BOT (Build-operate-transfer) contracting has grown to be developed into a decisive asset for companies and operators between borders. What initially began as an activity confined to multinational companies in the US has today developed into a broad based business platform backed by leading IT software and services organizations and other third party service providers. But this does not narrow down to only IT providers, great medtech companies such as Medtronic, Thermo Fisher, Johnson & Johnson, and Philips Healthcare can develop entirely independent new centers of excellence in a variety of new territories. And, what does this represent for all the BioMedTech companies?
The principal advantages of a BOT model rely on the extent to which these efforts can translate into talent pool and operating capacity strengths for a Biomedical technology business. In order to do so, the first step is to assess your AI/KM Culture and build the necessary abilities. In a BioMedTech environment, the goal of being customer-focused is on the top priorities, moreover developing outcomes that are efficiently delivered to customers. As a result, repetitive work requiring staff may now be successfully relocated to the BOT channel, freeing up personnel for value-added work and transactions with more complicated exceptions.
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Now, such an expanding industry requires more efficient processes and equipment on which they can rely. Through BOT, a company reallocates the risks and rewards in the development of software development projects. How?
A BOT is a business model that consists on a contractual relationship in which an organization hires a service provider to set up, optimize, and run a business. A BOT model might be very useful for healthcare organizations if they wish to outsource software operations related to the manufacture of a medical device to a much broader skill pool. This way you can begin to set up an operation unit which can encompass everything from selecting the buildings, as well as the setup and installation of infrastructures such as IT devices, internet, and computers. Afterwards focus on project or product creation, management, improvements, maintenance, and product support, with all the necessary audit. And for all these processes there are companies that can enhance your strategy.
So, why is it important to leverage BOT as a strategy for accelerating digital transformation?
A strong BOT partner for IT services will access high-quality personnel in many global locations. This can favor a BioMedTech company looking for the right talent and know-how experience in operations. To achieve successful financing for the proposed project, capital structuring skills for software development and financial engineering techniques are required to find the proper debt and equity economic mix. The open-source community will enable increasingly possible ‘rental’ expertise to continue to grow together, with the right engineers and medical tech specialists.
One great example of a company whose case scenario represents the BOT model facilitator is ITJ. ITJ is a fast-growing IT partner that enables companies to create world-class software engineering centers of excellence in Tijuana, México. Furthermore, by partnering with California businesses (and now expanding), we help develop an innovative economy. As a plus in our operation model, we have the nearness in location between Tijuana and San Diego in our favor. Nowadays, ITJ is currently the perfect partner for BioMedTech companies, thanks to our experience.
About ITJ
ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.
