All companies want to be leaders in the world market. Being a global market leader not only means you’re among the best in the industry, it also assures current and potential customers of the longevity of your organization. but what is a world market leaderAnd what does it take to become one?
What is a global market leader?
A global market leader is an organization with the right balance of vision, innovation, and execution, and the ability to change that ratio as the business and markets evolve.
Vision it requires having a deep understanding of the market and a commitment to your customers. It requires a good balance between relating the current and changing needs of the customer base and the context in which they operate, with anticipating their future needs based on their understanding of the market.
Innovation is developing software and products to meet the changing needs of its customers while having the agility to quickly pivot as the market and customer needs change. no innovationorganizations cannot drive significant changes in the marketplace to better serve customers while pushing the boundaries of what is possible.
Execution has evolved from delivering your product and services to your customers. Once the product has been delivered, the question is: do you have the ability to execute to help your customers when they have a problem, regardless of the environment, product version, time, or customer location? In other words, can you evolve with your customers’ changing needs and continue to meet their expectations, not just at the point of delivery but throughout the customer’s lifetime?
What does it take to become a global market leader?
Becoming a global market leader is about developing relationships with your customers and building your reputation in the marketplace through long-term commitment and leadership. It’s also about focus. In the information management space, there are several areas where a company could try to become a market leader: digital experience, content management, supply chain, etc. The priorities are found each year.
To be a market leader, you must marry innovation with vision and have a strong execution planall this combined with a deep knowledge of the market and an ability to adapt to change.
If a company cannot adapt to changes in the market and evolve to meet the changing needs of its customers, it will not be a market leader for long. Think about the evolution of cell phone companies since the 1990s. Motorola pioneered and, for many years, the market share leader in cell phone sales in the early and mid-1990s, but it was ousted by Nokia in 1998 after failing to innovate. Nokia became the the world’s largest phone maker down to Apple and Android stepped on the scene. Nokia’s fall came as a surprise to many: As The New Yorker argues, the company was not a technological laggard, but it couldn’t turn its R&D investments into products people wanted to buy. In other words, they lost their vision, understanding of the market, and ultimately their ability to execute.
What are the benefits of working with a global market leader?
One of the main benefits of working with a global market leader is the assurance that the company is not going out of business or getting rid of the products it is using in the near future. If a company is a global market leader, it is established in the industry and has a strong understanding of where the market is headed. For example, when customers are transitioning to the cloud, many are hedging their bets with hyperscalar: Amazon, Microsoft® Azure, precisely because they are stable companies. This is a way of Future-proof your software investments.
Another benefit of working with a global market leader is that leading organizations often attract the best talent. With a highly skilled and dedicated workforce, these organizations can deliver the memorable experiences customers expect. When evaluating new tools and technology for your organization, the ongoing support and overall customer experience you’ll encounter is quickly becoming a top priority to ensure successful implementation, adoption, and expansion.
Additional benefit: Using familiar technology, powered by a market leader, can help your own organization attract and retain talent too! In today’s competition for talent, candidates seek opportunities that offer compelling employee experiences, often powered by modern, intuitive technology that takes the friction out of their daily tasks.
What does it mean for OpenText to be a global market leader?
At OpenText, being a global market leader is about being innovative and developing new products to meet the needs of our customers, anticipating where the market is headed and the needs of our current and potential customers.
invest in the future
It’s also about supporting and modernizing existing products, ensuring they get the updates our customers need. Let’s take OpenText Documentum as an example. When OpenText acquired Documentum, one of the first updates was a complete user interface update. This update demonstrated to our customers that we were committed to continuing to innovate in the product, allowing them to feel secure in their existing technology investments. We continue to invest in Documentum and today it can run in the cloud on Kubernetes. This is just one example of how market leaders can reassure clients about the longevity and sustainability of their technology investments.
have social responsibilities
Being a market leader goes beyond the company’s products and reputation. It also involves being a good corporate citizen. At OpenText, our business is built on a foundation of trust. To maintain our position as a market leader, we believe it is crucial to earn and establish the trust of our customers, employees, investors, suppliers and the communities in which we operate. For example, him OpenText Zero-In Initiative is our commitment to harness the power of technology for the common good through three commitments: zero footprint, zero barriers, and zero commitment.
making an impact
In addition to our own environmental, social and governance (ESG) commitments, such as the Zero-In initiative, enable our customers to achieve their sustainability goals by transitioning paper-based processes to digital, supporting secure remote work, and digitizing disrupted global supply chains. For example, OpenText Trading Grid™ digitizes more than 33 billion transactions per year. This paper reduction saves the equivalent of 6.5 million trees and greenhouse gas emissions of more than 922,000 tons of CO2e, according to calculations by the Environmental Paper Network’s Paper Calculator.
Want to know more about what sets a market leader apart from the rest?
Find out how OpenText is a partner, not just a provider.
This blog was co-written by John RadkoOpenText Senior Vice President of Enterprise Engineering.