3 technologies to build business resilience

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: 

• Finance 

• Legal 

• Human Resources 

• IT 

• 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. 

The technologies pushing resilience forward

7 elements of a sustainable business resilience plan

1. Cross-functional collaboration and planning–Operational efficiency
2. Information sharing between departments–Data governance & security
3. Employee well-being and engagement–Workplace transformation
4. Decision-making architectures and measurement–Operational efficiency
5. Balancing resilience and efficiency–Operational efficiency
6. Adapting to new technology–Data governance & security
7. Meeting sustainability targets–Sustainability

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: 

• Cloud services: Range of services, including digital storage, that provide the ability to quickly scale and enhance company performance, offered on demand over the internet
   
• Artificial intelligence: The ability for computers to mimic human behaviors
   
• Machine learning: A subset of artificial intelligence that allows computing systems to learn, adapt, and recognise patterns without following specific instructions

How tech upgrades your resilience 

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: 

• Automated workflows

• 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.