A term that you come across again and again. SWOT. Or the SWOT Analysis.
What is behind it? And why is it so popular in the development of innovations.
First, let’s take a look at what SWOT actually stands for. Behind this abbreviation are four terms.
What is behind it? And why is it so popular in the development of innovations.
First, let’s take a look at what SWOT actually stands for. Behind this abbreviation are four terms.
A useful setting to analyse idease and concepts to look deeper into it and identify risks and opportunities. Get a deeper feeling about how your idea will perform in the field.
So how to use it
From these four topics, a small matrix is built in the SWOT analysis which can be very helpful in the evaluation of an idea or a concept. The two opposite terms are placed on one side of the matrix. The strengths against the weaknesses, the chances against the risks.
In the application then the idea to be evaluated is considered under these 4 aspects. For each term a kind of statement is written and entered.
In the application then the idea to be evaluated is considered under these 4 aspects. For each term a kind of statement is written and entered.
- Strengths: What are the strengths in the idea? How can these be used in the further strategy. Why is this idea better than others and how can it be used?
- Weaknesses: What can not be solved by the idea or concept so well? Are there any weaknesses in the implementation. Are certain points or requirements not fulfilled?
- Opportunities: What opportunities are there for the company to pursue this idea? Is she better than other ideas?
- Threats: Are there strategic risks if the idea is pursued further? Do certain topics have to be considered further?
In addition to a single consideration, it is also possible in the matrix to consider the intersecting topics together. In this case, corresponding pairs are formed and used as such to view and evaluate the idea.
In summary
All in all, one can say that SWOT analysis provides a strong method that allows you to take a closer look at an idea or a concept and to identify and name potential risks. Recognize and emphasize opportunities and strengths. And all with a minimum of time. In a team or alone it is very interesting concept which puts small and big concepts to the test.
