How digital capabilities can drive business resilience
We live in a world that is changing rapidly, and the pace of that change is increasing every day. New technologies and a more competitive and demanding business landscape are creating a whole world of unexpected challenges in every industry. And the ability to cope with those challenges is becoming a competitive differentiator.
To survive in this environment, organisations have to be flexible and agile, which means replacing traditional silos and rigid processes with unified data streams, innovative methodologies, and continuously improving workflows. But how do you know where to start?
In this blog, we look at some of the things that can help you achieve true business resilience – adapting and responding to disruption, safeguarding people and assets, and maintaining operations in the face of the unexpected.
What does resilience look like to you?
Business resilience means something different to every organisation, and part of what it means to you will depend on the environment you work in and the disruptions you’re most likely to face.
These disruptions could be anything from data breaches and cyberattacks to unplanned IT outages, security threats, and supply chain disruptions. Essentially, anything that can derail business-as-usual processes.
Regardless of the nature of your business disruptions, there are a handful of ingredients that can help any organisation adapt to adverse circumstances and become more resilient to the threats of a fast-moving world.
In modern business expecting the unexpected can be a vital survival tool. With the ability to quickly develop and assess different “what if” scenarios, it can be easier to adjust quickly and adapt to emergency situations to ensure business continues as usual.
However, reacting to change should never be the goal. Instead, you should focus on developing the ability to predict disruption before it arrives.
With access to the right data, and the right predictive simulation technology to analyse it, your organisation can gain the insights needed to identify unseen patterns and predict crises before they occur – which gives you ample opportunity to minimise disruption.
For example, companies who predicted the 2007 recession were able to reinvest at the right time to achieve higher growth rates during the recovery. With the UN highlighting the possibility of another recession in 2020, there’s never been a better time to develop the capabilities needed to predict trends in your industry.
A recent Gartner report tells us that 67% of business leaders say their company will no longer be competitive if it can’t be significantly more digital by 2020.
Currently, as many as 66% of CEOs expect their company to change its business model by 2021, while almost half report that change is already underway.
For some, this transformation is an opportunity to reinvent themselves entirely, while others are making smaller steps and using new technologies to optimise existing operations.
Whatever your approach, advanced technologies like the Internet of Things (IoT), data analytics, Artificial Intelligence (AI) and digital twins can play a big part in helping you go from responding to change to driving change – turning insight into foresight and taking a proactive role in ensuring greater business resilience.
How Royal HaskoningDHV can help
At Royal HaskoningDHV we invest in people, technology, and software to develop, design, and implement the solutions that support decision-making, performance management, and process optimisation.
One way we do this is by working with our clients to co-create digital twins; virtual representations of assets and operations enabled by IoT, AI, data science, machine learning and our 140 years of domain expertise.
With digital twins we help organisations of all kinds optimise the performance of their systems, processes or assets, apply predictive maintenance, simulate CapEx extension, improve real-time operations and ensure compliance.
Most importantly, digital twins help to ensure business resilience, using the combined power of engineering, data science and predictive simulation to develop the clear insights and diverse strategies that help our clients thrive in a fast-changing world.
The key takeaways:
- Why business resilience is more important than ever
- How digital twins can help you keep up with the pace of change
- Four ingredients you need to ensure business resilience
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