are already seeing a significant impact on our business sales efforts. We have even had the opportunity to show our concept to the author of “Sell More Faster” and we have another meeting lined up next week to show him our results! I’m really excited to bring this to a range of start ups and scale ups and help them with their pivots and market research. If you know of a Startup that is struggling at the moment in this new economy, please send them our way. We’d love to help them.
You can see a snippet how this all works in our *NEW* TANDM Marketplace – https://cogniom.com/case-study-customer-validation-research
TANDM SUITE – VERSION 4 RELEASED
It has been an incredible labour of love from Bryce and Chris to get this release out in March! We released Version 4 at the end of March and I am so incredibly proud of what the team has achieved. You can read through the latest release here and learn about our crazy new abilities!
April will see some more awesome features including the ability to import data from other interfaces as well as historical data sets, and the first version of the TANDM report builder.
With Version 4 came the soft launch of our TANDM Marketplace, where clients can search for study frameworks that match their needs and purchase it as a bundle – including a pre-built dashboard. Check out the look of the new website – www.cogniom.com. We’re also in the process of finalising a PR campaign with Martini Mondays so please WATCH THIS SPACE!
SUNNY STREET SUPPORT
Finally, a moment to lend our heartfelt support to our favourite nurses battling COVID-19 in dangerous conditions. Sunny Street is still raising funds on their Go Fund Me campaign and could use all our support during the fight in this pandemic. As a result, the first 20 startups that purchase the Customer Validation study framework listed in our marketplace will have half of all proceeds donated to Sunny Street.
Not only are Sunny Street part of our Cogniom Community Projects initiative (check out their story here), they are also on our Advisory Board and play an important part of our start up family. The work they are doing is incredible for homeless and vulnerable communities, and especially now! But they need our help! So whether it’s through warm introductions to struggling businesses and startups, or if you are able to directly help them either with equipment or fundraising, please give me a call.
OUR ASK OF YOU
This update, I’m putting a call out to all of you.
- Do you have a start up / scale up in your network that needs help with Market Validation?
- Do you know of a GP clinic that has adopted telehealth as part of their practice needs to understanding the impact and ROI it will have on their practice?
- Is there an Aged Care or Hospice Care facility that needs help with balancing staff requirements?
- Are there private surgeons in your circles that need to maximize their time in operating theatres to keep afloat?
We have the capacity to take on a few more customers, so if you know of someone that fits one of those descriptions, we’d love a warm introduction.
Please feel free to send me an email and I’ll set up a meeting time.
