nanalysis award write up

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2016 Global Portable NMR Spectroscopy Company of the Year Award 2016

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Page 1: Nanalysis Award Write Up

2016 Global Portable NMR SpectroscopyCompany of the Year Award

2016

Page 2: Nanalysis Award Write Up

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

Page 3: Nanalysis Award Write Up

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Frost & Sullivan 2016 3 “We Accelerate Growth”

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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Frost & Sullivan 2016 4 “We Accelerate Growth”

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

Page 12: Nanalysis Award Write Up

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Frost & Sullivan 2016 12 “We Accelerate Growth”

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.