Greater than half (53 p.c) of executives in a brand new survey admit their firm is not the place it must be with regards to resiliency—and this regardless of three straight years of pivoting amid ongoing disruption and financial ambiguity, new analysis from enterprise analytics agency SAS reveals.
Then agency’s new Resiliency Guidelines examine explores the present state of enterprise resiliency—and what steps corporations in industries like monetary companies, retail, manufacturing, well being care, and authorities are taking to navigate change and seize alternative.
Between rhetoric and actuality
Amongst greater than 2,400 survey respondents, 70 p.c are optimistic about the way forward for their nation’s economic system, and 80 p.c are at the moment investing in resiliency planning and technique. Nonetheless, the analysis signifies a resiliency hole between the significance executives place on resiliency, and the way resilient their organizations truly are.
Challenges to implementing resiliency are tied to lack of funding:
In accordance with the survey information:
- Practically all (97 p.c) executives consider resiliency may be very or considerably essential, but lower than half (47 p.c) understand their firm as resilient.
- Roughly half (46 p.c) admit they don’t seem to be totally geared up to face disruption and battle in addressing challenges corresponding to information safety (48 p.c), productiveness (47 p.c) and driving expertise innovation (46 p.c).
Whereas the resiliency hole is right now’s actuality, 81 p.c of respondents point out they consider resiliency is attainable with the suitable steerage and instruments. And greater than 90 p.c of the respondents see information and analytics as essential instruments for a resiliency technique.
Expertise instruments used extra by executives who rating excessive on the Resiliency Index:
“We wish to assist executives throughout industries outpace their opponents by utilizing information and analytics to construct a sustainable resiliency technique,” mentioned Jay Upchurch, government vp and CIO at SAS, in a information launch. “By taking the Resiliency Index, the analysis and evaluation device we launched right now, organizations will be capable to higher determine areas of present power and areas the place progress is feasible. That perception will assist them shut gaps and strategically fortify the instruments and methods that make them agile within the face of challenges and disruption.”
5 Resiliency Guidelines—and the need of knowledge and analytics
SAS recognized 5 ideas instrumental to sustaining and strengthening enterprise resiliency:
Known as the 5 Resiliency Guidelines, the agency examined how executives prioritize and implement every. One factor was clear: high-resiliency executives place greater worth and make investments greater than low-resiliency executives in every space. This was constant within the responses throughout nation and business segmentations, indicating executives view these as elementary elements for a resiliency technique.
A key takeaway from the manager analysis is the essential function of knowledge and analytics in implementing the Resiliency Guidelines. Practically all high-resiliency executives (96 p.c) use inside and exterior information and analytics to tell decision-making, which is essential for navigating change and guaranteeing enterprise continuity. The extremely resilient enterprise executives claimed to implement information instruments greater than their much less resilient counterparts (93 p.c excessive vs. 22 p.c low).
To check your resiliency, attempt SAS’ new Resiliency Index
To enrich the report, the agency has developed a brand new Resilience Evaluation Device, a free, on-line device that allows enterprise leaders to appraise their very own firm’s resiliency quotient based mostly on the 5 Resiliency Guidelines.
For the examine, SAS created an evaluation methodology known as the Resiliency Index to know the place resiliency suits into executives’ priorities and investments. SAS categorized respondents into three classes:
- Excessive resiliency (26 p.c)
- Average resiliency (54 p.c)
- Low resiliency (20 p.c)
Evaluating the enterprise practices of every, high-resiliency executives view having a structured technique integral as a result of it addresses greater than managing disruption however performs a component in enterprise stability. A resiliency technique impacts key enterprise metrics together with job efficiency and shopper confidence.
Study from high-resiliency executives
Serving to corporations shut the resiliency hole begins with getting the suitable information and analytics within the palms of executives. The brand new device permits anybody to conduct their very own enterprise evaluation and motion planning. This device, together with insights from the high-resiliency executives within the report, delivers sensible steerage for fostering larger enterprise resiliency.
“The SAS AI/ML platform continues to play a essential enabling function as we remodel our manufacturing and industrial practices,” mentioned Steve Bakalar, vp of IT Digital Transformation at Georgia-Pacific, within the launch. “SAS’ Resiliency Evaluation Device analysis resonates loudly in opposition to the strategies and methods we’re driving. All 5 ideas are important elements to imbed resourcefulness and resiliency into organizations that search to flourish in these very difficult and quickly altering enterprise situations.”
Obtain the total report and check out the Resiliency Evaluation Device right here.
SAS carried out in-depth interviews with enterprise leaders in Brazil, France, Germany, India, Japan, United Kingdom, Benelux, Iberia and United States in November to know senior executives’ views on enterprise resiliency and their approaches to management throughout risky instances. A proprietary on-line survey was carried out with 2,414 senior executives working full-time inside monetary companies, retail/shopper items, manufacturing, healthcare/life sciences, or authorities from Dec. 16, 2022, to Jan. 4, 2023, within the aforementioned international locations.
