Enterprise resilience is becoming now more important than ever especially with COVID hitting all businesses. During the last years, we have seen countless examples of businesses losing track and brought to their knees by lack of foresight. Resilience for enterprises is the ability to protect the business dynamics and adapt to short, medium- or long-term change, being able to tackle challenges and bounce back quicker than others.
Resilient enterprises work to establish internal transparency and put the right controls internally that can help management stakeholders across different functions to address the potential risks the enterprise is going through.
Enterprise resilience can be divided into two main pillars: financial resilience and operational resilience. Financial resilience is related to financial crisis response and contingency planning. Operational resilience including the technology, data, supply chain, and people’s aspect.
Step one of being resilient is understanding your current processes and how do they work. Accordingly, you can make the necessary changes and improvements to mitigate potential risks that can affect your business. For example, many maverick buying may harm your business by having unauthorized expenditures, draining resources and logjams in your workflows.
Companies can profit by understanding their processes in depth, so they are able to manage risk across the enterprise in an increasingly complex economy and rapid changes we are living through across the world.
Process mining technology nowadays can empower you to understand your current processes and how they work in detail. Where are the bottlenecks, and even with AI rules it can resolve and assign tasks to your team. This can help you to anticipate and exploit change as well as adapt to it in the right times.
Survive and thrive in the age of uncertainty by utilizing technology in a better way, that can help you become more resilient throughout the entire enterprise and potentially anticipate risk early enough, enabling no surprises, no big mistakes and no missed big opportunities. Resilience equal success.