The internal (EIF) and external (EEF) factor assessment matrices are organized into tables and detail the study of a company’s opportunities and threats. Widely used for decision making, they can also be used for the study of competition. Do you also want to know how to implement the EIF and EEF matrix? Here’s everything you need to know!
EIF and EEF matrix: What are they and what are they used for within a company?
The EIF and EEF matrix are used to detail the information regarding the analysis of the external and internal environment of the company that can help make decisions and achieve the objectives set. As a rule, 10 to 20 external and internal factors are indicated, whether of economic, strategic, or systematic information, and then proceed with their analysis.
+ EIF Matrix: Evaluation of Internal Factors
The first of these, the EIF matrix (Evaluation of Internal Factors), serves to detect the internal strengths and weaknesses of the company that either affect the business, or represent a way for its development and growth. For the analysis, the organizational climate, employees, financial situation or the image that the public has of the company are taken into account.
+ EEF Matrix: Evaluation of External Factors
The EEF matrix (Evaluation of External Factors) is used to identify the main external opportunities and threats that are influencing the company. The closest environment to the company is analyzed taking into account the competition.
What are the advantages of the EIF and EEF matrix?
Among the advantages derived from the analysis of the EIF and EEF matrix are:
- They can be used as a guide for making the most correct decisions.
- They are very useful in terms of developing business strategies.
- They also help to minimize possible external risks, especially when operating in international markets.
- On the other hand, it shows the opportunities of the company since it gives a complete vision of where it is and what its strengths are.
- In turn, the EIF and EEF matrix allows you to know a little more in detail about the competition.
What should you consider for its implementation?
First of all, human resources. After that, the time involved in carrying out this type of study. And the cost due. above all, to the tools necessary for internal and external analysis. To start with the implementation, you have to plan what information you want to collect. In this sense, tables help to have a better organization of the data. Once you have all the data, you have to go through its detailed analysis being as objective as possible. The third step is to use the information obtained as a starting point for improvement. As well as for the design of next strategies.
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