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KPIs like customer acquisition, return on investment (ROI), and sales targets can be the focus of a gap analysis. As such, a gap analysis can help to reveal the areas of improvement for all kinds of processes, and help to bridge the gap between actual and expected outputs. Process improvementД®veryone uses processes, whether they realize or not вЂ“ itвЂ™s just that many processes are simply poorly designed (or not considered at all). The cause may be anything from poor resource allocation, unexpected competition, or a whole myriad of factors вЂ“ and a gap analysis can help to understand why. When a forecast profit percentage isnвЂ™t reached, a gap analysis may be conducted to determine the reason why the target wasnвЂ™t hit.

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For example, a company may want to compare something like their reviews with a competitor, or perhaps they might want to compare the implementation of their quality management system with the standards of ISO 9001:2015 for quality management. This is basically the practice of comparing documented results of a specific product or process against some kind of external criteria. Some of the benefits of a gap analysis include the following: External benchmarking What about some cool, refreshing benefits? Okay, thatвЂ™s all well and good, but it doesnвЂ™t really explain why gap analysis is so appealing to many companies. Similar to the principles of continuous improvement harnessed in frameworks such as the Deming cycle or Six Sigma, the results of a gap analysis will most often take the form of a documented report, the results of which will be used to inform decisions intended to improve or optimize the subject of the analysis. What factors are stopping the company, person, team, product, or process from achieving their maximum capacity, and how can it be fixed? It seeks to examine the current state of affairs and align them with business goals and objectives.ДЇundamentally, the gap analysis is a means of understanding why a company isnвЂ™t performing at its peak potential. In contrast with the future-facing tendencies of risk assessment, gap analysis is focused on the now. By evaluating performance with a gap analysis, focus is placed on attributes like performance level, productivity, and employee competency. If improving performance is about identifying and breaking down problems into well-defined, discrete steps, then the gap analysis is a tool that helps companies to figure out the right steps they need to take, faster.ДЄ gap analysis can also be used to augment performance, even when there are no obvious inefficiencies or problems. They can help to better optimize how time, money, and human resources are spent in a business.ДЄpart from the more general benefits of вЂњmore efficiencyвЂќ and вЂњresource optimizationвЂќ, a gap analysis can help to identify very specific areas for improvement, and provide guidance towards actionable steps for improving processes, products, services, or anything that is being examined within the framework.

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Other names for the gap analysis include the вЂњneed-gap analysisвЂќ, вЂњneed analysisвЂќ, or simply вЂњneeds assessmentвЂќ.Д«usinesses that perform a gap analysis can improve their efficiency and better understand how to improve processes and products. The вЂњgapвЂќ is what separates your current situation from your ideal situation. What needs to be done in order to get from performance to potential, or вЂњbridging the gapвЂќ.The current situation, or вЂњperformanceвЂќ.How to streamline the gap analysis processДЄ gap analysis is essentially taking a look at three key elements:.What is a gap analysis? In simple terms.HereвЂ™s what this Process Street article has in store: In this article, IвЂ™ll be breaking down the basics and running through a process for getting started with performing your first gap analysis. Simply put, the gap analysis is a tool designed to help you understand where you are, and what you need to do in order to get to where you want to be. How do you figure out the steps you need to take, or the processes you need to implement to make it happen? If you want to grow your business, you need to know how to allocate your resources to make it happen.

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