Introduction to Business Resilience for the future
Welcome to our blog on business resilience for the future: strategic planning. In an ever-changing commercial landscape, business resilience planning plays a crucial role in ensuring the long-term success and survival of organisations. We aim to provide you with valuable insights, expert advice, and actionable strategies to enhance your business resilience and navigate future uncertainties effectively.
What is Business Resilience?
Business resilience, also known as organisational resilience, is the ability of a company to adapt, recover, and thrive in the face of unexpected disruptions or challenges. This involves developing strategies and processes to withstand shocks, maintain essential operations, and seize opportunities for growth.
The importance of Business Resilience in the future
This kind of business resilience is especially important for the long-term survival of organisations. By investing in resilience technology, companies can minimise the negative impacts of disruptions, maintain customer trust, protect their brand reputation, and capitalise on emerging opportunities. 97% of executives believe business resilience is important. Alarmingly only 47% believe their organisation is resilient, according to a new poll by SAS. If this wasn’t warning enough, the Institute for Business and Home Safety reports that 25% of businesses do not reopen following a major disaster. So, there’s never been a better time to emphasise the importance of proactive resilience planning
The Role of Strategic Planning in business resilience
Strategic Planning and Business Resilience are explicitly linked. Strategic planning serves as the foundation for building the technology to protect your business. It involves assessing risks, identifying vulnerabilities, and developing connected strategies to mitigate potential threats. By aligning strategic objectives with resilience goals, organisations can enhance their ability to adapt and thrive in the face of adversity.
Leveraging Resilience Technology for Business
In the digital age, organisations that aren’t enabled by resilience technology are vulnerable. Solutions such as these, play a pivotal role in securing the present and future of business. Here are some ways organisations can leverage them effectively:
- Predictive Analytics and AI: Harnessing the power of advanced analytics and AI technologies to identify patterns, predict future risks, and proactively develop strategies to mitigate potential disruptions.
- Data Ingestion: Leveraging multiple data sources to fuse together an accurate picture across your organisation
- Cloud Computing and Remote Work: Using cloud-based platforms and remote capabilities to ensure seamless collaboration, access to critical resources, and continuity during unforeseen events or emergencies
- Location Convergence: Replicating your business into a virtual environment to enhance visibility of people, assets and supply chain
- Calculating Impact: Safeguard people and assets with monitoring and instant warning to a variety of risks
- Action and response: Trigger mass communications to relevant people, manage incidents and respond to crises (whilst automatically gauging the impact)
- Data Security and Disaster Recovery: Implementing robust cybersecurity measures and reliable backup systems to safeguard critical data from cyber threats and ensure rapid recovery in the event of a breach or system failure
According to Statista, In late 2020, 55% of respondents from a global survey indicated that they were maximising their investments made for business resilience in 2021 and 2022 by increasing spending on network security. Cloud applications and cloud security took the second and third place, respectively. Overall, respondents stated that up to 50% of their IT budget will be spent on network security, cloud applications, cloud security, multi-cloud infrastructure or collaboration technology.
Strategies for Building Business Resilience: Developing a Resilience Strategy
Consequently, to build robust business resilience, organisations should follow these key strategies:
- Risk Assessment: Identify potential risks and vulnerabilities. This should be specific to your locations, market, supply chain and broader organisation. This assessment will provide the foundation for developing a tailored resilience solutions.
- Adopt Clear Communication Technology: Invest in an effective communication protocol. This will ensure seamless information flow during crises, enabling timely decision-making and collaboration among key stakeholders.
- Create Virtual Supply Chain Environments: Reduce risks in your supply chain before they happen by creating a duplicate environment. This approach minimises the risk of disruptions due to the anticipation and preparations of localised events or global crises.
- Foster a Tech Stack of Adaptability: Leverage resilience solutions that embraces change, encourages innovation, and empowers security and strategy personnel to adapt and respond quickly to unexpected events.
- Consider Integrating a Holistic ResilienceOS: An organisation-wide digital solution that supports organisational preparedness, adaptability and instant response when you face dynamic risks and disruption of any scale on a day to day and long-term basis.
Conclusion
Although we exist in an increasingly volatile and uncertain business environment, business resilience through proper strategic planning and leveraging technology are crucial. By understanding the concept of business resilience, adopting strategic planning practices, and effectively utilising technology, organisations can enhance their ability to navigate challenges, seize opportunities, and achieve long-term success.
Above all, investing in business resilience is an investment in your organisation’s future. Start implementing these strategies today to fortify your business and emerge stronger from adversity.