The Prescient360 Group
Facilitating Organizational Resilience
In the wake of the COVID-19 crisis, businesses and organizations of all sizes have been faced with rapidly changing economic and social conditions and uncertain futures. It is now commonly agreed that many, if not most, companies and organizations will need to redefine themselves to confront the current crisis and be successful in the post-coronavirus environment. This period of redefinition will entail examining such fundamental issues as the possibility of a changing customer base and consumer preferences, the need for new products and services to be offered, different workforce and workplace considerations, and the nature of future partnerships and alliances.
As companies and non-profit organizations confront the crisis, the term, “resilience,” is often used to describe the attribute required by institutions to survive in these uncertain times and to thrive in the “next normal.” But what exactly are the characteristics of institutional resilience and how can a company or organization ensure that it is putting in place the elements of resilience that are necessary for the transition?
Prescieint360 has adapted its institutional risk methodology to help companies and organizations to assess their own resiliency and agility in order to determine areas of weakness, adequacy or strength by using a ranking scale across the organization. The process begins with an internal assessment into the business ecosystem and business functions as demonstrated in the generic diagram below.
The business ecosystem are those factors that could possibly destabilize business
operations, such as changing laws and regulations, technology shifts and threats, changing customer preferences, or competitors introducing new products or services. It could also include disruptions caused by “black swan” events such as financial market or environmental disruptions, social-political disturbances, or even another pandemic.
For internal leadership functions, the assessment allows leaders to rank key leadership functions required to maintain and adapt business strategy, to protect fiduciary integrity of the company, to adapt day-to-day business functions and to ensure communications and feedback with employees, customers and partners.
In terms of internal operational functions, the assessment helps examine such functions as product manufacturing processes, customer support services, supply chain vulnerability, new product development, and ensuring workplace and workforce quality.
Turning to sales and marketing functions, the assessment might examine such functions as agility to pivot sales and marketing strategies, ensuring continued effectiveness of CRM functions, ability to continue market research and business intelligence, and capability to maintain or adapt partner/channel sales functions.
With regard to internal finance functions, the assessment addresses the firm’s ability to closely monitor revenue streams and model financial projections, ensure viable cost structure safeguards, and oversee effective cash flow management.
The center circle, organizational culture, is concerned with the values, norms, and practices by which a company operates. For example, how would an organization rank itself in the event of a disruptive event with respect to threatening its culture, such as treating employees fairly and equitably, avoiding shortcuts in quality of products or services in the event of revenue shortfalls, or maintaining external social commitments, if possible, to the local community and beyond.
The Prescient360 Group