Businesses are focusing on critical decision-making, along with proactive strategies for building business resilience.
Given the current market scenario, it is crucial for businesses to respond quickly and reduce the risks which could further impact them. Industry experts indicated this unprecedented time for creating a proving ground for enterprises to evolve their understanding of business continuity, as well as disaster recovery plans.
As a result, business leaders are prioritizing critical decision-making, along with proactive and predictive strategies, in order to build business resilience. During the initial months of the pandemic, businesses across the world were uncertain what was in store for the times ahead, and business continuity turned up to be one of the most critical factors for survival.
Natalie Severino, VP of Marketing at Chorus.ai, cited,
“With the economic uncertainty, more CFOs are getting involved in deals to ensure that there is a solid business case to justify the spend. We also observed an unprecedented shift to extended payment terms during the height of the pandemic as companies looked for creative ways to buy and sell.”
To recover from severe business traumas, organizations are resetting their strategies and plans to stay afloat and find market opportunities amid the economic crisis. Natalie also noted, “Sharing these learnings, along with tangible advice about how to address these issues, is aimed at giving Revenue Organizations a 360-view of business conversations to help with key decisions that help their businesses thrive rather than merely survive.”
However, for this, it is important for companies to realize where it currently stands and then evaluates the near-term or long-term future. In its essence, Gartner has also suggested resetting business strategy into three phases – responding, recovering, and renewing. And the extent of all steps should vary by industry, region, and business unit.
In this context, Becky Pinkard, CISO of Aldemore Bank, said –
“2020 forced companies to pay a lot more attention to what services customers need, and what they depend on most – and to evolve and scale digital transformation perhaps faster than they were ready for!”
Simply put, with COVID-19 starting a never-like situation for social, business, and governmental impact, business leaders, are increasingly altering their existing operating models. She also added, “In 2021, we’re likely to see companies looking at these exercises in business continuity, testing, poking and prodding them to make sure they’re ready for the next big challenge.”
Clearly, there has been a reset of the work, workforce, networking, and business ecosystem itself. For most organizations, the impact has been adverse, while it has been positive for certain fortunate sectors. Despite this, there is always a silver lining, and some bigger enterprises are aiming for circumstances where the risks could be put as opportunities.
Positive resets can certainly fabricate organizational resilience with a 360-view. If organizations can amplify strengths and keep aside their limitations, it can help them position superior – even making it ready for the next disruption.