The quality management system (QMS) market is growing fast. Regulatory compliance is one of the key drivers for the implementation of a QMS, especially as frequently changing geopolitical situations make it harder for companies to effectively act in accordance with requirements worldwide. Drug manufacturers, for example, must manage the complexities of products, services, and suppliers; innovate quickly; and factor in rising costs to improve patient experience and outcomes. The cost of non-compliance is high and could result in warning letters, recalls, and operational inefficiencies.
Even small to mid-size businesses understand the value of a QMS to remain competitive and are setting aside realistic budgets. Full-suite QMS projects in which customers deploy multiple solutions at one time is now common. Customers also look for seamless integration of a QMS with other business systems that are already in place, such as enterprise resource planning, customer relationship management, and laboratory information management, to provide data consistency across departments and allow for easy collaboration.
Important competitive factors in this market include platform technology (legacy architecture versus modern cloud); solution breadth and depth; target customer size (small, medium, enterprise, or all); ability to serve customers across multiple industries and regions; analytics, AI, and ML capabilities; lead time to deployment; licensing options; and configurability and scalability.
The Frost Radar™ reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar™ methodology. The document presents competitive profiles on each of the companies in the Frost Radar™ based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in an industry and benchmarks them across 10 criteria on the Frost Radar™, where the leading companies in the industry are then positioned.
Author: Sankara Narayanan Venkataramani
Strategic Imperative
Strategic Imperative (continued)
Growth Environment
Frost Radar™: Quality Management Systems
Frost Radar™: Competitive Environment
Frost Radar™: Competitive Environment (continued)
Arena (PTC)
AssurX
ComplianceQuest
Cority
Dot Compliance
ETQ (Hexagon)
Greenlight Guru
Intelex
IQVIA (Pilgrim)
MasterControl
PSC Software
QAD
Qualio
Qualityze
Solabs
Sparta Systems (Honeywell)
Veeva Systems
ZenQMS
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Significance of Being on the Frost Radar™
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Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
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Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
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| Deliverable Type | Frost Radar |
|---|---|
| Author | Sankara Narayanan Venkataramani |
| Industries | Industrial Automation |
| No Index | No |
| Is Prebook | No |
| Podcast | No |
| WIP Number | K7C5-01-00-00-00 |
Frost Radar™: Quality Management Systems, 2022
A Benchmarking System to Spark Companies to Action Innovation that Fuels New Deal Flow and Growth Pipelines
03-Nov-2022
Global
Frost Radar
