Nanalysis Award Write Up
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Transcript of Nanalysis Award Write Up
2016 Global Portable NMR SpectroscopyCompany of the Year Award
2016
BEST PRACTICES RESEARCH
Frost & Sullivan 2016 2 “We Accelerate Growth”
Contents
Background and Company Performance ........................................................................ 3
Industry Challenges .............................................................................................. 3
Visionary Innovation & Performance and Customer Impact ........................................ 3
Conclusion........................................................................................................... 3
Significance of Company of the Year ............................................................................. 6
Understanding Company of the Year ............................................................................. 6
Key Benchmarking Criteria .................................................................................... 7
Best Practice Award Analysis ....................................................................................... 7
Decision Support Scorecard ................................................................................... 7
Visionary Innovation & Performance ....................................................................... 8
Customer Impact ................................................................................................. 9
Decision Support Matrix ........................................................................................ 9
The Intersection between 360-Degree Research and Best Practices Awards ..................... 10
Research Methodology ........................................................................................ 10
Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices ................................................................................................................. 11
About Frost & Sullivan .............................................................................................. 12
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Background and Company Performance
Industry Challenges
NMR Spectroscopy is an extremely powerful, information-rich chemical characterization
technique. However, end users report to Frost & Sullivan that the installation of the large,
traditional NMR instrumentation in remote, centralized facilities does not match with their
at-line or on-line research and development (R&D) needs for routine analyses. Portable
instruments can be widely used in laboratory and field deployments for quick and on-the-
go results in the analytical instrumentation market, including several end-user industries
such as pharmaceuticals, petrochemicals, academics, food, and environmental analysis.
In addition, Frost & Sullivan notes that leading original equipment manufacturers (OEMs)
of traditional NMR spectrometers take significant turnaround time to return equipment to
customers when sent to resolve issues. This is quite challenging for organizations with
quality control laboratories, as it obviously impacts the downtime. Certain laboratories do
not use equipment for longer periods of time when proper maintenance is not provided.
Large pharmaceutical firms skip the preventive maintenance procedures and other
services of their average functioning equipment due to the significant downtime caused by
delays from manufacturers.
Frost & Sullivan firmly believes that the equipment vendor best able to tackle the above-
mentioned challenges and provide ease of use through compact, robust, and highly
sophisticated instruments will be able to gain market share.
Visionary Innovation & Performance and Customer Impact
Addressing Unmet Needs
Nanalysis was established in Calgary, Canada in 2009
with the vision to develop unique compact, high-
resolution Nuclear Magnetic Resonance (NMR)
spectrometers. After 4 years of engineering
development, the company successfully developed the
first benchtop NMR spectrometer that could be used to
supplement existing high-field technology. Today this
product is used by customers in more than 30 countries
including United States, Japan, China, the United
Kingdom, Germany, Malaysia, Indonesia, Thailand,
India, Turkey, Tajikistan, Malawi, Tanzania and many
more.
Nanalysis offers the NMReady-60 family of NMR products, namely NMReady-60e and
NMReady-60PRO. These products are high-resolution portable NMR spectrometers used
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extensively by chemical engineers and technicians across several end-user industries,
including oil & gas, chemical, pharma, biotech, food processing, government, and
university labs. The key advantages of these products are threefold. First, they do not
require liquid helium or any other cryogens that are both costly and require trained
maintenance staff to upkeep. Second, they are easier-to-use and more robust such that
non-NMR experts can generate useful data from the instrument and experts are not
required to maintain the instrumentation. And finally, these lines of NMR spectrometers
are cutting edge in their compact package (i.e., 55 lbs, 11.8x11.0x19.2”). Although, easy
to overlook, this is absolutely pivotal to put NMR technology at the point of need where
historically it has been impossible for NMR technology to provide value. This includes air-
sensitive environments and chemical process lines. In addition, the NMReady-flow and
NMReady-CONNECT provide additional benefits to customers by reducing operational costs
and expanding the boundaries of what NMR had been previously considered to be capable.
Implementation Best Practices
Nanalysis has properly engaged with customers to ensure it is providing the optimum
value with its products and services. From this perspective, the company developed the
products in such a manner that the customers can use any kind of sampling system and
are not restricted to any proprietary methodologies. This, along with its marketing-
leading size and usability, has provided Nanalysis with a clever opportunity to increase its
customer base and move NMR into non-traditional applications through in-house
developments and working with third-party component vendors for any immediate
requirements. Nanalysis has partners with test vendors and application specific experts to
provide additional solutions for industry, including flow sensors and automated data
analysis software. For example, Nanalysis has partners with vendors that provide safe
glove boxes, thereby ensuring that Nanalysis provides a holistic solution to its customers.
