What is gap analysis in business?

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Gap analysis in business is a strategic tool used to compare current performance or state with the desired future state. It helps organizations identify the "gap" between where they are now and where they want to be, so they can create actionable plans to close that gap.

Key Components of Gap Analysis

1. Current State
   Assess the present condition or performance (e.g., sales revenue, customer satisfaction, operational efficiency).

2. Desired Future State
   Define the goals or benchmarks the organization wants to achieve.

3. Gap Identification
   Determine the differences between current and desired states.

4. Action Plan
   Develop strategies and initiatives to bridge the gap.

 Example

• Current State: A company has a 70% customer retention rate.

• Desired State: The goal is a 90% retention rate.

• Gap: 20%

• Action: Improve customer service, offer loyalty programs, or enhance product quality.

 Uses of Gap Analysis

• Strategic planning

• Performance improvement

• Process optimization

• Skill or workforce development

• Compliance or audit readiness

 Types of Gap Analysis

• Performance Gap

• Market Gap

• Skills Gap

• Technology Gap

Summary

Gap analysis helps businesses clearly see performance shortfalls, understand the reasons behind them, and make informed decisions to improve and achieve strategic objectives.

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