2017 global senior living community vendor …...services include emergency call, wander management,...

2017 Global Senior Living Community VendorCompany of the Year Award

BEST PRACTICES RESEARCH

© Frost & Sullivan 2017 2 “We Accelerate Growth”

Contents

Background and Company Performance ........................................................................ 3

Industry Challenges .............................................................................................. 3

Visionary Innovation & Performance and Customer Impact of STANLEY Healthcare ....... 4

Conclusion........................................................................................................... 6

Significance of Company of the Year ............................................................................. 7

Understanding Company of the Year ............................................................................. 7

Key Benchmarking Criteria .................................................................................... 8

Best Practices Award Analysis for STANLEY Healthcare .................................................... 8

Decision Support Scorecard ................................................................................... 8

Visionary Innovation & Performance ....................................................................... 9

Customer Impact ................................................................................................. 9

Decision Support Matrix ...................................................................................... 10

Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices ................................................................................................................. 11

The Intersection between 360-Degree Research and Best Practices Awards ..................... 12

Research Methodology ........................................................................................ 12

About Frost & Sullivan .............................................................................................. 12



Background and Company Performance

Industry Challenges

The world’s population is ageing, and the United Nations’ World Population Ageing report

paints a striking picture of the future. It states, “Population ageing is unprecedented,

without parallel in human history—and the twenty-first century will witness even more

rapid ageing than did the century just past.”1 In the United States, for example, every

day since 2011, 10,000 people turn 65 years old, and this trend will continue until 20292.

By 2050, China will have more people aged 65 and older than the entire current

population of the United States.

With the growing senior population arises another healthcare challenge—the rise of non-

communicable disease prevalence. Per World Health Organization estimates, non-

communicable diseases such as cancer and diabetes accounted for 68.4% of all mortalities

in 2015, and this figure is set to rise to 73.9% by 2030.

All stakeholders involved in senior care, therefore, must deal with the challenge of an

increasing number of elderly people who live longer and suffer from chronic conditions

that make caring for them even more involved.

While digital technology advancements are set to help ease some of these challenges,

they present another set of issues, which concerns stakeholders. For example, the rate of

technology adoption by seniors is low and not expected to increase significantly. Also,

maintaining their dignity is of paramount importance across the global senior living space,

yet implementing technologies with customized features that consider seniors’ dignity is

an ambitious prospect. Actual implementation of digital technologies is also hindered by

the limitations of communities’ digital infrastructure capabilities.

1 World Population Ageing: 1950-2050 (United Nations, 2001) 2 Baby Boomers Approach 65 – Glumly (Pew Research Center, 2010)

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Population Distribution by Age Group, Global, 2000-2050

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STANLEY Healthcare’s Visionary Innovation & Performance and

Customer Impact

STANLEY Healthcare, a business unit of the Fortune 500 company Stanley Black & Decker,

is a leading vendor of solutions for hospitals, health systems, and the senior living space.

STANLEY Healthcare aims to expand its suite of solutions for the senior living market and

deliver greater value to its clients in supporting their provision of senior care in an

increasingly challenging environment.

Full Suite of Solutions

STANLEY Healthcare’s solutions serve several administrative needs of senior living.

Services include emergency call, wander management, staff security, facility security and

temperature and humidity monitoring. Additionally, STANLEY offers solutions that directly

impact residents—patient safety monitoring and fall management tools. In fact, STANLEY

Healthcare is the leader in fall management solutions with over a million fall monitors

installed over the past decade. Providing a wide array of solutions—and being the market

leader in certain categories like fall management and wander management—is one of

STANLEY Healthcare’s differentiating factors. Additionally, its software serves as a

common event management platform that integrates all of the above solutions onto a

single platform, making operations extremely convenient for senior living communities.

Realizing the nature of technology and acknowledging the fast-changing pace of

advancements, STANLEY Healthcare routinely partners with other technology companies

whose solutions can integrate with its own to provide enhanced value for its customers. It

also partners with some of the WLAN and infrastructure providers to ensure its products

and software work seamlessly with customers’ wireless infrastructure.

24x7 Support

STANLEY Healthcare provides

product support services to its clients designed to span the entire product lifecycle.

. The support begins even before purchasing to help clients gain an overall picture of how

they can best design, implement, and continue use of various solutions.