Blue Ocean Strategy
The primary challenge in building a compact NMR spectrometer is to design a magnet
system that has high magnetic field homogeneity, and at the same time is repeatable and
manufacturable. With superior technology and second-to-non engineering efforts,
Nanalysis has overcome this challenge and is also able to market its product in an efficient
manner, even increasing quality and decreasing internal costs.
In addition to the critical performance metrics of field homogeneity and system sensitivity,
the company has also focused on aesthetics to make the product visually and
ergonomically appealing, and believes this has been one of the key reasons for its success
around the world, in developed and emerging markets alike. Nanalysis focused on
entrepreneurial agile development and garnered experience as a technology start-up
company and gained market share relatively quickly when compared to other test
vendors. Frost & Sullivan independent analysis reveals that the main success factor is the
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flexible technology platform that the company offers with a high performance-to-price
ratio.
Customer Service Experience
From a customer standpoint, ease of use is the most important criteria to ensure quick
processing. Nanalysis products are simple to use, requiring NMR standard sample
preparation methods and no proprietary injection system, and are portable in nature; they
can be shifted to any location easily. One of the largest classes of end-users for Nanalysis
is academia, and the company has been quite successful in providing hands-on experience
to supplement cognitive learning for undergraduates. Since the products do not require
weekly maintenance and are compact, portable, and simple to use, customers receive
maximum value with these solutions.
Brand Equity
Nanalysis has been constantly growing in demand and has also increased its year-on-year
growth at more than 50%. This has been achievable with its increase in brand recognition
by providing the right kind of solution to global customers. For example, the chemical
industry is key in Europe, while food, pharmaceuticals and petrochemicals are paramount
in Asia. By catering to the exact needs and requirements of the customers, Frost &
Sullivan applauds how Nanalysis has been able to gain market share and momentum in
the NMR spectroscopy market.
Nanalysis believes in partnerships, co-marketing with leading glassware, glovebox, and
medicinal chemistry manufactures, as well as some of the largest chemical companies,
universities, and lab supply companies in the world.
Conclusion
Nanalysis has emerged as the most successful company in the compact NMR spectroscopy
market with its NMReady-60 product portfolio. These products, being compact in nature,
can be plugged in at any location; thereby, making it easy for customers to use it
anywhere. Its ease of use is another key differentiating factor that makes it a unique
solution. Customer testimonials have shown success factors as ease of use, time and
money savings in industry, and a great learning tool in academics. By increasing its
customer base on a regular basis, Nanalysis is expected to gain significant market share in
the NMR spectroscopy market going forward, with its established products, as well as its
exciting product roadmap for 2017 and beyond.
With its strong overall performance, Nanalysis has earned Frost & Sullivan’s 2016
Company of the Year Award.
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Significance of Company of the Year
To receive the Frost & Sullivan Global Company of the Year Award requires a market
participant 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 Global Company of the Year Award (Visionary Innovation & Performance and
Customer Impact).
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Key Benchmarking Criteria
For the Global 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 Practice Award Analysis for Nanalysis
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., the overarching categories for all 10 benchmarking criteria; the
definitions for each criteria 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.
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The results of this analysis are shown below. To remain unbiased and to protect the
interests of all organizations reviewed, we have chosen to refer to the other key players
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
Nanalysis 9.5 9.5 9.5
Competitor 2 7.0 8.0 7.5
Competitor 3 5.0 6.0 5.5
Visionary Innovation & Performance
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 opportunities solutions
Criterion 4: 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 3: Blue Ocean Strategy
Requirement: Strategic focus in 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
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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 like 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 can 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.
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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 players and for identifying those performing at best-
in-class levels.
360-DEGREE RESEARCH: SEEING ORDER IN
THE CHAOS
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Best Practices Recognition: 10 Steps to Researching,
Identifying, and Recognizing Best Practices
Frost & Sullivan Awards 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 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
Present Award to the CEO Inspire the organization for
continued success Celebrate the recipient’s
performance
Announcement of Award and plan for how recipient can use the Award to enhance the brand
10 Take strategic action
Upon licensing, company may 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
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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 almost 50 years of experience in
partnering with Global 1000 companies, emerging businesses and the investment
community from 31 offices on six continents. To join our Growth Partnership, please visit
http://www.frost.com.