Business Risk Assessment – When Change is Inevitable How do You Prepare for it?

Adaptability is the key to survival.

Technology and global events have created a setting where change is unavoidable. No matter what the size of your business is, you have to continuously look for ways to streamline your processes and improve productivity to stay ahead of the competition.

A well-defined strategy to facilitate transformation and mitigate risk is something that should be on every CIO’s to-do list.

Why should you act now?

There are a number of reasons:

  • Technology will continue to evolve. With every passing day, there are newer advancements in AI, 5G, Industry 4.0, and more. If you don’t keep up with them, it is quite possible that you end up with legacy systems that are obsolete and inadequate.
  • Cybersecurity is a real concern. To ensure that your data is secure and protected at all times, you have to invest in putting up-to-date safety protocols in place.
  • You may also already be having conversations about digital transformation but it’s usually a ‘one-day we will do this’ situation. So, if your transformation programs don’t actually reach the implementation stage, your company may struggle when unforeseen global events happen such as the COVID-19 pandemic.
  • Preparedness is vital. It helps you shift gears quickly and meet the evolving needs of your customers and partners.

What should be the starting point?

You don’t always have to go big when it comes to your digital transformation efforts.

Small steps can actually be quite helpful. Though what you need to have in place before you begin is:

  • A future-ready business model;
  • And an organizational culture that is receptive to change and focuses on learning and development.

What are the key pillars of success when it comes to transformation?

It all starts with having a clear plan. When you know what resources, budgets, and solutions will be required, it becomes easier to communicate and build excitement around the process.

Just as important as it is to have a plan, it is vital to communicate it effectively. Two-way communication is important because it helps employees and other stakeholders be a part of the process. Getting inputs and feedback from your teams can help you identify potential roadblocks as well as opportunities!

Why are risk assessments important?

Wherever there is change, there is some amount of risk. Risk is unavoidable in most cases but the way you prepare for it determines how you can manage it.

Business risk and business growth don’t have to be opposites — they can be partners.

Business Application-Risk Assessments are extremely useful because they enable you to identify potential hazards and their consequences for business systems. Companies of all sizes can use them to reduce business risks, create disaster recovery plans, and also purchase support or assurance plans for what they cannot completely control.

At SHEA Global, we are committed to helping you determine what works and what can be tweaked. We can help you navigate the entire process from requirement analysis and solution selection to employee buy-in and implementation.