To be successful, any technology initiative must be aware of the macro-environmental factors in play and the aptly named PEST analysis does this.
In the field of predator control, a pest analysis sounds like a list of invasive species that might be targeted for control or eradication. However, it is a label with a double meaning as a PEST analysis is also a very useful tool in the strategic planning toolbox to better understand the broad environment in which any organisation must successfully operate if it is to thrive.
PEST is an acronym for the four key macro-environmental factors; political, economic, social and technology. It is an outward looking analysis rather than the more commonly used inward looking SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis that shows an organisation how to improve its overall performance
What's in a Name?
The familiar saying "A bird in the hand is worth two in the bush" warns about the risks that come with trying to achieve more by challenging the status quo.