COMPANY PROFILE -Qualtrics
Business Sector :Software services
Operating Geography :United States, North America, Global
About Qualtrics :
Qualtrics is a US-based experience management firm with headquarters in Seattle, Washington and Provo, Utah. In 2002, the firm was established by Scott M. Smith, Ryan Smith, Jared Smith, and Stuart Orgill. Qualtrics Experience Management (XM) is a software platform that allows businesses to continuously evaluate the quality of their four main experiences: customers, workers, products, and brands. The company is used by organizations to be involved at every meaningful touchpoint, for every experience, and to forecast which changes will have the most impact on stakeholders. Its Technical Account Manager will help you move your XM programme ahead by providing you with ongoing technical insight, knowledge, and innovation. The company's solution delivery team follows the programme blueprints to deliver a fully configured programme, complete with any integrations, customizations, or migrations. SAP announced its intention to take Qualtrics public on July 26, 2020, and the company began trading on the Nasdaq on January 28, 2021.
Qualtrics's Unique Selling Point or USP lies in it being the leading experience data (X-data) company, and it is owned by SAP, the market leader in operational data (O-data). Qualtrics's mission statement reads, "At Qualtrics, our mission is to close the experience gap".
Qualtrics Revenue :
$ 763.5 million - FY ending 31st December 2020
$ 591.1 million - FY ending 31st December 2019
Competitive Analysis of Qualtrics
The SWOT analysis for Qualtrics is presented below in a matrix followed by the detailed analysis report
| Strengths | Weaknesses |
1. Single integrated platform providing solutions
2. Platform is built for action keeping customers engaged
3. Comprehensive data collection and real time insights are provided which give immense value to the customers
4. Recognized leader in experience management
5. Focus on continuous innovation and enhancement of its XM Platform
| 1. Reliance with SAP may affect profitability of the company
2. Limited ways of acquiring new customers to generate revenues
No net profits since 2018 for the company
|
| Opportunities | Threats |
1. Expanding operations to new markets
2. Utilizing AI tools into its products for better results
| 1. Risk of data breaches which may lead to loss of customers
2. Impact of COVID-19 on surveying methods
|
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Detailed SWOT Analysis of Qualtrics
Strength
1. Single integrated platform providing solutions: The XM Platform of Qualtrics serves as a business operating system for Experience Management and consists of purpose built solutions for customer, employee, product and brand experiences. The XM Platform uses Listening, Qualtrics iQ and xFLow engine to provide the customers the ability to target the right users in the right moments to gather the insights that they need to drive action. The platform offers certain benefits like the ability to experience holistically, integrated analytical capabilities, build for action, comprehensive data collection, real-time insight, flexible configuration to meet specific needs, democratization of experience management across all users and enterprise ready. The XM platform enables organizations to design new breakthrough experiences and, continuously improve broken experiences through recognizing problems, addressing the root cause, and then overhauling processes before they manifest as lower trending satisfaction scores. As of 2020, the Qualtrics XM Platform is used by more than 13,500 customers of all sizes, including 85% of the Fortune 100.
2. Platform is built for action keeping customers engaged: Qualtrics xFlow enables organizations to automate experience workflows to drive action natively or by integrating with systems that an organization already uses. For example, with the company’s analytics driven Smart Routing, the platform can automatically generate a customer ticket and action to resolution when a negative sentiment is expressed on a social media site. In this way, Qualtrics’ XM Platform not only helps to identify issues, but also serves as a system of action by automatically directing feedback and recommended actions to the teams that are in the best position to make improvements. The system can bypass the need for employees to resolve issues and instead automate service recovery so customer or employee issues do not slip through the cracks. xFlow works across the company’s platforms and provides automatic notifications, raises tickets and closes experience gaps immediately. This action driven platform keeps the customers engaged in the process and gives results quickly than other software. The customer gets the results faster in this process and is able to utilize the results quicker. This is a great bonus for the users of the software and allows the company to generate more revenues.
The remaining section under "Strength"is available only in the 'Complete Report' on purchase.
Weakness
This section is available only in the 'Complete Report' on purchase.
Opportunity
This section is available only in the 'Complete Report' on purchase.
Threats
This section is available only in the 'Complete Report' on purchase.
The PESTLE analysis for Qualtrics is presented below in a table followed by the detailed analysis report
| Political | Economical |
1. Impact of Biden administration on the information technology industry
2. US-China trade war affects the information technology and software industry
| 1. Impact of COVID-19 on USA’s software sector |
| Social | Technological |
1. Use of social media as a source of data for experience management software
2. Potential to use of online and mobile trackers as a source of data
| 1. Use of AI and ML and other new technologies to make experience management better
2. Risk of cyber-attacks on software companies
3. Rise in use of voice assistant may lead to innovations in acquiring data from voice input of customers
|
| Legal | Environmental |
| 1. Data privacy laws need to be adhered to by companies | 1. Impact of climate change on USA’s software and information technology industry |
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Detailed Pestle Analysis of Qualtrics
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
This section is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
1. Impact of climate change on USA’s software and information technology industry: The least sustainable and most environmental damaging industry is the digital technology industry. The leaders are unwilling to change their way of dealing with the climate change and are claiming that they are contributing enough to deliver the so-called Sustainable Development Goals. Replacement of the hardware due to the upgradation in software results in simply throwing away the old hardware which is scarcely sustainable. However, it is increasing the profit of the companies at the expense of its consumers. Moreover, the consumption of electricity by the digital technology sector is growing rapidly and it is predicted that it will increase by 20% by 2025. The demand is increasing because of the direct use of digital technology such as powering servers, equipment and charging mobile devices. The heat generated by these technologies also throws light on the inefficiency of this sector. For instance, two-third of the power used by mobile base stations is wasted as heat. Companies should develop energy efficient technologies, to curb and curtail the drastic consumption of power and subsequent heat generation.
Major Competitors :
Survey Monkey
Google Survey
Alchemer
Typeform
Zoho Survey
Major Brands :
CustomerXM
EmployeeXM
ProductXM
BrandXM
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
You may also be interested in other analyses of Qualtrics:
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| Qualtrics Porter's Five Forces Analysis |
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| Qualtrics Value Chain Analysis |
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Check Out Analysis of Other Relevant Companies
References used in Qualtrics SWOT & PESTLE Analysis Report
1. Annual Report 2020 -https://qualtrics.gcs-web.com/static-files/dc82a44b-bd41-44c1-8bb3-128dff0739d4
2. 4 Ways That AI Is Improving the Customer Experience - https://www.cmswire.com/customer-experience/4-ways-that-ai-is-improving-the-customer-experience/#:~:text=By%20leveraging%20AI%20to%20understand,touchpoints%20and%20across%20all%20channels.
3. Survey response rates remain strong during COVID-19 - https://www.qualtrics.com/blog/survey-response-rates-during-covid-19/
4. WHAT JOE BIDEN MEANS FOR THE TECH INDUSTRY - https://builtin.com/operations/biden-tech-policies
5. What will a Biden presidency mean for the tech industry? - https://www.verdict.co.uk/biden-tech-industry/
The detailed complete set of references are available on request in the 'Complete report' on purchase.
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In-text: (SWOT & PESTLE.com, 2021)
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Qualtrics SWOT and PESTLE analysis has been conducted by Amit Kabi and reviewed by senior analysts from Barakaat Consulting.
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