The topic of driving operational resilience is an important one for businesses; bouncing back quickly after disruptive events is crucial to business success. Here, we discuss operational resilience as a component of digital business transformation.
Has your business ever suffered a setback that had ramifications for operations, finances, and customer experience? PwC notes that “there has been countless examples of businesses brought to their knees by a lack of foresight or poor crisis management”; The COVID-19 pandemic has certainly shown enterprises around the world the gaps in their Business Continuity Planning (BCP) that can hinder digital transformation and modernization.
Enter operational resilience. It’s a term used to describe the way an organization or business can tackle wider issues and bounce back from crisis situations. Gartner defines it as initiatives that expand business continuity planning to focus on ‘impacts’ and ‘risk appetite’ for certain levels of disruption, while PwC defines it as “the embedding of capabilities, processes, behaviours and systems which allows an organisation to continue to carry out its mission, in the face of disruption regardless of its source.” Ultimately, it can be defined as a goal for businesses to weather the storms of a challenge.
Operational resilience is fundamentally a necessary component for businesses within any industry. A report from KPMG suggests that although “UK and global financial services regulators have been the first to drive operational resilience, cyber-attacks and COVID-19 have pushed the topic to the board agenda for firms across all industries.” The shifting of work online, the changing of customer interactions, and the increasing need for new technologies to manage business solutions as a result of COVID-19 has proven that flexibility and buoyancy within a company is of the utmost importance.
So, how can businesses improve their operational resilience? Each company has its own strategy that works. Continuity Central discusses the idea of people, technology, and compliance as “pillars” of operational resilience, arguing that each branch has its own tasks to facilitate – from board and senior management, to scalable technology implementation, to action plans. The way that CIOs can have an effective approach depends on their willingness to adapt to changing environments and keep an open mind about new solutions; an article from Intelligent CIO suggests that “technology is constantly evolving which means so is the role of the CIO”. The role of the technology CIO is primed to address the challenges associated with digital business management.
The Cyferd Platform increases operational resiliency; by providing a fully-managed cloud platform, we allow users to create highly scalable and secure business apps. Cyferd mitigates much of infrastructure-related risk, improving operational agility; we also ensure a consistently high level of security across all applications on the platform. No longer will a failed hard disk, poorly-implemented shadow IT solution, or cyber–attack significantly impact uptime.