PEST (and the more complete PESTEL) analysis is an interesting way of looking at all things exerting influence on an organization. OK, it’s just an acronym, still it helps looking at the bigger picture. More than just the technology, or economy.
And if you remember the acronym DR. PESTEL, you won’t forget to also look at the Demographics and the Regulatory impacts.
It’s a good tool to make sure all important angels have been covered when analyzing an organization.