Why Organisation Resilience is
Important to Your Business
Editorial Team
Camms.College
Date: August 1, 2021
Lately, a term coined much too often, Organisational Resilience refers to an organisation's ability to bounce back from setbacks. An essential attribute of resilience is the ability to adjust quickly and effectively to significant shifts in the operational environment. And it goes without saying that it is a characteristic that is essential to an organisation's aptitude to function effectively and efficiently, serving its clients, employees, and society at large.
Lately, a term coined much too often, Organisational Resilience refers to an organisation's ability to bounce back from setbacks. An essential attribute of resilience is the ability to adjust quickly and effectively to significant shifts in the operational environment. And it goes without saying that it is a characteristic that is essential to an organisation's aptitude to function effectively and efficiently, serving its clients, employees, and society at large.
Importance of Organisational Resilience
Amongst many reasons, one crucial reason to integrate resilience strategies into your organisation is to prevent devastating churn of customers and employees during times of crisis. Resilience is about thinking strategically, playing the long game and staying motivated in the face of adversity. Being able to come back from failure or avoid it altogether, is vital in any workplace. As you may already know, one of the greatest tragedies to businesses during the Covid pandemic was the disruption to routine maintenance. Therefore, resilience is a necessity for a world in which changing environments challenge knowledge-based industries too. And as businesses transform to incorporate technology, a new set of issues arises on how technical solutions relate to organisational objectives and values.
Research shows that organisations with high levels of resilience can better-adapt to shifts in technology and economic conditions. They are more likely to innovate and succeed. We know that the modern decentralised corporate world is here to stay and that organisations need to be equipped for a changing world. Organisations need to look at technological solutions to complex issues, which can then be leveraged for improved business performance.
Ins and Outs of Organisational Resilience
Resilience includes a host of decisions – both perceived negative and positive – such as: reducing staff, stopping purchases or reducing services, deciding when to close offices or reduce benefits, changing technology platforms and processes, and encouraging employees to take time for hobbies and interests outside of work. Another interesting aspect the pandemic has imposed upon organisations is to question their sense of competitiveness. Resilience has pushed businesses to identify ways in which they can increase productivity and customer satisfaction through collaborations.
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So, it is obvious that organisational resilience requires strategy and action. It needs to be multidisciplinary and cross-functional, with people of diverse skills and expertise being given responsibility for particular areas. The successful ones take their responsibilities seriously and constantly think about how they can improve processes and systems. For this, it is essential to plan, adopt a strategic approach, and place appropriate risk management measures. If you don’t have this formula in place, the whole enterprise can crumble under its weight.
Maintaining an effective long-term strategy for resilience requires assessing performance against long-term objectives. The most common long-term goal is to increase the average structural profitability of the enterprise over time.
Risk Management in Organisational Resilience
Building a resilient organisation is, at large, about managing risks. As part of our resilience work, we look at how organisations can identify, communicate, and manage risk coherently with business goals and strive for their continued growth and success.
Suppose an enterprise is not interested in taking proactive measures to protect itself from risks, in that case, it will be difficult for its leaders to fight off the most damaging effects of volatile market conditions and experience sustainable growth.
Preparation is the key to building resilience. Organisations that survive and succeed in an environment of enhanced unpredictability will be those that are best prepared.
Top Risks and Megatrends 2020
Airmic Annual Survey Report
Organisational resilience is a ‘how’ approach. It involves actively managing risks that could harm an organisation. It consists of developing policies, practices, processes, and structures designed to support resilience across an enterprise. That means evaluating risks, designing risk reduction strategies and monitoring progress towards achieving required goals.
As a Camms customer, the good news is that you have access to holistic, easy-to-deploy and uncomplicated solutions to help you with your resilience initiatives. The Camms software suite with risk, strategy, project and people is sure to guide you through risk management and decision making measures by helping you streamline internal processes and allowing you to focus on what matters.
We encourage you to speak to our consultants who bring invaluable knowledge on solution best practices to the table. Not only that, they are ready to provide input on initiating resilience strategies, as well as input on any area your business needs extra help with. All you’ve got to do is visit the Virtual Consulting page and book a session.
If you want to know more about organisational resilience tune into our in-depth webinar on this topic with Laetitia Callegari from PrimeScope.
