Gap Analysis
Gap Analysis is a process used in business analysis to identify the current business performance of a company and find the areas where improvements are needed to achieve the desired outcome in the future.
It refers to the space between “Where you are” as a company and “Where you want to be” in the future.
Four Steps to Conduct a Gap Analysis
- Identify The Current State: We analyze the present state of business operations, performance metrics, resources, and products or services.
- Define The Future State: We define the future state or targets that we need to achieve. During this step, we determine measurable objectives to bring long-term success.
- Analyze The Gap We specify the gap between the current and future state. The gap may be in terms of performance metrics, lack of resources, or process inefficiencies. It is also important for us to figure out the reasons that led to these deficiencies.
- Bridging The Gap: After identifying the gap, we create a comprehensive action plan to bridge it and achieve the desired future state.
Applications of Gap Analysis
We often carry out Gap Analysis reports to develop an action plan to achieve our desired results. Some of the situations where we could use gap analysis include:
- During Project Management: We evaluate whether the project has sufficient resources, information, and talent to be completed successfully.
- To Make Strategic Planning: Gap analysis helps us make informed decisions by ensuring that we allocate the right resources to the right areas.
- To Understand Performance Deficiencies: Our gap analysis reports identify areas of operations where short-term and minor activities can lead to improvements.
- To Analyze Competitors: We can carry out competitive research through gap analysis to find the market gap for a specific industry and create a strategy to fill it.
- During Hiring Processes: We examine which skills are present in the company and what additional skills are required to improve the company's competitiveness.
Gap Analysis Tools
- SWOT Analysis
- Spreadsheets
- Mckinsey 7S
- Fishbone Diagram
- Nadler Tushman Model
Ready to bridge the gap between where your business stands and where you want it to be? Let Red Star Technologies help you identify key areas for improvement and develop a strategic plan to achieve your goals.
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