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SWOT Analysis

SWOT, an acronym for Strengths, Weakness, Opportunities and Threats, is a model or technique used by an individual to analyse one’s SWOT-analysisstrengths and weakness, and also identify the opportunities and threats faced by him/her. This technique is widely used in the business world as well; to build on the organization’s strengths, thereby mitigating the weaknesses and to never miss an opportunity.

Using this framework, an organization can create a niche for itself in the market and also analyse the competitor or client’s internal and external factors, which directly or indirectly affect the organization. SWOT is basically done on the client’s company, by the IT organization, during the pre-planning stage of a project. A team consisting of Lead or Senior BA, a Project Manager and few other personnel from the IT company, conduct SWOT analysis along with few other techniques such PESTLE and GAP, to assess the strengths, weakness of the client’s company and the threats faced while undertaking this project. This information shall help the heads of the IT organization in deciding whether to takeover the project or not.

SWOT analysis is done by a brainstorm session where all the factors related to these four terms are placed in the grid. Strengths and weakness being the internal factors and the opportunities and threats being the external factors of an organization or an individual.

  • Strengths: Anything at which an organization, personnel of the organization or an individual performs well, can be placed under the strengths section. From an organization point of view, this may include experienced and talented personnel, customer relationship, a well optimized and a feedback-oriented process and so on. From an individual’s point of view, it may include his skillset, family or friends, talents and so on.
  • Weakness: Anything at which an organization, personnel of the organization or an individual is not good or performs very poorly, can be placed under the weakness section. From an organization point of view, this may include delay in delivery of the product, conflicts and misunderstanding between two groups or personnel and so on. From an individual’s point of view, it may include his lack of commitment, his behaviour or way of approach towards things and situations, and so on.
  • Opportunities: The external factors of which, the organization or an individual can take advantages of, can be placed under the opportunities section. For an organization, a change in a market trend, or an introduction of new technology are some of the opportunities and for an individual, an offer letter for a better profile in a reputed company, change in stock price for an investment are few opportunities. However, opportunities are not under one’s control; it is up to the individual or the company to decide whether to take it or not.
  • Threats: The external factors which have a negative affect on the organization or an individual, can be placed under the threats section. For an organization, undertaking a project which has adverse effects on environmental or political groups is a threat or a sudden change in the government policies or a recession can be a threat. And for an individual, a bad relationship can be a threat or violating certain policies or ethics might be a threat. As opportunities, threats too are not under one’s control.

As mentioned above, if an organization or an individual is able to analyse his/her weakness then they can work on it and convert those weaknesses into strengths, as these two factors are inter-related, and so are opportunities and threats. If one can identify his/her threats, then he/she can convert those threats into opportunities. Below, few questions have been mentioned and categorized as per these factors, which shall help in SWOT analysis.

Strengths:

·       USP of this project?

·       Market reach and awareness within the end users.?

·       Capital gain and the price, value, quality?

·       Resources and assets available?

·       Experience, date and knowledge of the resources.

·       Practicality of the location or geographical area.

For an individual:

·       Talents.

·       Skillset, certifications.

·       Good relationships, networking

·       What is your USP?

·       Why people like you?

 

Weakness:

·       Delay in delivery of the product.

·       Conflicts within groups.

·       Lack of capital or high amount of debt?

·       Gaps in capabilities.

·       Authenticity of the data provided.

·       Morality of the personnel, lack of leadership.

·       Processes and systems.

For an individual:

·       Lack of commitment.

·       Not confident or no self-esteem.

·       Communication

·       What people don’t like in you?

 

 

Opportunities:

·       Introduction of new technology.

·       Change in market trend.

·       Competitor’s weakness.

·       New USPs.

·       New partnerships and global investments.

·       Change in government policies.

 

For an individual:

·       Offer letter from a reputed company.

·       Investment in an upcoming stock.

·       Chance to showcase or identify your talent.

 

Threats:

·       Loss of experienced or seasoned personnel.

·       Change in market, not favoring your situation.

·       Weaknesses becoming possible threats.

·       Increase in niche for the competitor’s methods and products?

·       Political groups.

·       Recession.

For an individual:

·       Bad relationships.

·       Violating professional ethics.

 

About Adithya Mahindra

Adithya Mahendra is an aspiring BA personal. Previously being employed in Amazon as a Risk investigator, he is expertise in the field of risk mitigation and facilitation of the clients. However, he dreams to be one of the personnel in the top management and is committed to become one.

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2 comments

  1. Mallireddy Anusha

    Everything is clear but, Can you let me know, What do you mean by USP?

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