Gartner is one of the leading Information Technology (IT) advisory services in the world – they offer IT consultations, as well as IT products that fit your needs. Having helped over 60,000 clients in more than 90 countries, Gartner offers insight in which IT products a company should use- dependent on their industry and goals. This was made possible through extensive research that was analyzed and interpreted by the analysts who work at Gartner. The job of the analysts is to accommodate their client’s business needs and goals, while saving money and time by helping their client’s select the most efficient IT products that will lead to maximum success.
The IT consultant company also found success through their creation of the Gartner Magic Quadrant. Through careful evaluation, the Magic Quadrant is beneficial for those who are interested in looking for an investor in a business, or if they are looking at competitors of their business in that specific market. The quadrant (pictured below) is divided into 4 sectors: Leaders, Visionaries, Niche Players, and Challengers.
The Leaders are the companies who understand the direction of the market, have a vision and successfully execute their plan.
The challengers are the companies which are presently successful, however, due to a lack of understanding of the market direction, are not likely to continue in their success.
The Visionaries are successful in understanding the direction of the market, however, they do not execute their vision.
The Niche Players do not understand the direction of the market and do not execute their plan.
Companies are placed on the quadrant based on the complex strategies and foundations that they use (in relation to the technological realm) to which they owe their success. Based on their strengths and weaknesses which place the company in their corresponding sector, it is possible to visualize the future in regards to their relevance in the technological world. Ultimately, Gartner’s Magic Quadrant exposes the individual characteristics between the companies which make them successful or unsuccessful. Here, it is worth noting that it is important to evaluate all sectors as each sector has their own strengths and weaknesses which you can use to your benefit. Taken together, this instrument allows you to oversee and take into account the progress of other competitor companies in that market to further aid in success of your company, help you choose an investor, or to help you choose the IT product that would best suit your needs.