Understanding the application of Gartner Magic Quadrant to improve business decision making
Gartner is one of the leading research and advisory companies that provides entrepreneurs like you the tools to achieve your vision and mission for business growth. Gartner goes one step beyond the native technology to offer innovative solutions coupled with stellar research. One of their key products is the Gartner Magic Quadrant.
It is a research methodology employed to gain better insights into several factors that influence your business decisions. The quadrant bifurcates and analyses your company’s strengths and weakness on a two-dimensional matrix across four key parameters. These include the challengers, niche players, leaders, and visionaries.
Assessment criteria – How does the quadrant measure?
Gartner Magic Quadrant measures your ability to execute ideas with regard to the completeness of your vision. Simply put, a quadrant has four parts and the aforementioned parameters represent the scale on a simple X (vertical) and Y (horizontal) axis illustration.
What determines your ability to execute?
Understanding the opportunities in both the present and future, exploring the viability of ideas, and measuring your performance accordingly influence the ability to execute. The level of professionalism employed to accomplish while taking into account customer experiences directly affect your sales. Combined, these parameters account for your overall ability to carry out the necessary tasks to achieve your vision and business goals.
How can you achieve completeness of vision?
On the Gartner Magic Quadrant, execution is directly measured against vision. It pays to have a solid market knowledge to determine innovative products and solutions. Addressing market demand begins with understanding key strategies that you can employ to make better decisions to align with your business goals. Primarily, these include geographic strategies to evaluate market needs by location and help determine a product strategy. Furthermore, based on the available research data, you can employ industry and marketing strategies to enhance sales.
To summarize, the Gartner Magic Quadrant gives you a near accurate graphical representation of how as a leader you can execute your business goals after analyzing the market competition. It also divides the business strengths and weaknesses accordingly to assess the right time and investment opportunities for development and expansion. The quadrant accounts for changes in market rules and helps determine if you are taking your business in the right direction.
The tool is flexible to use and can be customized in many ways for a thorough internal analysis. Create and share these quadrants internally to strategize and capitalize on opportunities like a boss!