The ‘By Your Side’ customer support portal is an award-winning customer engagement

solution that serves several client needs. The portal helps clients get their queries

answered, provides access to product documentation, and even extends support for

solving technical challenges. Additionally, the portal serves as a forum for sharing ideas

and as a tool to request returns and order supplies.

In addition to the online customer support portal, STANLEY Healthcare also provides 24x7

phone support, remote diagnostics, and on-site repair services. This level of service and

customer support is currently unparalleled in the senior living space. Frost & Sullivan

considers this a key differentiator that helps STANLEY Healthcare stand apart from the

competition.



Innovation Potential

Going beyond its existing solutions and realizing the industry’s upcoming needs, STANLEY

Healthcare is working to realize the ‘Smart Resident Room’. Integrating sensors in an

Internet of Things fashion, the Smart Room concept will enable senior living communities

to monitor residents unobtrusively whilst they carry on with their daily activities. STANLEY

Healthcare is working on advanced solutions that combine a range of technologies,

including depth-sensors, under mattress pads and motion detectors, to continuously and

unobtrusively monitor respiratory rate, bed restlessness, gait, falls, motion and activity.

This information gives communities a fuller picture of the health status of each resident

and early warning both of immediate risks such as a fall and more gradual changes that

could be early indicators of a health issue. By collecting information on daily activities

from these and similar systems and combining it with the data from its own resident

safety solutions, predictive analytics solutions can then help community staff members

decode daily living patterns as well as deviations which may reflect disease conditions or

changes in chronic conditions to enable appropriate and timely medical interventions.

Another example of innovative technology being evaluated for integration into the Smart

Room is a cloud-based care coordination platform that links providers, family and the

resident. Through an intuitive in-room device controlled through simple icons or voice

commands, residents can request assistance or check-in daily with their status in an

interactive manner, using emoticons or graphics to depict their mood, for example. Voice,

video call, and messaging capabilities enable the resident to easily communicate with

family members or anyone else in their care circle. The device also provides the residents’

weekly schedule, food menus, medication, and activity reminders. For family members,

the platform not only allows communication with the resident but with others in the care

circle, as well as access to the resident’s schedule and activity logs. On the clinical front,

the device may also have potential to proxy as a Bluetooth receiver of residents’ wearable

device telemetry data such as blood pressure, heart rate, and other vitals, logging-in all

records automatically. STANLEY Healthcare is also considering enabling the clinical

applications of such smart devices for home-based senior care solutions.

To tackle the challenge of Wi-Fi access limitations prevalent in many senior living

communities, STANLEY Healthcare is moving towards using low-energy Bluetooth (BLE)

telemetry solutions, helping reduce reliance on Wi-Fi or proprietary networks for

communication alone. Also, by taking an unobtrusive approach to better serve senior

living community residents, STANLEY Healthcare is helping communities address the

challenges of low technology adoption while respecting residents’ dignity. Designing

solutions that are appealing enough to attract residents is an approach that helps

STANLEY Healthcare differentiate its solutions from others available in the senior living

space. Also, empowering senior living communities with automated task and process

solutions through the use of digital technologies will help them serve a higher number of

residents more efficiently, a scenario likely to occur soon considering the growing elderly

population.



Future Developments

Acknowledging the next wave of technological developments in the senior living space,

STANLEY Healthcare is moving towards adoption of cloud services. To aid interoperability

initiatives, it is also considering HL7 standards integration while maintaining HIPAA

compliance for resident information. Additionally, with cybersecurity posing a major risk

for the overall healthcare industry, STANLEY Healthcare is exploring ways to protect its

clients from hackers.

Loyal Customer Base

Not only does STANLEY Healthcare leverage the strong brand identity of its parent

company, STANLEY Black & Decker, it also has been successful in creating a loyal

customer base on its own accord. Serving over 12,000 senior living communities (apart

from over 5,000 hospitals and health systems), STANLEY Healthcare is a recognized and

established name in the senior living space. With such a large customer base spread

across North and South America, Europe, Australia, and New Zealand, STANLEY’s tested

innovations benefit numerous seniors directly. Initiatives such as voice of customer

surveys across its broad client base help STANLEY Healthcare better understand pressing

market needs and guide the design and direction of innovations to address them. Such

initiatives also promote loyalty amongst its established and new client base.

