The company's focus on R&D will help it solidify its brand image across the world
SANTA CLARA, Calif., June 4, 2019 /CNW/ -- Based on its recent analysis of the global laboratory analytical instrumentation market, Frost & Sullivan recognizes India-based ELICO Ltd with the 2019 Global Innovation Excellence Frost Radar Award. The company has established itself as a strong brand with continuous innovation and development of intellectual property. It is one of the few companies in this space to implement Internet of Things (IoT) to deliver faster results.
"In spite of being a Tier III company in the electrochemistry, spectroscopy, and mass spectrometry product segments, Elico is well positioned to compete against Tier 1 vendors due to its use of IoT," said Sujan Sami, Program Manager. "IoT is still an emerging concept in the laboratory analytical instrumentation segment, which gives Elico an early-mover advantage."
Meanwhile, the company's focus on R&D has enabled it to own several patents. The government sector is one of its key end-user segments, but it is looking to expand its customer base in the long term with the offer of hyphenated products.
"Despite being a regionally focused company, Elico has been able to create a brand image for itself with its broad product portfolio," noted Sami. "It has the opportunity to build on this brand image and expand globally through partnerships."
The Growth Innovation Leadership (GIL) best practice is bestowed upon companies that are market leaders at the forefront of innovation. These companies consolidate or grow their leadership position by continuously innovating and creating new products and solutions that serve the evolving needs of the customer base. These companies are also best positioned to expand the market by strategically broadening their product portfolio.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About ELICO Ltd.
ELICO Ltd is a leading Analytical Instruments Design & Manufacturing Company established in 1960 headquartered in Hyderabad, India. Over the decades it achieved leadership in developing indigenous Analytical Instruments in Electrochemistry, Spectroscopy, Chromatography with a strong Intellectual Property Rights base. Apart from instrument development and manufacturing. ELICO provides R&D and Manufacturing Services to Global Analytical Instrument Companies, supported by a strong base of quality system certified for ISO 9001, ISO14001 & ISO 27001 standards
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SOURCE Frost & Sullivan