Despite three straight years of ongoing disruption and economic ambiguity, when it comes to resiliency, 53% of executives admit their company is not where it should be. This is among the top findings in a global business survey report by analytics leader SAS. Resiliency Rules explores the current state of business resiliency and what steps companies in industries like financial services, retail, manufacturing, health care, and government are taking to navigate change and seize the opportunity.
To complement the report, SAS has developed a new Resiliency Assessment Tool. The free, online assessment tool enables business leaders to appraise their own company’s resiliency quotient based on the five core “resiliency rules” explored in the study.
SAS surveyed 2,414 senior executives at companies around the globe with more than 100 employees. Among the respondents, 70% are optimistic about the future of their country’s economy, and 80% are currently investing in resiliency planning and strategy. However, the research indicates a resiliency gap between the importance executives place on resiliency, and how resilient their organizations actually are.
According to the survey data:
- Nearly all (97%) executives believe resiliency is very or somewhat important, yet less than half (47%) perceive their company as resilient.
- Roughly half (46%) admit they are not fully equipped to face disruption and struggle in addressing challenges such as data security (48%), productivity (47%), and driving technology innovation (46%).
While the resiliency gap is today’s reality, 81% of respondents indicate they believe resiliency is attainable with the right guidance and tools. And more than 90% of the respondents see data and analytics as critical tools for a resiliency strategy.
“We want to help executives across industries outpace their competitors by using data and analytics to build a sustainable resiliency strategy,” said Jay Upchurch, Executive Vice President, and CIO at SAS. “By taking the Resiliency Index, the research and assessment tool we launched today, organizations will be able to better identify areas of existing strength and areas where growth is possible. That insight will help them close gaps and strategically fortify the tools and systems that make them agile in the face of challenges and disruption.”
SAS identified five principles instrumental to maintaining and strengthening business resiliency:
- Speed and agility.
- Equity and responsibility.
- Data culture and literacy.
Referred to as the five Resiliency Rules, SAS’ research examined how executives prioritize and implement each. One thing was clear: high-resiliency executives place higher value and invest more than low-resiliency executives in each area. This was consistent in the responses across country and industry segmentations, indicating executives view these as fundamental components for a resiliency strategy.
A key takeaway from the executive research is the critical role of data and analytics in implementing the Resiliency Rules. Nearly all high-resiliency executives (96%) use internal and external data and analytics to inform decision-making, which is key for navigating changes and ensuring business continuity. The highly resilient business executives claimed to implement data tools more than their less resilient counterparts (93% vs. 22% low resiliency).