Most organizations were not ready for COVID-19, thinking the risk of a pandemic too remote to consider in their planning. Yet some were able to pivot to new opportunities. Others filled market gaps left by competitors unable to cope.
According to Forrester, planning and execution of a “future fit” tech strategy creates an effective foundation for business resilience during a crisis. Organizations that turn resilience into a competitive advantage use a crisis to seek new opportunities. To achieve this, they must master several pillars, including:
- Creating and maintaining risk-based business impact analysis and continuity plans: Many organizations still shortchange this pillar: 77% of global purchase influencers didn’t feel very confident that their organization’s business continuity plan would meet their needs during COVID-19, per Forrester.
- Adapting their business to a broad range of systemic risks with risk management: Most organizations still continue to roll the dice during unanticipated events despite significant impact to customers and shareholders. Organizations must regularly review their most likely and damaging systemic risks in relation to their strategic and reputational risks.
- Automating current and new processes and business services: Tech execs who excel at automation and prioritize disruption will adjust to create new products or services to gain increased customers or customer satisfaction.
- Establishing an employee experience-focused contingency for your workforce: Tech execs must have plans for easily and securely transferring employees to work at home, alternative work sites, and even alternative workforces to maintain critical customer services.
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