We're living in the era of resiliency. We're being tested. Our way of working, living, interactions, and learning are all changing.
Companies have had to operate differently and every process, particularly operational processes, have been tested to see how they perform under these unpredicted conditions. Firms used to think about financial risk management, or IT resiliency in their Business Continuity Plans. Now the focus has shifted to operational processes and which ones are weakest and would impact the company if they don't run well. Processes that haven't been a problem for ten, twenty or even thirty years are finally candidates for modernization because of their operational risk.
Legacy. It exacerbates the need for resiliency. Especially now. In a survey of 1,000 CXOs working at organizations with over $1 billion in revenue, legacy systems ranks as the single biggest barrier to digital business transformation. Increasing operational costs and downtime, security issues, system integration and more are weighing down on an organization's ability to be resilient.
Standing Still is not an Option
A key part of resiliency is preserving the know-how that makes companies great. The answer has to be a mix of people and technology. People have the wisdom to transform the status quo and be liberated by technology-powered operations creating automation and efficiency.
Looking forward, the winners of this current era will be recognized for embracing complexity, uncertainty, interdependence systems thinking, and a multi-timescale perspective, according to Harvard Business Review. The article identifies four benefits of companies that can build resilient businesses.
Companies can thrive during and after this era by quickly reducing operational expenses, increasing more flexibility into planning and operations, and maintain loyalty among customers. But how? The data is the key.
Data is Key
The information tucked away in pockets throughout the enterprise can help you understand how processes have operated in the past. Data can help you capture the knowledge and make better informed decisions, helping you automate and improve the processes that should be automated.
While software can't truly understand risk, it can empower the teammates who do. This era has shown us that decisions need to be made from any location in the world - an office, home, walk in the park. Organizations must liberate data to unlock its promise.
Most processes are focused on either creating data or documents or they use data or documents to make a decision. With that in mind, it should raise concern that 67 percent of senior managers or higher state that they're uncomfortable accessing and using data.
What would happen if you, your teams, and the organization used the remainder of 2020 to make strategic leaps in the accuracy and relevancy of your data? How would that help build a resilient business? How would that enable you to break down data silos, integrate internal data systems and applications or import data from third part vendors seamlessly, or simply understand how complex relationships are connected?
Building Better Resiliency
It's clear that data is important. But just hoarding it or purchasing more data isn't an efficient use of data. Make your data do more by releasing technology to manage, orchestrate and augment the skills - especially manual skills - that have led successful companies to take advantage of data.
The Kingland Platform encapsulates enterprise data management, text analytics and compliance management capabilities that scale with your requirements, using dynamically changing information.
In fact, Kingland software solutions have supported more than 400,000 accounting professionals across more than 105 countries and it's the world's most popular data platform for independence. The Platform also supports more than 1,800 broker dealers, 300 asset managers, and hundreds of thousands of market participants.
As one of the world's most data-intensive, regulated companies, you don't have the luxury of making a mistake. Our relationships and 30-plus year history in providing data solutions shows that neither do we.