What is a gap analysis?

[shukla7789]

Planning a company’s activities is not an easy task, as it requires good organization, knowledge and overcoming many challenges. For this reason, many companies, despite having the resources to succeed, fail to meet their goals. A gap analysis can help them bridge the gap between changes in the market environment and the company’s strategy. Read on to learn more.

What is a gap analysis? – table of contents:
What is a gap analysis?
3 Effective Gap Analysis Tools
How to conduct a gap analysis?
Pros and cons of a gap analysis
When to use a gap analysis?
Summary
What is a gap analysis?
A strategic gap refers to a situation where a company’s actual outcome differs significantly from its desired outcome. Identifying the causes of problems and developing solutions is what we call argentina whatsapp number database gap analysis. Paying attention to the current state and the target state , as well as the discrepancy between the two, will allow you to utilize resources efficiently and improve the company’s profitability.

Depending on the area you want to improve, it is worth asking yourself the following questions that will help determine your potential and possible limitations:

Where are you as a company?
Where would you like to be?
What aspects are preventing you from reaching your target position?
How to prevent these problems?
How can you allocate the resources you have (financial, human, etc.) to improve your position?
gap analysis
3 Effective Gap Analysis Tools
To make the analysis process easier, you can use a number of available assessment tools . It’s worth testing out a few of them to look at your business from different perspectives. For example, these might include:

PEST Analysis
It is based on the study of external determinants – political and legal, economic, as well as social and technological, which can influence the existence of certain strategic gaps.

SWOT Analysis
It allows you to determine the company's current situation in the market. It highlights strengths, weaknesses, opportunities and threats.

McKinsey 7s Model
McKinsey's 7s refer to the elements of an organization that can be divided into “hard” elements (tangible factors that can be controlled) and “soft” elements (intangible factors that cannot be controlled):

Strategy – the company’s action plan,
Structure – the organizational structure of the company,
Systems – technical and business knowledge needed to perform tasks,
Style – a style of leadership,
Personnel – human capital, being a company asset,
Skills – employee competencies,
Shared values ​​– a set of characteristics that determine the attitudes and behaviors of each individual in a company.
Using this, you can specify the areas related to the strategic gap and decide on the changes that are worth making to achieve the set goals.

How to conduct a gap analysis?
The process can be carried out in 4 steps, however, it can be expanded when necessary:

Identify the current situation
The analysis begins with identifying the current situation of the company or a specific department – ​​where are the problems? You can also present this by a specific value – sales volume, growth rate, etc. You can obtain the necessary information from financial statements or by conducting a survey among stakeholders.