The Five Characteristics Of Resilient Enterprises They know their customers’ ecosystems
In challenging times, organisations succeed by weaving together five key characteristics, writes Michael O’Dwyer of BearingPoint
The world has experienced a long crisis and we are currently wrestling with unsettling waves of the pandemic. If the new normal is uncertainty, and resilience is about maintaining peak performance in such a demanding environment, then how can enterprises become resilient? In our experience, successful organisations are those that are not only prepared for volatility and uncertainty, but embrace it to seek out new opportunities.
We see successful businesses as those that can understand and then deliver the interconnection of these five characteristics.
They respond to changing customer dynamics, complex supply chains and competitive landscapes, and delight their customers by delivering via multiple channels. Resilient enterprises align the whole company, from the board through to customer end-point delivery. This requires a deep appreciation of demand, supply-chain issues, partner ecosystems, and how to provide customer services to include holistic product service and channel delivery.
They empower their people for change
Resilient businesses recognise the importance of their people, and actively focus on talent management, competency development, and increased empowerment. Many organisations talk about putting people at the centre of their strategy. Resilient organisations have done this. Their transformation and change programmes include a significant level of people-focused projects and initiatives, which have yielded tangible results in both improved employee experience and business performance.
They turn data centricity into a competitive advantage
Resilient ventures utilise quality data insights from multiple sources. Our research has shown that they have total understanding of their data assets, quality, usage, and ability to generate insights. These data-driven companies have business focus, they spend time to figure out what actions they can take with their data, and what will drive them towards where they want to go. They create real-time data for real-time actions, focusing on leading indicators to capture trends – all of which enables them to respond to changing market conditions.
They use technology to improve agility
They ensure their organisation’s ability to respond to change by investing in and fully leveraging new technologies to deliver clear business benefits. Resilient enterprises understand that successful, agile transformations will unleash the true potential of technology.
They simplify their governance for fast decisions
Their internal processes empower teams and individuals to respond to both threats and opportunities by redeploying resources at speed. The leadership in our top 150 organisations understand the need to act swiftly, first by clarifying the overall strategy and direction, then weaving empowered decision-makers throughout the enterprise.
Only by aligning these five areas can your business become resilient and thrive. In many ways it’s hardly surprising that we identified these five characteristics from our research. They are the bedrock of all companies, from the joint stock company of the 17th century until the present day.
Our research has found that the way firms align all five characteristics is the key to resilience, and resilience is the key to competitive advantage. And it is only by ensuring that talent is empowered, and data and technology is combined, that resilience is created in your organisation.
The pandemic was an unexpected event, though in reality it was simply the most recent shock in an ongoing cycle, albeit bigger, wider, and longer. Certain industries have been more seriously affected by the pandemic than others, but even within specific sectors there have been clear winners and losers.
So why have certain organisations emerged stronger than others?
The answer lies in their resilience. Based on our practical experience of thousands of client engagements, we have seen organisations thrive on change by the alignment of these five fundamental characteristics.
How your business combines all five characteristics is an accurate measure of your potential to deal with the unexpected. By being resilient, you will be able to embrace change and enjoy sustained success.