STEEPLE Analysis
The Steeple Analysis Framework is a tool used by business analysts for assessing the impact of various factors on an organization. STEEP stands for Social, Technological, Economic, Environmental/ Ecological, Political, and Legal. The framework allows business analysts to identify the potential risks and opportunities in a given market. The Social factor looks at the sociocultural aspects of an organization or market. The Technological factor assesses how technology can help or hinder business operations. The Economic factor evaluates economic trends that may influence decision-making while the Environmental/Ecological factor looks at environmental sustainability initiatives and practices. Lastly, the Political and Legal factors analyze any political regulations or legal requirements that could have an effect on operations in a given area. This comprehensive method provides businesses with a better understanding of their environment so they can make informed decisions regarding their activities and strategies.
The acronym for Steeple Analysis Framework is āS.T.E.E.P.L.Eā and it provides a step-by-step guide to help businesses identify risks and opportunities associated with each factor for successful decision-making purposes as part of their overall strategic planning process. Examples include assessing potential impacts on market trends or developing strategies to address changing regulations or customer behavior due to market shifts in various areas related to the business's operations.
The framework is relatively easy to use but does require an understanding of its underlying concepts as well as some practice with the tools provided for analysis purposes.