Why DX is a key priority in preparing for resilience?
Preparation is often the key to success. But how do you create a reliable backup plan in the face of market uncertainties? By preparing for the unexpected. In this blog post, discover the importance of digital transformation (DX) strategies in building business resilience, and how it will lead you to future success.
Business leaders must keep a broad view to be able to adapt and make good decisions. They need to think about both short-term and long-term outcomes and weigh the advantages and disadvantages. Sustainable and fair growth can be achieved by moving away from defensive and reactive strategies and focusing on a more sustainable, growth-oriented approach.
To do this, it is important to always search for new ideas and information from the market, customers, and communities, and be willing to adjust your approach. But it’s as important to build a strong resilience plan based on solid business goals to ensure success in the future.
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What goals are businesses in APAC prioritising?
Research by Ecosystm shows that APAC businesses are shifting their priorities towards the innovation of products, services and employee experience. Why? Because APAC business leaders have started to understand the integral role innovation plays to help stay ahead of competitors and build business resilience.
Digital transformation is clearly a priority. But how quickly can businesses adapt? It doesn’t happen overnight and requires preparation and planning with room to make changes and improve the processes along the way.
Making the most of good times in Asia, while being prepared for change
An article from AESC on The Transformation of Business in Asia talks about how businesses in Asia are very innovative and have big markets, lots of resources, and can reach many people. They can come up with new ideas and change things quickly. Governments in Asia are also helping businesses prepare for future growth by encouraging investment in new technologies and supporting businesses to move to a digital future.
According to the Asian Development Bank, economies in Asia and the Pacific are expected to grow by 4.8% in 2023 and 2024, up from 4.2% last year amid rising consumption, tourism and investment.
This is a good time for businesses to expand, but they should be careful and plan for the future too. How can business prepare for tough times while enjoying the good ones? By investing in strategies to improve their resilience. This will help them to be strong and successful even if things change.
How to invest in strategies to improve your resilience
1. Start with creating a business model that combines the needs of your people, projects and customers, into something that creates value.
2. Deploy, distribute and connect resources in an effective manner - make sure everyone has access to what they need to do their jobs.
3. Support the people who work with you and the people who you work to serve by ensuring that your resources address pain points.
Two steps for preparing a strong and resilient business
To make your business strong and able to overcome challenges, there are a few important things you should do.
- First, use technology to create a simple plan for changing how you work digitally. This means making sure everyone in your company can use technology to communicate and get work done, no matter where they are – in the office, at home, or even in a different country.
- Second, you need to encourage your employees to try new things and be creative. This means giving them the tools and support they need to come up with new ideas and try out new ways of doing things.
Preparing for resilience using technology is important. You need the right tools to share your ideas with others and work together, while feeling confident that you can do this safely. But it’s also important to focus on developing new ways of behaving and thinking. By investing in the right technology, companies can help people work effectively. But companies must go further. Prepare for resilience by encouraging people to be innovative and rewarding innovative actions and ideas.
It's important to help your business understand that it's okay to make changes, and that trying new things is encouraged. Having a plan in place to make change happen builds your company’s resilience.
