Greater than half (53 p.c) of executives in a brand new survey admit their firm is not the place it needs to be in the case of 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 firms 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 present investing in resiliency planning and technique. Nevertheless, the analysis signifies a resiliency hole between the significance executives place on resiliency, and the way resilient their organizations really are.
Challenges to implementing resiliency are tied to lack of funding:
Based on the survey knowledge:
- 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 outfitted to face disruption and wrestle in addressing challenges similar to knowledge safety (48 p.c), productiveness (47 p.c) and driving expertise innovation (46 p.c).
Whereas the resiliency hole is at present’s actuality, 81 p.c of respondents point out they consider resiliency is attainable with the appropriate steerage and instruments. And greater than 90 p.c of the respondents see knowledge and analytics as vital instruments for a resiliency technique.
Know-how instruments used extra by executives who rating excessive on the Resiliency Index:
“We wish to assist executives throughout industries outpace their opponents by utilizing knowledge and analytics to construct a sustainable resiliency technique,” stated Jay Upchurch, government vice chairman and CIO at SAS, in a information launch. “By taking the Resiliency Index, the analysis and evaluation instrument we launched at present, organizations will have the ability to higher determine areas of current power and areas the place development is feasible. That perception will assist them shut gaps and strategically fortify the instruments and techniques that make them agile within the face of challenges and disruption.”
5 Resiliency Guidelines—and the need of information and analytics
SAS recognized 5 rules 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 increased 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 chief analysis is the vital position of information and analytics in implementing the Resiliency Guidelines. Practically all high-resiliency executives (96 p.c) use inside and exterior knowledge and analytics to tell decision-making, which is essential for navigating change and making certain enterprise continuity. The extremely resilient enterprise executives claimed to implement knowledge 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 Instrument, a free, on-line instrument that allows enterprise leaders to appraise their very own firm’s resiliency quotient primarily based on the 5 Resiliency Guidelines.
For the examine, SAS created an evaluation methodology referred to 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)
- Reasonable 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 client confidence.
Study from high-resiliency executives
Serving to firms shut the resiliency hole begins with getting the appropriate knowledge and analytics within the fingers of executives. The brand new instrument permits anybody to conduct their very own enterprise evaluation and motion planning. This instrument, 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 vital enabling position as we rework our manufacturing and industrial practices,” stated Steve Bakalar, vice chairman of IT Digital Transformation at Georgia-Pacific, within the launch. “SAS’ Resiliency Evaluation Instrument analysis resonates loudly in opposition to the strategies and methods we’re driving. All 5 rules 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 take a look at the Resiliency Evaluation Instrument right here.
SAS performed 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 unstable instances. A proprietary on-line survey was performed with 2,414 senior executives working full-time inside monetary companies, retail/client items, manufacturing, healthcare/life sciences, or authorities from Dec. 16, 2022, to Jan. 4, 2023, within the aforementioned international locations.
