Business Resilience and Future-Proofing
What is Business Resilience and Future-Proofing?
Business resilience is the ability an organisation has to quickly adapt to risks and disruptions while maintaining continuous business operations and safeguarding people, assets and overall brand equity.
Business resilience goes a step beyond disaster recovery by offering post-disaster strategies to avoid costly downtime, strengthen vulnerabilities and maintain business operations in the face of additional, unexpected breaches. Future-proofing an organisation involves management disciplines, such as the strategic planning and risk management processes – long term planning to ensure the organisation is appropriately positioned to remain sustainable and achieve its objectives. It includes building an appropriate culture and creating adaptive capacity in the organisation.
Why is Business Resilience and Future-Proofing important?
Constant change, increased global competition and continuous disruption require businesses to make rapid decisions and develop new services, products and business models timely. Being resilient means that the business can adapt to and survive changes, threats and risks that may otherwise destroy it – even thrive under challenging circumstances. Future-proofing the business means that capability is built that creates a strong framework for the business to sustain itself into the future, while remaining profitable as well as achieving its growth objectives. It maintains sustainable value of the business in the face of external and internal threats.
Reference Source: Business Resilience and Future-Proofing Educational Guide
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