Measure your internationalisation potential. International Readiness Assessment Tool" (IRAT) 

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MIDE TU POTENCIAL DE INTERNACIONALIZACIÓN. INTERNATIONAL READINESS ASSESSMENT TOOL (IRAT)

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RESUMEN

La «International Readiness Assessment Tool» (IRAT) desarrollada por R. Etterson es esencial para evaluar la preparación de una empresa para la internacionalización, abarcando capacidades financieras, de producción, marketing, recursos humanos y gestión. Proporciona un puntaje que refleja la aptitud para entrar en mercados internacionales y señala áreas de mejora. Es crucial para las empresas seguir un proceso de autoevaluación detallado, identificando factores clave e implementando estrategias para potenciar su capacidad global. Herramientas como GlobalScan 3.0 y el Modelo CAGE ofrecen análisis adicionales, ayudando en la planificación estratégica para una expansión internacional exitosa.

Este enfoque integral, combinado con la autoevaluación y la adaptación estratégica, es fundamental para cualquier empresa que considere la expansión internacional. Al implementar el IRAT y otras herramientas complementarias, las empresas pueden obtener una comprensión profunda de su preparación para la internacionalización, identificando oportunidades y desafíos específicos para una expansión global exitosa.

IRAT

R. Etterson's tool for measuring internationalisation potential is called the International Readiness Assessment Tool (IRAT). It is a a tool designed to help companies assess their capacity and readiness to enter international markets. The IRAT assesses a variety of factors, including financial capacity, production capacity, marketing capacity, human resource capacity and management capacity.

The tool consists of a questionnaire with detailed questions on each of these areas. After completing the questionnaire, a total score is obtained that indicates the company's ability to internationalise. In addition, a detailed analysis of each area assessed is provided, allowing the company to identify strengths and weaknesses and develop a plan to improve its internationalisation capacity.

The IRAT is a useful tool for companies considering internationalisation, as it helps them to assess their current capacity and determine which areas need to be improved before entering international markets.

How can a company measure its internationalisation potential?

For an entrepreneur to apply R. Etterson's tool to measure the internationalisation potential of his company.

The following steps must be followed:

Identify the key factors:

The entrepreneur must identify the key factors that determine the internationalisation potential of his company, such as market demand, competition, production capacity, financial resources, etc. (see box).

Evaluate each factor:

Once the key factors have been identified, the entrepreneur must assess each of them to determine their degree of importance and their ability to affect the internationalisation potential of the company.

Assign scores (1 to 5 maximum potential):

After assessing each factor, the entrepreneur must assign scores to each factor based on its importance and its impact on the internationalisation potential of the company.

Add up the scores:

Once scores have been assigned to each factor, the entrepreneur must add them together to obtain a total score that reflects the internationalisation potential of the company.

Analyse the results:

With the total score obtained, the entrepreneur can analyse the results to determine whether the company has a high, medium or low internationalisation potential and to identify the key factors that need to be improved to increase the company's internationalisation potential. Compare your score with that of your peers in the accelerator programme.

It is also interesting to see the tools of the ICEX (+)of the Chamber of Commerce (+)of the Ministry of Industry, Trade and Tourism (+) and the European Union (+)

  1. What export experience do you already have?
  2. How innovative is your business to go international?
  3. Have you consolidated your closest market and how did you do it?
  4. Do you have adequate staff and sufficient funding (export staff, available management and commercial management hours)?
  5. Do you have sufficient financial resources to internationalise your business (budget line for opening new markets...)?
  6. Do you know all the regulations of the destination market (fiscal, tax, customs, legal, sanitary, etc.)?
  7. If you do not have export experience, do you know of any positive experiences of a nearby company in the same industry or with the same product that has done so?
  8. I think you should also ask if they would be willing to adapt the product to the target market, if that is the case. (Adaptability and cost of adapting the product).

SOME TOOLS THAT COULD BE USED TO MEASURE THE INTERNATIONALISATION POTENTIAL OF A COMPANY ARE:

  1. International Readiness Assessment Tool (IRAT): This tool, developed by the International Trade Institute at the University of Texas at San Antonio, helps companies assess their ability and readiness to enter new international markets.
  2. GlobalScan 3.0: This market analysis software allows companies to analyse their current position in the global market, identify growth opportunities and establish strategies for international expansion.
  3. Internationalisation Scorecard: This questionnaire provides a comprehensive assessment of the company's resources, structure and culture and compares it with best practice in internationalisation.
  4. CAGE model: developed by Harvard Business School professors Pankaj Ghemawat and Kenichi Ohmae, this model helps companies assess the challenges they may face when entering new international markets, including cultural differences, geographic and economic barriers.
  5. A.T. Kearney Global Cities Index: This tool helps companies to assess and compare the potential of different cities around the world for business growth and investment.

It is important to bear in mind that each tool may have a different approach and methodology, and not all may be suitable for all companies or situations. Therefore, it is important to carefully evaluate each tool before selecting the one that best suits your company's needs.

APPLY THIS TIP TO YOUR PROJECT

TASK

CASE STUDY ON THE USE OF THE INTERNATIONAL READINESS ASSESSMENT TOOL (IRAT).

MEASURE YOUR INTERNATIONALISATION POTENTIAL

Juan is an entrepreneur from Mexico who has been successful in the local market with his women's clothing design company. He is now interested in expanding into the international market and wants to assess his ability to do so. He discovers the International Readiness Assessment Tool (IRAT) online and decides to use it to measure his internationalisation potential.

Juan registers on the online platform provided by the IRAT tool and starts to complete the questionnaire. The questionnaire covers several topics, such as financial capacity, production capacity, knowledge of the international market and ability to adapt to cultural differences.

By answering the questions, Juan realises that there are some aspects he needs to improve before he can expand internationally, such as knowledge of the international market and the ability to adapt to cultural differences. In addition, the tool provides recommendations and resources to help Juan improve in these areas.

After completing the questionnaire, Juan receives a report detailing his score in each area and providing an overall assessment of his internationalisation potential. The report also offers specific suggestions on how he can improve his ability to expand internationally.

With the information and recommendations provided by the IRAT tool, Juan can make more informed decisions about his company's international expansion. In addition, he now has a better understanding of the areas he needs to work on to improve his ability to expand internationally.

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Jaime Cavero

Presidente de la Aceleradora mentorDay. Inversor en startups e impulsor de nuevas empresas a través de Dyrecto, DreaperB1 y mentorDay.
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