‘Business resilience’, ‘recession resilience’ and ‘recession resistance’ are buzz terms you’re probably familiar with – they’re often used to describe an organisation’s ability to withstand economic hardship.
During the global coronavirus (COVID-19) pandemic, some businesses will have discovered that their operations were less resilient than they might have hoped, while others will have been able to draw on built-in resilience to see them through.
If the COVID-19 crisis has taught us anything, it’s that getting through tough economic times are only one way a business needs to be resilient. In fact, true business resilience means enduring any prolonged interruption to the way things are normally done. This might be building a solid balance sheet, managing risk factors unique to your business and ensuring you have the resources to make data-led decisions quickly and confidently when you’re affected by factors outside your control.
As life as we know it tentatively begins to unfold, it’s worth asking yourself if getting ‘back to normal’ should be your only business objective, particularly when it comes to resilience. With the hindsight we’ve gained from the pandemic, is there an opportunity to improve your organisation’s resilience in these key areas? After all, we never know when the next test may come.
Here are three ways data insight can help you build a more resilient business.
Your business cannot be resilient to unexpected change or worst-case scenarios without a solid understanding of where revenue is generated and costs are incurred. Only a firm view on these fundamental factors can you maintain the strong, adaptable balance sheet and reliable access to capital that you may need in times of hardship.
Yet many businesses struggle to consolidate financial data from different areas of operations and end up relying on disparate or even multiple sources of information on the same products or services, which completely skews the picture. Manually comparing these different datasets takes time and still doesn’t give you the visibility you need to work up revenue and cost models that help shape a business’s next steps in times of uncertainty.
What’s needed is a solution that enables the automated analysis of all the relevant business intelligence in one place, so that financial data insight is quick and cost-effective to achieve. With all revenue and cost data centralised, key financial accounts can be generated in seconds, so that you always have the data you need to track top-line performance and the returns of any investment made in the business moving forward. This is exactly what our Business Intelligence solution does, please get in touch with us to find out more.
Leading on from financial fundamentals, resilience also has a lot to do with assessing and minimising risk. Every business has its own unique list of risks to manage, some simple and some more complex, but it’s not possible to be truly resilient unless the top risk factors are identified and planned for. This is especially true of organisations that operate in either high risk or tightly regulated sectors, who cannot afford to make a misstep even when faced with unexpected challenges.
This is where comprehensive risk reports come in, which can eventually feed into disaster recovery plans. As with financial data, it’s vital to gather all information related to your business’s key risk factors from across the organisation and regularly review the changing parameters, so that you can spot anything that could potentially disrupt operations before it does so. Our Business Intelligence dashboards include the ability to monitor value KPIs and forecast the impact of recognised issues at all times, so that you can build up your resilience against the risk factors most likely to affect you.
As much as being prepared is part of being resilient, so too is being flexible. Sometimes, you may have to reshape the way your business interacts with its consumers around circumstances you didn’t plan for, so rather than guessing your way through, it pays to be able to draw on the full power of data to inform any changes you make, and initiate them quickly.
With advanced analytics crunching your consumer data in the background, you can access powerful insights on trends, patterns and performance to help you rapidly shift your focus, and turn to real-time machine learning and predictive insights whenever external factors threaten to knock you off-course.
For example, our Marketing Automation solution is designed to take the strain out of running multiple on and offline marketing and communication campaigns. It allows you to quickly adapt your marketing strategy without the time, expense and effort it would take to do so manually, optimising actions such as target group selection and broadcast intervals for the best results. The outcome is a swift and well-managed update to your communications, as well as more time and budget for you to focus on refining other areas of your business.
If your business could have been better prepared to deal with the COVID-19 pandemic, now is a great time to strengthen your organisational resilience and become better equipped to weather unexpected change. We have formulated our data solutions to provide clarity to the areas that need it most, so why not get in touch to find out more about how we can help you?