Conclusion

An ageing population and growing incidence of chronic, non-communicable diseases are

set to increase the strain on senior living communities. Limited digitization avenues due to

insufficient infrastructural capabilities as well as low technology adoption and dignity

challenges among the elderly population prevent senior living communities from fully

taking advantage of technological advances. STANLEY Healthcare not only helps

communities in breaking such barriers by providing digital solutions, it does so by

incorporating feedback from its large customer base and designing user-friendly,

unobtrusive innovations that address these challenges, making senior living communities

tech-savvy and future-ready for implementing efficient senior care.

For its strong overall performance, STANLEY Healthcare has earned Frost & Sullivan’s

2017 Global Company of the Year Award.



Significance of Company of the Year

To receive the Company of the Year Award (i.e., to be recognized as a leader not only in

your industry, but among your non-industry peers as well) requires a company to

demonstrate excellence in growth, innovation, and leadership. This kind of excellence

typically translates into superior performance in three key areas: demand generation,

brand development, and competitive positioning. These areas serve as the foundation of a

company’s future success and prepare it to deliver on the two criteria that define the

Company of the Year Award (Visionary Innovation & Performance and Customer Impact).

Understanding Company of the Year

As discussed above, driving demand, brand strength, and competitive differentiation all

play a critical role in delivering unique value to customers. This three-fold focus, however,

must ideally be complemented by an equally rigorous focus on Visionary Innovation &

Performance to enhance Customer Impact.



Key Benchmarking Criteria

For the Company of the Year Award, Frost & Sullivan analysts independently evaluated

two key factors—Visionary Innovation & Performance and Customer Impact—according to

the criteria identified below.

Visionary Innovation & Performance

Criterion 1: Addressing Unmet Needs

Criterion 2: Visionary Scenarios through Mega Trends

Criterion 3: Implementation Best Practices

Criterion 4: Blue Ocean Strategy

Criterion 5: Financial Performance

Customer Impact

Criterion 1: Price/Performance Value

Criterion 2: Customer Purchase Experience

Criterion 3: Customer Ownership Experience

Criterion 4: Customer Service Experience

Criterion 5: Brand Equity

Best Practices Award Analysis for STANLEY Healthcare

Decision Support Scorecard

To support its evaluation of best practices across multiple business performance

categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool

allows our research and consulting teams to objectively analyze performance, according to

the key benchmarking criteria listed in the previous section, and to assign ratings on that

basis. The tool follows a 10-point scale that allows for nuances in performance evaluation.

Ratings guidelines are illustrated below.

RATINGS GUIDELINES

The Decision Support Scorecard is organized by Visionary Innovation & Performance and

Customer Impact (i.e., these are the overarching categories for all 10 benchmarking

criteria; the definitions for each criterion are provided beneath the scorecard.). The

research team confirms the veracity of this weighted scorecard through sensitivity

analysis, which confirms that small changes to the ratings for a specific criterion do not

lead to a significant change in the overall relative rankings of the companies.



The results of this analysis are shown below. To remain unbiased and to protect the

interests of all organizations reviewed, Frost & Sullivan has chosen to refer to the other

key participants as Competitor 2 and Competitor 3.

Measurement of 1–10 (1 = poor; 10 = excellent)

Company of the Year

Visionary

Innovation &

Performance

Customer

Impact Average Rating

STANLEY Healthcare 9.0 10.0 9.5

Competitor 2 9.0 9.0 9.0

Competitor 3 8.0 8.0 8.0


Criterion 1: Addressing Unmet Needs

Requirement: Implementing a robust process to continuously unearth customers’ unmet

or under-served needs, and creating the products or solutions to address them effectively

Criterion 2: Visionary Scenarios through Mega Trends

Requirement: Incorporating long-range, macro-level scenarios into the innovation

strategy, thereby enabling “first-to-market” growth opportunity solutions

Criterion 3: Implementation of Best Practices

Requirement: Best-in-class strategy implementation characterized by processes, tools, or

activities that generate a consistent and repeatable level of success.

Criterion 4: Blue Ocean Strategy

Requirement: Strategic focus on creating a leadership position in a potentially

“uncontested” market space, manifested by stiff barriers to entry for competitors

Criterion 5: Financial Performance

Requirement: Strong overall business performance in terms of revenues, revenue growth,

operating margin, and other key financial metrics

Customer Impact

Criterion 1: Price/Performance Value

Requirement: Products or services offer the best value for the price, compared to similar

offerings in the market.

Criterion 2: Customer Purchase Experience

Requirement: Customers feel they are buying the most optimal solution that addresses

both their unique needs and their unique constraints.

