Can environmental scanning be used as a tool in identification of business opportunity

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1. Guest8576
   

    Environmental scanning is the internal communication of external information about issues that may potentially influence an organization's decision making process. Environmental scanning focuses on the identification of emerging issues, situations, and potential pitfalls that may affect an organization's future. The information gathered, including the events, trends, and relationships that are external to an organization, is provided to key managers within the organization and is used to guide management in future plans. It is also used to evaluate an organization's strengths and weaknesses in response to external threats and opportunities. In essence, environmental scanning is a method for identifying, collecting, and translating information about external influences into useful plans and decisions. Why Environmental Scanning? There are many important reasons to do environmental scanning. Because of rapid changes in today's marketplace and new and emerging business practices, it is easy for an organization to fall behind by not keeping up in areas such as technology, regulations, and various rising trends. Environmental scanning reduces the chance of being blindsided and results in greater anticipatory management. The relationship among markets, strategic planning, and the environment external to an organization is what defines an organization's success.

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