Environmental scanning is the process of gathering information about external factors that can impact an organization. This includes analyzing trends in the economy, technology, politics, and society. By understanding these elements, businesses can identify opportunities and threats, allowing them to make informed decisions and adapt their strategies accordingly.
Organizations often use various tools and techniques for environmental scanning, such as SWOT analysis and PEST analysis. These methods help them assess their current position and anticipate future changes. Ultimately, effective environmental scanning enables companies to stay competitive and responsive in a constantly evolving landscape.