A Benchmarking System to Spark Companies to Action - Innovation That Fuels New Deal Flow and Growth Pipelines
12-Aug-2024
Global
Frost Radar
KA9E-01-00-00-00
HC_2024_934
This Frost Radar™ for the laboratory information management systems (LIMS) industry benchmarks providers offering workflow management and paperless tracking capabilities to help improve process efficiencies for life sciences companies. LIMS have several functionalities, such as obtaining, storing, managing, retrieving, and recording laboratory data, which apply across several segments of the life sciences industry.
Rapid technological advancements are revolutionizing the life sciences industry and intensifying competition. The growing competition drives the search of big players for higher market share. LIMS providers compete to offer end-to-end laboratory computing solutions, covering the entire complex ecosystem of laboratories in an integrated solution.
Most vendors already deploy solutions integrating LIMS with electronic laboratory notebooks and scientific data management systems. The focus is now on increasing automation and efficiency using technology tools such as artificial intelligence, including natural language processing and machine learning. Generative artificial intelligence, in particular, is an important area of innovation. Together with advanced data analytics tools, these disruptive technologies are shaping the development of the LIMS industry and charting the path of innovation and growth.
Integration of these tools helps boost the productivity and efficiency of laboratory workflows. It not only allows users to enhance data accuracy and quality and automate data entry, analysis, and extraction, but also offers the potential to perform predictive and prescriptive analysis and improve the scalability of solutions.
Frost & Sullivan projects that a large portion of research and development investments in this area will go toward incorporating advanced AI capabilities and improving the scalability and interoperability of solutions.
Frost & Sullivan analyzes numerous companies in an industry. Those selected for further analysis based on their leadership or other distinctions are benchmarked across 10 Growth and Innovation criteria to reveal their position on the Frost Radar™. The publication presents competitive profiles of each company on the Frost Radar™, considering their strengths and the opportunities that best fit those strengths.
Strategic Imperative
Strategic Imperative (continued)
Growth Environment
Growth Environment (continued)
Frost Radar™: Laboratory Information Management Systems
Frost Radar™ Competitive Environment
Frost Radar™ Competitive Environment (continued)
AgileBio
AgileBio (continued)
AgileBio (continued)
Agilent Technologies
Agilent Technologies (continued)
Agilent Technologies (continued)
Benchling
Benchling (continued)
Benchling (continued)
BIOVIA (Dassault Systèmes)
BIOVIA (Dassault Systèmes) (continued)
BIOVIA (Dassault Systèmes) (continued)
Clinisys
Clinisys (continued)
Clinisys (continued)
Eusoft
Eusoft (continued)
Eusoft (continued)
L7 Informatics
L7 Informatics (continued)
L7 Informatics (continued)
Labguru
Labguru (continued)
Labguru (continued)
LabVantage Solutions
LabVantage Solutions (continued)
LabVantage Solutions (continued)
LabWare
LabWare (continued)
LabWare (continued)
QBench
QBench (continued)
QBench (continued)
STARLIMS
STARLIMS (continued)
STARLIMS (continued)
Thermo Fisher Scientific
Thermo Fisher Scientific (continued)
Thermo Fisher Scientific (continued)
Thermo Fisher Scientific (continued)
Xybion
Xybion (continued)
Xybion (continued)
Best Practices
Growth Opportunities
Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform (continued)
Significance of Being on the Frost Radar™
Frost Radar™ Empowers the CEO’s Growth Team
Frost Radar™ Empowers Investors
Frost Radar™ Empowers Customers
Frost Radar™ Empowers the Board of Directors
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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.
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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.
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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.
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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.
Speak directly with our analytics experts for tailored recommendations.
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| Deliverable Type | Frost Radar |
|---|---|
| Author | Lucila Martin |
| Industries | Healthcare |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Frost Radar Lims Analysis |
| Keyword 2 | Laboratory Information Management Systems |
| Keyword 3 | Lims Market Trends |
| Podcast | No |
| WIP Number | KA9E-01-00-00-00 |
Frost Radar™: Laboratory Information Management Systems, 2024
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