The global economy is currency throwing mixed signals. However, it is still clear that a recession will soon begin. It is evident from the fact that many business leaders are also expecting a recession, and we are already undergoing inflation. The businesses should now prepare themselves for the upcoming recession. The easiest way to prepare any business for the upcoming recession is by becoming digitally resilient. This strategy even worked for many businesses during the pandemic time, and it will prove to be useful even during the recession.
What Is Digital Resilience?
Digital resilience is a broad term, but in the business world, it includes using digital tools to improve the efficiency of an organization. It also helps businesses to recover from the economic crisis. During the pandemic, many businesses resorted to digital resilience to stay active when the brick-and-mortar shops faced shutdown.
Sometimes, becoming digitally resilient can be as soon as marking the presence on a digital platform or having a website for the business.
Previously, digital resilience only encompassed cybersecurity where critical data are saved, like the IP address of the customers that can be checked on What Is My IP, and cyber-attacks are mitigated. However, now the concept has broadened, including the organizational capacity to maintain, if required, change and then further recover the operational capacity with the help of technology.
The Importance Of Digital Resilience
Digital resilience should be a part of any organization’s core infrastructure and not only a means to survive the recession. It is because not only becoming digitally resilient can help a company to survive during the tough time but also grow at the same time. Most of the time, the organizations that adopt digital technology first are the ones that respond to a crisis better.
Digital resilience also helps the organization to develop a solution-focused mindset. Technology offers businesses the right tools to improve productivity, which is crucial for the company’s growth and survival. Any organization that becomes digital resilient has a competitive edge, and further, it has more opportunities to keep swimming even during the tough time. Here is how any organization can become digitally resilient.
The stepping stone to becoming a digitally resilient organization is to undergo digital transformation. If your business has not yet implemented digitization, it is high time to engage in it. The longer you wait for the digital transformation, the tougher it will be for your company. Adopting digital technology now will help your business to tackle the various issues of recession later effectively.
Investment In Digital Infrastructure
Superficially, implementing or adopting digital technology is good but not very useful. To fully become digitally resilient, it is critical to make proper investments in building the digital infrastructure and making it a part of the company’s core structure.
You can change the organization’s rules, systems, and capability to include different digital initiatives.
Privacy and Security
It is no secret that cyber-related crime increased for individuals and organizations during the pandemic. Recession will bring with it a challenging financial situation for many people. Therefore, we expect to see more people engage in cybercrime. If your business does not have a robust privacy and security system to protect critical data, you should definitely work on it to prevent a cybersecurity crisis.
Upskill The Workforce
Adopting digital technology is useless if the workforce does not know how to use the technology available to them. When you adopt new digital technology, ensure that the members of your office know how to work with it. Proper training and workshops must be conducted from time to time to ensure that the different stakeholders know how to use the technology to reach its maximum potential.
Fast Recovery From Recession
The harsh truth is that irrespective of the preparation that you do to survive the recession, your business will be affected. It is because if you are running a business, you are dependent on your customers, too, for your company’s growth. Becoming digitally resilient will act like a cushion for your business and help you recover quickly from the disruption caused by the recession.
Recession is a challenge; like any other challenge, it can be seen as both an opportunity and a threat. We recommend you see it as an opportunity to bring digital transformation to your company.