Most global enterprises have a proven Enterprise Risk Management (ERM) solution in place that has served them effectively during natural and man-made crises. These systems identify events, help effectively contain them based on organizational risk tolerance, and manage risk to help enterprises achieve business objectives.
While ERM identifies, assesses, monitors, and reports risks, Business Continuity Plan (BCP) protocols counter them to help ensure corporate resilience. In enterprise ecosystems – until the onset of Covid-19 pandemic – ERM systems and BCP protocols formed the foundation for risk resilient operations.
Critical Gaps in ERMs
With the onset of the Covid-19 pandemic the business community has been forced to face many unprecedented challenges; the economic activities of many societies are stressed and looking for ways to rebound. Enterprises have started realizing that to rebound, they must effectively understand the changing landscape and are agile enough to handle the unforeseen challenges.
Many ERM systems in use today are not equipped for a pandemic-reconfigured business landscape. This “new normal” environment includes working from home, more rigorous information security, data privacy, geospatial data, and models that can predict the impact of a pandemic’s spread and employee wellness. The critical gap is the absence of a business command center that can provide the situational awareness across departments and their workforces, customers, and suppliers (beyond first, second, third, etc., degree suppliers).
What Enterprises Need to Relaunch Their Business?
Enterprise CXOs are working to relaunch their business in the new normal business environment. It is not easy considering the characteristics of the pandemic. There are many unanswered questions related to workforce safety and workplace readiness. Additionally, CXOs are now realizing that to ensure resilient operations and processes they need to identify and fix gaps in their ERM systems exposed by the COVID-19 pandemic. Their primary need is to attain and maintain workplace resilience through a cross-functional command center with real-time situational visibility and specific uses cases that can assure workforce and customer safety and workplace readiness.
The Importance of Workplace Resilience:
- Workforce Safety:
Workforce safety is at the core of workplace resilience – starting from employees’ homes to office workspace. It begins with risk profiling employees based on their location (through survey/geospatial data), knowing their willingness to come to the office, equipping them to travel safely, recording vital parameters while entering the office, and preparing the campus for hosting the workforce. Enterprises can then plan deployment and shifts based on the risk profiles, willingness to come to the office, and adequate space availability. When employees do return organizations will need to monitor their location and movements to maintain socially safe distancing and create risk models for various scenarios to mitigate the risk of any employee getting infected (based on location and movement). Should an employee become infected it is critical to quickly identify and quarantine them, and immediately execute contract tracing to stop transmission.
- Customer Safety:
Workplace resilience also includes rebuilding demand and meeting new customer expectations. Organizations need a common analytics foundation that incorporates data across all digital and physical interactions in order to understand and adapt to recent changes to customer sentiments, behaviors, and goals. Use cases that include customer management resulting in persona identification and providing low contact contextual offers can help brands deliver superior customer experiences, seize growth opportunities and build resilience- even in a crisis environment.
How TCS Can Help:
TCS Intelligent Urban Exchange (IUX) for Workplace Resilience is an integrated analytics platform with a command center that helps enterprises coordinate and optimize their response to major disruptive events and address key operational and safety challenges, such as those caused by the Covid-19 pandemic. By ingesting and applying real-time analytics to various type of data (Internet of Things (IoT), videos, images, log files, public data, etc.), IUX for Workplace Resilience empowers decision makers with insights to monitor site by site execution, adhere to guidelines and regulatory requirements, and proactively plan for new threats and incidents.
Discover how IUX for Workplace Resilience, can help your enterprise recover and restore business continuity.
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