We just wrapped up our 16th business building block sprint on Informatics. In summary, the sprint for Project 1.16 on Informatics completed 2 objectives:
- Defining why we need a block for Informatics in our business model canvas and the
- Questions to ask on the canvas for the Informatics.
1st – Why do we need the Informatics Block?
Your Value Proposition is the means your business solves the needs of your customer’s Jobs-to-be-done – this is called Product Market Fit. Measuring your revenue growth and costs is part of good business governance, but, consider that even if you are making money if you do not measure your Value Proposition’s alignment with the Product Market Fit – then you leave yourself open to someone disrupting you. Take into account the whitespace between your Value Proposition and your customers’ Jobs-to-be-done – this is the blue ocean of your business model. Either you explore it – or someone else will. Informatics is the means with which to measure and monitor your Value Proposition.
2nd – Questions to Ask on the Canvas for the Informatics Block
In this business model building block, we ask the questions you need to gauge how well you are reaching your goals, how closely you are keeping with your vision (and when you need to pivot), and how you are maturing over your business model growth? These are the Questions that should be answered when developing Informatics components for a healthcare business model.
- What data is derived from your Buyer & User interactions?
- What systems are needed to capture that data?
- How does your business model gain and use insight from Buyer & User interactions?
- How does this insight improve your Product Market Fit?
- How does that insight improve your Behavioral Economics?
- How does this insight drive additional Revenues?
- How does this insight lower Costs?
Most business model canvases do not specifically prioritize Informatics as a building block. I cannot answer for others on this topic, but for me to believe a business model is viable – I have to know how it will be measured for success. What data is required both now and as the business matures to ensure that it can pivot appropriately? What data can be mined so that new insights and new business opportunities in the whitespace can be evaluated? In my humble opinion, this is fundamental to any business, which is why we have it as a separate building block it in the modelH business model canvas.
To your health,
The Team at imagine.GO