Quality Management Systems, 2022: Frost Radar Report

A Benchmarking System to Spark Companies to Action Innovation that Fuels New Deal Flow and Growth Pipelines

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. The analyst analyzes hundreds of companies in an industry and benchmarks them across 10 criteria on the report, where the leading companies in the industry are then positioned.