SWOT (Strengths, Weakness, Opportunities & Threats)
SWOT stands for Strengths, Weaknesses, Opportunities and Threats. In procurement, it is a comprehensive analytical tool used to assess the current and potential performance of an organization’s business strategy. It entails examining internal strengths and weaknesses in order to identify external opportunities and potential threats. By assessing these four components holistically, organizations can gain invaluable insight into their current state and formulate more effective plans for future success.