Business Plus

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

- Michael O’Dwyer is a Partner at BearingPoi­nt Ireland

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.

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