Revolutionising Emerging Economies: F-AHP and VIKOR in P&O Tech

In the dynamic realm of medical device marketing, particularly in burgeoning economies, the adoption of Industry 4.0 technologies is rapidly becoming not merely a trend but an imperative. I recently had the privilege of conversing with Dr. Priya Malhotra, a distinguished senior researcher in the Prosthetics and Orthotics (P&O) sector. Her expertise offered a captivating perspective on the future of medical device marketing strategies, as informed by advanced technologies and a sophisticated combination of the Fuzzy Analytic Hierarchy Process (F-AHP) and VIKOR model.

Dr. Malhotra, renowned for her meticulous attention to detail, elucidated the brilliance of employing an integrated F-AHP and VIKOR model in her research. She remarked, “This methodology’s elegance is in its capacity to manage the ambiguity inherent in human judgment, which is essential when navigating multiple criteria decision-making (MCDM).” The method utilises fuzzy sets and judgment matrices composed of triangular fuzzy numbers to ascertain the ultimate weights required for prioritising Industry 4.0 technologies. This technique is exceptionally beneficial in the P&O industry, where decision-making is complex and multi-dimensional. By accommodating fuzziness, the methodology addresses the intrinsic uncertainties and subjective evaluations that often accompany the decision-making process.

As we delved deeper into the intricacies of her research, Dr. Malhotra shed light on the pivotal Industry 4.0 technologies assessed for their influence on marketing strategies. “We evaluated Big Data, Artificial Intelligence (AI), Machine Learning (ML), the Internet of Things (IoT), and Virtual Reality (VR) alongside Augmented Reality (AR),” she explained. Each technology was rigorously analysed for its potential to enhance marketing performance and its technological feasibility within the P&O domain. Big Data, for example, is instrumental in providing real-time insights into consumer behaviours and preferences. Dr. Malhotra stressed the significance of customisation, noting, “In prosthetics and orthotics, Big Data facilitates the personalisation of devices, anticipates maintenance needs, and supports clinical decision-making.” Meanwhile, AI and ML empower smarter decision-making and personalised approaches, driving growth and maintaining a competitive edge. “These technologies help us decipher vast swathes of data, essential for tailoring marketing strategies,” she added.

The research hinged on data collected from 16 subject experts with varied expertise. Dr. Malhotra recounted the challenges of managing this extensive data and the criteria involved. “Efficiently managing all the information to comprehend performance and illustrate the importance of each criterion was imperative,” she noted. The survey responses were crucial in constructing a comprehensive model capable of accurately determining the weightage values of the principal criteria and sub-criteria. The study’s standout feature was its proposed marketing approach, which Dr. Malhotra described as pivotal for ensuring relevance and fostering communication with target audiences. “We concentrated on positioning the marketing strategy to augment revenue, broaden market share, and support sustainable growth,” she asserted.

This approach is especially relevant in emerging economies, where market conditions can be volatile. By harnessing advanced technologies, businesses can secure a competitive advantage, enhance customer satisfaction, and spur innovation. As our dialogue concluded, I inquired about the broader implications of Dr. Malhotra’s research. She thoughtfully responded, “Integrating Industry 4.0 technologies into marketing strategies transcends merely enhancing business performance; it aligns with the future of healthcare.” In regions with diverse healthcare systems, whether state-run or privately managed, the imperative to rank individual factors based on their industry significance is paramount. Dr. Malhotra envisions that as these technologies progress, so too will the strategies that leverage their potential.

The insights provided by Dr. Malhotra illuminate the transformative power of Industry 4.0 in reshaping the medical device industry’s marketing landscape. As emerging economies continue their upward trajectory, these advanced methodologies and technologies are poised to play a crucial role in propelling the sector forward. Such advancements not only promise to refine marketing strategies but also signify a broader alignment with the evolving nature of healthcare delivery.

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