Criterion 3: Customer Ownership Experience

Requirement: Customers are proud to own the company’s product or service and have a

positive experience throughout the life of the product or service.



Criterion 4: Customer Service Experience

Requirement: Customer service is accessible, fast, stress-free, and of high quality.

Criterion 5: Brand Equity

Requirement: Customers have a positive view of the brand and exhibit high brand loyalty.

Decision Support Matrix

Once all companies have been evaluated according to the Decision Support Scorecard,

analysts then position the candidates on the matrix shown below, enabling them to

visualize which companies are truly breakthrough and which ones are not yet operating at

best-in-class levels.

High

Low

Low High

Customer Impact


STANLEY

Healthcare

Competitor 2

Competitor 3



Best Practices Recognition: 10 Steps to Researching,

Identifying, and Recognizing Best Practices

Frost & Sullivan analysts follow a 10-step process to evaluate Award candidates and

assess their fit with select best practice criteria. The reputation and integrity of the

Awards are based on close adherence to this process.

STEP OBJECTIVE KEY ACTIVITIES OUTPUT

1 Monitor, target, and screen

Identify Award recipient candidates from around the globe

• Conduct in-depth industry research

• Identify emerging sectors

• Scan multiple geographies

Pipeline of candidates who potentially meet all best-practice criteria

2 Perform 360-degree research

Perform comprehensive, 360-degree research on all candidates in the pipeline

• Interview thought leaders and industry practitioners

• Assess candidates’ fit with best-practice criteria

• Rank all candidates

Matrix positioning of all candidates’ performance relative to one another

3

Invite thought leadership in best practices

Perform in-depth examination of all candidates

• Confirm best-practice criteria • Examine eligibility of all

candidates • Identify any information gaps

Detailed profiles of all ranked candidates

4

Initiate research director review

Conduct an unbiased evaluation of all candidate profiles

• Brainstorm ranking options • Invite multiple perspectives

on candidates’ performance • Update candidate profiles

Final prioritization of all eligible candidates and companion best-practice positioning paper

5

Assemble panel of industry experts

Present findings to an expert panel of industry thought leaders

• Share findings • Strengthen cases for

candidate eligibility • Prioritize candidates

Refined list of prioritized Award candidates

6

Conduct global industry review

Build consensus on Award candidates’ eligibility

• Hold global team meeting to review all candidates

• Pressure-test fit with criteria • Confirm inclusion of all

eligible candidates

Final list of eligible Award candidates, representing success stories worldwide

7 Perform quality check

Develop official Award consideration materials

• Perform final performance benchmarking activities

• Write nominations • Perform quality review

High-quality, accurate, and creative presentation of nominees’ successes

8

Reconnect with panel of industry experts

Finalize the selection of the best-practice Award recipient

• Review analysis with panel • Build consensus • Select winner

Decision on which company performs best against all best-practice criteria

9 Communicate recognition

Inform Award recipient of Award recognition

• Inspire the organization for continued success

• Celebrate the recipient’s performance

Announcement of Award and plan for how recipient can use the Award

10 Take strategic action

Upon licensing, company able to share Award news with stakeholders and customers

• Coordinate media outreach • Design a marketing plan • Assess Award’s role in future

strategic planning

Widespread awareness of recipient’s Award status among investors, media personnel, and employees



The Intersection between 360-Degree Research and Best Practices Awards

Research Methodology

Frost & Sullivan’s 360-degree research

methodology represents the analytical

rigor of our research process. It offers a

360-degree view of industry challenges,

trends, and issues by integrating all 7 of

Frost & Sullivan's research methodologies.

Too often companies make important

growth decisions based on a narrow

understanding of their environment,

leading to errors of both omission and

commission. Successful growth strategies

are founded on a thorough understanding

of market, technical, economic, financial,

customer, best practices, and demographic

analyses. The integration of these research

disciplines into the 360-degree research

methodology provides an evaluation

platform for benchmarking industry

participants and for identifying those performing at best-in-class levels.

About Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth

and achieve best-in-class positions in growth, innovation, and leadership. The company's

Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined

research and best practice models to drive the generation, evaluation, and implementation

of powerful growth strategies. Frost & Sullivan leverages more than 50 years of

experience in partnering with Global 1000 companies, emerging businesses, and the

investment community from 45 offices on six continents. To join our Growth Partnership,

please visit http://www.frost.com.

360-DEGREE RESEARCH: SEEING ORDER IN

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2017 global senior living community vendor …...services include emergency call, wander management,...

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