What Constitutes the GoodFirms’ Company Performance Algorithm?
The Company Performance Algorithm is a functional algorithm designed by GoodFirms' Research and listing team. This optimally structured algorithm evaluates the organizations on two components: Core Competencies and 360-Performance View.
GoodFirms Leaders Matrix is based on the Company performance algorithm, which constitutes -Core Competencies and 360-Performance View as the main components to rank any company. These two components are key evaluation categories for the ranking purpose.
Core Competencies highlight the services that form the main focus area of a company. Core competency is the focus area where the company excels and has a strategic advantage over its peers. To evaluate the legitimacy of core competencies, two factors are taken into account:
The primary service provided by the company and in which it provides a robust, efficient, and exclusive service.
As per the service defined by the company, portfolios are used to validate the real performance of the company. It determines how good their services are.
360-Performance View defines a well-established company's overall market presence and performance. To evaluate the legitimacy of 360-Performance, three factors are taken into account:
The reviews submitted for the respective service are considered.
The overall presence of any company on the web is considered for ranking the company. It even takes the data that is available on GoodFirms.
To assess the credibility of any company GoodFirms Score Process is applied. It takes two factors into account:
Awards & Certifications:It looks for Company Recognition and Awards.
Confidential Assessment:It evaluates the professionalism of the company by conducting a secret call that functions as an authentication initiative.
The Leaders Matrix ViewAfter the evaluation process, companies are further divided into four different quadrants:
- Companies that serve various services.
- They excel in 360-Performance View but have a low focus for respective service than leaders.
- Industry Contenders still have great delivery capabilities and advantages on various parameters.
- Companies that are considered to be the best in the industry.
- They excel in Core Competencies as well as 360-Performance View.
- Industry Leaders have par-excellent delivery power and competitive advantage.
- Companies that are new in the industry.
- They are less focused on the desired Core Competencies as well as 360- Performance View.
- Upcoming Achievers have fair delivery capabilities and are slowly gaining market share.
- Companies that are respective service focused.
- They are moderately focussed on the desired Core Competencies but have low 360-Performance View than contenders.
- Market Influencers have moderate delivery potential, and they have a good market share
Frequently Asked Questions
What is the Relevance of Core Competencies in Deciding Rankings?
How is 360-Performance View a Valid Criterion in Deciding Rankings?
How Do You Evaluate Market Presence?
Market presence is evaluated as per the below given six criteria:
- Industry Focus: Industries that a company serves.
- Client Focus: Client base that a company targets or have been covering.
- Market Experience: Founding year, employees, projects delivered, career opportunities.
- Reputation: How a company represents itself in the market, and how market perceive it?
- Social Media Presence: Overall social media presence and engagement.
- Geographic Presence: Geographical presence and hold of the local market.