The information needed for a SWOT analysis comes from internal and external sources.
Internal data is any information found within your company. Internal data includes financial resources, performance indicators and sales statistics.
There is a long list of external data that can be covered. Consider laws, global issues, legislation and regulations which may have an effect on your business either immediately or in the future. Taxes, interest rates, inflation, the stock markets and consumer confidence is another part. The changes in lifestyle and buying trends, advertising and additional publicity factors are another data source. Innovations, access to technology, licensing and patents, research and development are the last part. When you are conducting a SWOT analysis, effective market research will show all the opportunities that are available to your company or organization.
Big data analytics
Big data analytics is the process of examining big data to uncover hidden patterns, unknown correlations and other useful information. Results can be used to make better decisions. Big data analytics is able to uncover hidden threats and weaknesses as well as opportunities.
PEST analysis (Political, Economic, Social and Technological analysis) describes a framework of macro-environmental factors used in the environmental scanning component of strategic management.