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Organisations need to be nimble, flexible, and able to withstand any expected or unexpected shocks to the system. For this, business resiliency is key.
But what does becoming and staying resilient mean? For some, it's having a crisis plan in place. For others, it's having a strategic management team in place. But without the right processes and technologies in place, there will be a breakdown in resilience.
Without resilience, it's tough to say how a company will survive and thrive through the next big global event. To foster resilience, 64% of business leaders from our global Economist Impact research say integrating new technologies or digital tools is a necessity.
For effective resilience development, organisations are looking to a system-wide approach that encompasses connections between these core areas:
Records and information governance management
Facilities and operations management
Supply chain management
Risk and compliance functions
Strengthening these areas enables overall organisational resilience to intelligently scan your records, anticipate upcoming shocks, and put actions in place to minimise impact. From automated bill pay to data analysis of quarterly earnings, organisations from all industries are benefiting from new technologies and digital tools.
As part of their digital transformation strategies, many business leaders have shifted their focus to invest more in cloud services, artificial intelligence (AI), and machine learning (ML) capabilities, which can enhance business functionality and enable higher levels of company-wide connection.
These technologies are so familiar they may start to sound like tech industry buzzwords. However, they play an important role. We know this because since the pandemic started, we've seen 90% of organisations accelerate use of cloud services alongside AI and ML.
Here's our brief breakdown of each technology:
While cloud services, AI, and ML are where leaders are investing to develop and upgrade their resilience, let's walk through just how they help those efforts.
Beyond storage and standard analytics, these technologies impact much more. Specifically, we discovered 75% of organisations increased their cloud-based technology or digital tools investment to improve workflow automation and business processes.
Here are the benefits your team can expect:
Increased access for easy content collaboration
Streamlined operational processes
Improved efficiency and accuracy in data analysis
Expanded overview of business activity
Quicker adaptability to market changes
Reliable tech support across departments
Not only do these technologies help streamline everyday work functions but they also serve as a way for employers to boost employee wellness. Since the pandemic, 39% of business leaders have elevated employee wellness from the number two slot to the top of their priority list. The three technologies I've highlighted here free up employees' time, which allows for better interactions with customers and more time for innovation.
Cloud services, AI, and ML also work together to enable better content collaboration no matter where employees are located. Our research shows 60% of leaders have an explicit strategy for content collaboration across virtual workforces and organisational boundaries.
Nobody wants to get left behind. When it comes to building and maintaining your business resilience, consider integrating or upgrading your technologies. It's through this that your team can not only survive the next large-scale event but thrive through it.
For a deeper dive into the Economist Impact research and how you can plan for a more resilient future, explore these resources.