Initiating a digital transformation of a workplace and online channels can bring many benefits, including better employee experience, stronger talent acquisition, and more efficient operations.
SWOT analysis (which identifies strengths, weaknesses, opportunities, and threats) is a strategic planning business tool for making major changes, such as introducing new business models and digital transformation.
A SWOT analysis enables decision-makers to gain a comprehensive insight into all factors for the proposed action. It also requires businesses to base decisions on data analytics, rather than hypotheses and assumptions.
Strengths are the positive qualities of a business that allow it to work effectively, generate revenue, and achieve business goals.
- Things a business does well
- Competitive qualities
- Internal resources
- Tangible assets
Weaknesses are those aspects of a business that damage perceived and actual value or prevent it from outperforming its competitors.
- Things that business lacks
- Competitors do better
- Limited resources
- Unclear Unique Selling Proposition
Opportunities are factors that a business can use to gain an advantage over its competitors in the market.
- Underserved markets
- Few competitors in business area
- Emerging needs
- Press/media coverage
Threats include anything outside the business that could negatively affect its ability to implement a digital transformation strategy.
- Emerging competitors
- Changing regulatory environment
- Negative press/media coverage
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