PESTLED analysis is a comprehensive framework that evaluates the external macro-environmental factors affecting a business. It assesses political, economic, sociocultural, technological, legal, environmental, and demographic aspects. By analyzing each dimension, organizations gain a holistic understanding of the external factors influencing their operations. This knowledge empowers them to make informed decisions and adapt their strategies accordingly.

Additionally, scenario planning allows organizations to anticipate potential futures by exploring different combinations of external factors and their impact. Through scenario planning, risks and opportunities can be identified, leading to the development of contingency plans and proactive decision-making. Digital collaborative innovation tools have further enhanced the analysis process, facilitating real-time collaboration, information sharing, and data visualization. These platforms integrate scenario modeling and communication features, streamlining the external analysis process in a collaborative environment.