Resilience and Business Performance Presentation (BRIT Part 4/22)
The Link Between Resilience and Business Performance
In the past one important link seen between resilience and business performance centered on information technology.
Increasing reliance on technology and technology providers highlighted the Interconnectedness and vulnerability inherent in systems.
Additionally, business resilience is seen as a continuously moving target, which contributes to performance during business-as-usual and crisis situations.
Businesses now more than ever, need to adapt, and highly reliable to enables them to manage disruptive challenges.
Business resilience is a business’s “…ability to survive, and potentially even thrive, in times of crisis”.
Research has shown that business resilience can provide business’s with a competitive advantage.
Resilience of business’s directly contributes to the speed and success of community recovery following a crisis or disaster.
Communities’ expectations of business’s and argue,
“Consumers and communities are increasingly demanding that business’s exhibit high reliability in the face of adversity and that decision makers are able to address not only the crises that they know will happen, but also those that they cannot foresee”.
In order to address community resilience, business’s must ensure that they are able to avoid crisis where possible, to maintain essential services during a response, and to recover operations as quickly as possible.
However crises can also present an opportunity for business’s that are resilient.
“A resilient business effectively aligns its strategy, operations, management systems, governance structure, and decision-support capabilities so that it can uncover and adjust to continually changing risks, endure disruptions to its primary earnings drivers, and create advantages over less adaptive competitors”.
In the context of resilience leading indicators can provide business’s with information on their resilience strengths and weaknesses before a crisis happens.
In a competitive environment, an business that is aware of its resilience strengths is also more equipped to find opportunities out of a crisis situation.
Finally, for example a business’s situation awareness, one indicator of business resilience, or its ability to interpret information about its business environment and understand what that information means for the business now and in the future, is very similar to its ability to know its competition and environment.