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Combine GAP and SWOT analysis to improve business performance

These two types of analysis are both valuable techniques that can be used in tandem to help your company increase visibility, better support strategy, and reach company goals.

Illustration: Lisa Hornung, Getty Images/iStockPhoto

Knowing your company’s strengths and weaknesses, as well as gaps in performance can help take your organization to new heights. During a crisis–such as a worldwide pandemic– it’s even more important to stay on top of your company’s needs.

SEE: Return to work: What the new normal will look like post-pandemic (free PDF) (TechRepublic)

GAP analysis compares your company’s actual business performance to a desired level of performance, while SWOT analysis helps assess your company’s strengths, weaknesses, opportunities, and threats. By conducting both of these powerful techniques in tandem, your company can ensure it is better positioned for success.

Comparing GAP and SWOT analysis goals

GAP analysis

SWOT analysis

Focuses on your company’s internal state

Your company

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Flexible battery market to hit $500 million in 2030

A new IDTechEx report predicts a heated market race to meet demands of more than 1,500 GWh for electric vehicles, residential and grid applications.

Getty Images/iStockphoto

As advancing tech requires power, innovative printed, flexible, and thin-film batteries will be essential to fuel everyday tech. It’s big business with potentially big financial rewards. Enormous investments are being put into the fast-changing industry of battery tech, as organizations vie to sprint ahead of the competition. A new IDTechEx report reveals growth from $22 million in 2020 to $109 million in 2025, and $500 million in 2030. After all, it’s expected that electric vehicles, residential and grid applications will command more than 1,500 GWh by 2030.

More about artificial intelligence

SEE: The most battery-draining apps of 2020 (TechRepublic)

Recently developed or developing “applications require new features and battery designs that traditional battery technologies simply cannot provide,” the report stated. “This has opened the

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Interior design startup gets boost from back-end tech

The online service Modsy kicks off a partnership with Oracle NetSuite for a new phase of business growth.

Image: Modsy

Online interior-design service Modsy has partnered with Oracle NetSuite, which will function as a cloud-based ERP (enterprise resource planning) solution to help accelerate the five-year-old company’s growth. Modsy will now avail of NetSuite’s core business customizable system. 

“In order to scale key processes within both finance and operations, Modsy determined that an ERP solution was needed to support our next level of growth,” said the founder Shanna Tellerman. “Modsy vetted a number of potential ERPs, and ultimately decided on NetSuite as a best fit.”

As 3D technology becomes increasingly available, Tellerman said Modsy looked at its competition and, “We invested in building our own proprietary tools and systems to make this process faster, more efficient, and less expensive.”

It’s also greatly contributed to the company’s financial success. “The customer and

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U.S. government may finalize ban on federal contractors using equipment from Huawei this week – TechCrunch

The Trump administration is set to finalize regulations this week that ban the United States government from working with contractors who use technology from five Chinese companies: Huawei, ZTE, Hikvision, Dahua and Hytera Communications, according to a Reuters report.

The ban was first introduced as a provision in the 2019 National Defense Authorization Act that prevents government agencies from signing contracts with companies that use equipment, services and systems from Huawei, ZTE, Hytera, Hikvision and Dahua, or any of their subsidiaries and affiliates, citing national security concerns.

Contractors were given until August 13, 2020 to comply, but immediately began voicing concerns over the ambiguity of the law.

More recently, the National Defense Industrial Association, a trade group, asked the government to extend the deadline because it said many contractors are currently dealing with the economic impact of the COVID-19 pandemic, reported Defense News.

Another challenge for federal contractors

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SWOT analysis: Why you should perform one, especially during times of uncertainty

Understanding what your company does and doesn’t do well is an important part of developing a long-term, sustainable business strategy.

Image: marekuliasz, Getty Images/iStockphoto

SWOT analysis is a technique that can help determine your company’s strengths and weaknesses, even during times of uncertainty. Knowing where your company stands is the best way to move it forward. 

SEE: Return to work: What the new normal will look like post-pandemic (free PDF) (TechRepublic)
 
During times of economic crisis, conducting a SWOT analysis might seem unimportant. But the opposite is true. It can help you weather storms with more confidence and clarity. No matter the situation, knowledge of your company and its position in the world is the best step toward success. 

What is a SWOT analysis?

A SWOT analysis is a technique that helps companies assess their Strengths, Weaknesses, Opportunities, and Threats (SWOT). During times of crisis, SWOT analysis can become one

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Walmart lessons: Leveraging your “lazy assets” for more profit

The giant retailer is using its parking lots to host drive-in movies. What assets does your IT department have that could be used?

Image: J. Michael Jones / Getty Images

A few short years ago, most pundits had written off Walmart, the giant retailer that revolutionized commerce but was being threatened and seemingly bested by Amazon. In the past few months, however, Walmart seems to have rekindled its competitive spirit, and has gained ground on Amazon in areas from providing a unique data center offering leveraging its stores, to local grocery delivery that has made a significant impact as millions stay home due to COVID-19.

SEE: How to cultivate an inclusive workplace for LGBTQ employees (free PDF) (TechRepublic)

Recently, Walmart announced the rather brilliant concept of turning its parking lots into drive-in movie theaters. Initially, this might seem like an odd offering for a retailer, but on closer

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