PEST analysis - Part 4
Click here to read part 3.
The final part of this series is technological.
The technology aspect of a PEST analysis is now perhaps one of the most important things to consider and particularly in my industry of dentistry.
The impact of technology on dentistry has been nothing short of extraordinary and as Moore’s Law states a power of a microchip doubles every two years and the pace of technology only becomes faster.
For businesses of our size, the problem is that you have to ration your investment and your commitment to technology or else you will explode and die.
FOMO (fear of missing out) means we try to jump on every bandwagon all at once and that is death.
The assessment of technological advances moving forwards means we have to decide which direction to go in, in a world which demands specialisation in every single area.
Just as a consideration in my world, technological advances include the following:
- Artificial intelligence websites including bots to talk to patients at all hours of the day
- Advanced and enhanced booking systems online
- Digital marketing of all aspects
- Internet capacity in a practice
- Server capacity
- Integrated software systems including CRM accountancy and practice management
- All aspects of digital technology including imaging, intraoral imaging, CBCT imaging, photography, video, digital smile design
- Remote monitoring
- After treatment CRM
- Training the team to be able to do this!
While P, E and S are difficult, technology is overwhelming.
On completion of your PEST analysis, you can begin to construct the threats and opportunities to your business and then strategies to deal with the threats and opportunities which in the end and ultimately will become your strategic plan moving forwards.
I hope these four blogs have provided you with a little bit of insight into the start process for building a strategic plan for a future dental practice for 3-5 years.
If you’re interested in this and going further, please see below!
If you’re interested in strategic thinking or thinking more long-term and bigger for your business of any size in dentistry why not check out our dental business offerings and in particular the Business Course which begins in March 2021. Details about the course are here, it’s six 2-day modules across the year within a tribe of people trying to go in the same direction as you and now might be the time to think about thinking about your business.
Blog Post Number - 2604