While Americans in general continue to debate whether we’re currently in a recession, CEOs across the nation seem to be on the same page. According to Fortune, approximately 98% of CEOs believe a recession will hit by mid-2024.
This is undoubtedly a stark outlook, and organizations need to prepare in order to ensure business continuity and success regardless of what the future holds. This entails preparing for not only the possibility of a recession but the possibility of other crises, such as another global pandemic, a cybersecurity incident, or a natural disaster. How can your organization effectively prepare for anything the future holds? By building business resilience.
Here are 8 strategies you can use to do so:
One of the major lessons the pandemic taught businesses is that remote access to documents is crucial.
Scanning your paper documents into a cloud-based document management system can help you maintain access to your data throughout unpredictable events, such as fires, floods, and pandemics. And adopting a digital mailroom further empowers your team to efficiently adapt to disruptions by ensuring incoming documents are easy to access from anywhere, on any device.
Integrate Your Systems
An S&P Global Market Intelligence survey found that 54% of IT decision-makers believe lack of application integrations and siloed information are their biggest technology challenges to being productive. You can’t effectively navigate unexpected challenges when you can’t easily access the data you need to run your business.
Using document management software that integrates with the accounting, ERP, and HR software that you use daily allows employees to quickly and securely find what they’re looking for in the system they’re used to using. Connecting your on-premise and cloud-based data through integration as a service can further streamline your workflows for accessibility and resilience.
Workflow automation software streamlines document-intensive processes, from AP invoice processing to new customer onboarding to new employee onboarding. With it, you can rest assured that your organization will continue to operate efficiently regardless of what challenges come your way.
If your AP staff can’t make it into the office or has shifted to a permanent remote work model, an AP automation solution built with workflow automation software can ensure the work that needs to be done gets done. Incoming invoices will be processed, data will be captured, and invoices will undergo 2-way or 3-way matching before being directly uploaded to your platform, where your staff can access them remotely. Resilient businesses have automated processes that make adjusting to unexpected circumstances simple and stress-free.
Optimize Talent Management
Digitally transforming human resource processes helps to ensure the privacy and safety of critical employee documents amid natural disasters and unexpected events. Capturing employee documentation digitally helps ensure a complete employee record that’s easy to access from anywhere. Automated document retention scheduling also helps ensure compliance while minimizing liability.
Facilitate a Collaborative Environment
The benefits of workplace collaboration span beyond increased productivity. According to Zippia, top performing employees spend 45% of their time collaborating and workers who not only collaborate but have access to digital collaboration tools are 17% happier.
With digital collaboration tools like cloud document management software, you can build a more resilient business. Your employees will be able to easily access files and work together even during crises that keep them from physically being together – and they’ll be happy doing it.
Data security is imperative to business resilience – and physical files are at a higher risk of getting lost, damaged, or otherwise compromised during a fire, flood, or other natural disaster. Document management software enables companies to manage digital files across a variety of business apps while assigning document-level security, so sensitive information can only be viewed by approved employees. Redaction can further establish protection for sensitive information.
According to the National Academy of Sciences, data stored in the cloud is safer than if stored on your physical hard drive or in a filing cabinet. Not only that, digital encryption keeps it safe from external sources, and security features within a platform can dictate who has access to what files.
Evaluate Organizational Adaptability
Now is the time to assess just how adaptable your organization is. Ask yourself these questions: What would happen if another pandemic hit? Or an environmental disaster? And how adaptable are your employees to working remotely?
Gartner research shows that the majority of CEOs are “increasing digital technology investments to counter current economic pressures, including inflation, scarce talent, and supply constraints.” Building a plan for resilience that incorporates strategic technology is the best way to avoid challenges during unpredictable times.
Partner with an Expert in Strategic Resilience
MetaSource has over 30 years of experience providing both automation technology and outsourcing solutions to help increase your business resilience and leave you ready for the unexpected.
MetaSource is compliant with SOC 2 Type 2, PCI DSS, HIPAA, and GDPR standards, and takes every precaution to ensure the safety of your documents and data. Contact one of our business resilience experts to learn how your organization can thrive no matter what’s around the corner.