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Gap analysis can be described as the process of evaluating a company’s performance by comparing its actual/current performance with its projected or desired performance. It is generally used by organizations to assess whether they are making the best use of their resources and are performing at their idealized potential. It places a focus on an organization’s goals and objectives so that an action plan can be created to achieve these goals by eliminating problems or by enhancing outputs and processes.
There are many different approaches that can be taken to conduct a gap analysis. Within this article, however, we will dissect the cardinal steps that one must take while using this tool.
Conducting exploratory research seems tricky but an effective guide can help.
Some of the uses of gap analysis are as follows:
Now that we have a clear understanding of what gap analysis is and what its uses are, let’s understand the process of gap analysis. The gap analysis process is an outline of the steps required to conduct a gap analysis. As this strategic management tool has a range of applications, there are many approaches one can take to perform a gap analysis. However, there are a few fundamental measures that must be taken to conduct gap analysis:
Your current state does not necessarily have to be financial. Gap analysis can also be used to focus on areas such as employee satisfaction and CSR, for example.
Gap analysis is a strategic planning tool that is used to evaluate an organization’s performance by examining the gaps between its current and desired performance.
The process of gap analysis is as follows;
A few valuable tools used to conduct gap analysis are;