Disruptive technology can lead to opportunities for companies with the right resilient mindset and solutions.
A recent study of business executives at some of the world’s largest companies found that disruptions were pervasive and there is a lack of confidence in those organizations' employees to handle a new challenge effectively.
As the pace of digital disruption increases, as seen in the recent post, Identifying the Top Enterprise Risks for 2018, companies that embrace resilience and manage risk are poised to take advantage. Achieving Resilience in the Age of Digital Disruption Part Two: Opportunities examines how resilient businesses can create continuous improvement cycles that take advantage of risks.
The study by North Highland and Harvard Business Review Analytic Services surveyed executives of almost 500 companies with revenue of $1 billion or more. Of those respondents, 88 percent said their organization had recently experienced or were experiencing a disruptive event. Only 53 percent said they were confident or very confident that their workforces could absorb a challenge without experiencing burnout.
The Resilience Opportunity
With risk pervasive in today’s corporate culture, there is a significant opportunity for companies that manage risk better. These companies, driven by a resilient culture, are likely to be more profitable and grow faster.
How do companies build a culture that embraces new technologies and is prepared to adapt, respond, improve, and grow when faced with new threats? Here are a few best practices for building a resilient culture:
- Transparent communication that articulates vision, needs, priorities, progress, and challenges. This communication needs to go both ways, allowing employees to provide insight and be involved in processes.
- Connecting work to broader goals and outcomes helps empower employees who will see how their work relates to the greater good.
- Inclusion is critical to ensure that employees feel heard and valued. Employees who believe that they can share observations and insights are more likely to feel empowered and ready to face new challenges.
- Recognition beyond the paycheck can come in the form of incentives, awards, and other programs that reward resilience.
- Skill building needs to be responsive and anticipatory of new technologies, empowering employees with the skills ready to take on new challenges as they emerge.
Employees are ready for the new reality. A 2015 Accenture study found that employees saw digital technologies improving innovation (71 percent), productivity (70 percent), and agility (69 percent). Eighty-two percent were seeking to learn new digital tools, and 62 percent believed their organizations were ready for digital disruption.
Digital disruption is ever-present for companies that must make informed decisions about how to respond effectively.
New Technologies To Enhance Resilience and Opportunity
Providing employees with the right tools to take advantage of the opportunities of digital disruption is critical. A robust risk management software platform brings together data from disparate systems, allowing leaders to not just prepare for risk but to make strategic decisions based on enterprise capacity and readiness.
At Continuity Logic, we offer a comprehensive risk assessment platform that includes business continuity management, disaster recovery management, incident and crisis management, enterprise risk management, vendor risk management, and cyber response.
Our platform identifies the gaps between targets and current state, thereby measuring the maturity level of company disciplines. With Continuity Logic, your company can address its capability to manage all risks, resiliency goals, and employee and supply chain awareness.
Continuity Logic helps mature, aware, and resilient organizations create continuous improvement loops that allow for challenges to be met and opportunities realized.
Contact us to learn more about how Continuity Logic can help your company leverage the opportunities of digital disruption.