You can use a SWOT analysis in several scenarios for comprehensive business assessment:

• Developing a new business strategy: Ensure your strategy leverages strengths and opportunities while addressing weaknesses and threats.
• Launching a new product or service: Evaluate market readiness and potential challenges.
• Entering a new market: Understand the competitive landscape and market dynamics.
• Evaluating your competitive landscape: Identify where you stand relative to competitors.
• Responding to industry changes: Adapt to new regulations, economic shifts, and technological advancements.

Imagine a well-established SaaS company specializing in project management tools, like Asana, considering expanding into the business analytics market, a sector that continues to evolve rapidly due to further developments in AI. A SWOT analysis might reveal:

Strengths

• Strong customer base: Asana has a loyal customer base and a well-established brand reputation in the SaaS industry.
• Robust development team: Expertise in software development and a track record of delivering high-quality SaaS products.
• Integrations: Existing integrations with numerous third-party applications that could be leveraged in the new product.

Weaknesses

• Limited experience in AI: Lack of experience in developing AI-powered solutions could be a significant challenge.
• Resource allocation: Shifting the focus to a new market might strain resources and affect the core project management product.
• Market knowledge: Less familiarity with the nuances of the business analytics market, including the various uses of AI in this field, compared to established players.

Opportunities

• Growing demand for analytics: Increasing demand for data-driven decision-making tools presents a significant market opportunity. Developments in AI lowering the barrier to entry in business analytics.
• Cross-selling opportunities: Potential to offer business analytics analytics as an add-on to existing customers, increasing overall revenue.
• Innovation: Ability to innovate and set trends in the relatively new and rapidly growing AI analytics sector.

Threats

• Intense competition: Established competitors like Tableau and Power BI have a significant market presence and advanced products.
• Rapid technological changes: The fast pace of technological advancements in AI could render new solutions quickly outdated.
• Customer skepticism: Existing customers might be skeptical about the company’s shift to AI analytics and its impact on the core offering.