Improving Business Resilience
Credit
CPE:0.5
Publisher
IMA
Description
Distress and disruption caused by natural disasters or pandemics like COVID-19 have increasingly strong impacts on individual nations and the global economy. In today’s interconnected world, a single crisis can destroy infrastructure, degrade public healthand workforce resources, and disrupt supply chains. These events, in turn, may lead to inflation and broad economic downturns. While some businesses may prosper during a crisis, many others may fail if they’re unable to react quickly to the changing environment.
Business resilience involves both taking advantage of unexpected opportunities and mitigating the damage from new threats. Organizations may need to modify their business models by engaging differently with customers and suppliers, realigning their workforce, accelerating their digital capabilities, and optimizing their asset base through divestitures or acquisitions. Financial structures may also need to be modified as credit markets change and public sector relief resources and incentives become available. In short, individual companies are in dire need of guidance on how to make timely decisions to survive the crisis and foresighted decisions to thrive afterward.