What is SWOT Analysis?

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Before jumping into adopting AI a product manager needs to understand the business landscape of the market and the competition. Does the business have a particular weakness that might require an investment in AI for developing operational efficiencies? Are there trends in the market that are leading the industry into a different direction. And should AI be leveraged to develop new features in the product?
For this reason, competitive and market analysis is another part of what an AI product manager should be equipped to do. In this 365 tutorial video, we are going to look at how something called SWOT Analysis will help assess your business for innovation needs. SWOT is a planning technique used to identify strengths, weaknesses, opportunities and threat of a project or business.
A good SWOT analysis organizes data into four basic categories that are visually represented in a grid with four quadrants. The two quadrants on the left are internal factors that you can control. This includes your strengths - what your company does best and your weaknesses- the hurdles and roadblocks. It is important to distinguish between strengths and weaknesses . For example, is the lack of available large and organized data a strength or a weakness?
The two quadrants on the right are external factors that you cannot control. These are opportunities which are situations where the business can put their strength to good use and your threats, which are external forces or scenarios that could be problematic and make you goals harder to reach in relation to data and AI. Always identify whether you can improve your weaknesses through better data or mitigate your threats through AI. Other things to consider in the external section are our industry trends, competitors and market size.
Watch till the end of the video to find out how to use the SWOT analysis to set the right organizational goals for business growth.
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