Industry Gaps in Practice
Conduct a gap analysis to determine available opportunities within a particular industry to gain competitive advantage in areas such as operational excellence, product development, and/or customer segmentation. Gaps in practice can come from multiple sources such as legal or regulatory concerns, disruptive technology, convergence of trends, entry of nontraditional competitors, customer or market shifts, and a pandemic such as Covid-19. The Internet of Things (IoT) is the scenario.
To determine the gaps in practice, Research the current state of the industry and define a desired future state for the industry. Having identified the gaps in practice, Articulate strategic decisions to be made within the industry. Sample areas of strategic decisions include operational excellence, customer intimacy, and product leadership.
