Business process resilience is mission-critical, but businesses may be missing opportunities to fortify themselves, according to a new report from FT Remark and Wipro.
In a global survey of 330 C-suite executives, nearly all respondents (98%) agreed that technology risk management is important or very important to the overall running of their firms, and 84% felt their firms’ technology risk management programs add value.
But 35% described their firms’ spending on technology risk management as ‘focused on the next year’, with a further 17% working on a ‘project-by-project basis’.
Less than half (41%) described their spending as ‘focused on the long-term’. In addition, only 15% of those surveyed said decisions on technology risk management were made at board level, even though system failures have implications that reverberate throughout businesses’ ecosystems.
This report seeks to identify how businesses are rising to the challenges that technology presents, and how they are making their businesses more resilient in the process through strategies, investments and partnerships.
“In developing resilience plans, businesses should consider the full range of their operations, from customers to third party suppliers,” Nick Cheek, Managing Editor at Remark, part of the Mergermarket Group, explains.
“Businesses should also concentrate on making themselves agile and modular, so that they can minimize the impact of negative events,” he concludes.
Technology has also brought fantastic opportunities to businesses of all sizes. Data is power: the more businesses can understand about their customers, partners and products, the more agile and effective they can be.
“Firms should think of business process resilience broadly,” says Alexis Samuel, Global Managing Partner, Wipro Consulting Services, Wipro Ltd. “Rather than being considered fodder for CIOs or CTOs, corporates should view these issues as board-level ones that have far reaching implications for disparate business arms.”