Ensuring the continuity of the business and maintaining the ability to support the implementation of internal critical processes continuously in any circumstances, even in an emergency, is a priority of each company. Most large companies have a risk management plan. There are many factors that can cause delays, downtime, and losses: supply and transaction disruptions, accidents, crises, etc. However, there is a tendency that not every company is able to implement its anti-crisis plans without the support of digital means. The risk management plan supported by technologies will not only simplify the internal business processes of the company but also increase its competitiveness and reputation.
An author and former options trade Nassim Nicholas Taleb put forward a sudden unforeseen event with the idea of "Black Swan
." This concept includes such emergencies as terrorist acts, outbreaks of deadly diseases, natural disasters, and mass unrest.
More frequently, organizations face smaller "black swan" events. It could be the failure of services, the server failure, the break of the cables, power outage, etc. However, each of them can also complicate, suspend, or even interrupt the activities of the company. Organization management is inherently a continuous process, and the danger of wasted time is one of the most destructive risks for the business.
The digital business transformation
affects all key management processes in the organization and protects a business from extended downtime. Digital management ecosystems such as FCE are an efficient tool
for managing and controlling business processes. Digital tools and technologically backed trust improve business continuity in several ways.
First, technologically backed trust, and the implementation of digital tools such as FCE Platform and TIoT - the Trustworthy Internet of Things - into the structure of the organization, improves the company's relationship with its stakeholders. Technology provides and confirms the value of the company and its products and makes customers and partners confident in the way of production and delivery. The company meets the request of its customers in goods made with the principles of responsibility and the demand of employees to contribute to sustainable development. The ethics of the business focuses the attention of partners and investors, as the growing popularity of socially responsible and sustainable investments shows.
Second, the use of cloud platforms in the business increases the company's efficiency: accurate data collection, analysis, and forecasting improve product quality, reduce substandard products, optimize resource allocation, and advance energy efficiency and business sustainability.
Source: Risk management plan increases competitiveness
Source: Digital management is efficient for business
Source: FCE uses the IoT, Cloud, Big Data, and Blockchain
Third, automation, digitization, and IoTization improve supply chain management. The best awareness of suppliers, accurate information about each section of the path, stock, and store upgrade processes in the supply chain 4.0. Traditional supply chains have dark places
of production and logistics. Usual losses, forgery, and poor management make the business unprofitable and uncompetitive. Technological equipment significantly reduces the risks of the company: both reputational and sanctions risks from regulators.
When the management of essential business processes is automated, the risk of failure is significantly lower. FCE uses the Internet of Things, Cloud Technology, Big Data, and Blockchain
for its advanced technology-based control and management software. FCE tools
automatically collect and analyze the company's performance at every crucial point in real-time without human involvement. Internet of Things sensors, machine analysis, and cloud computing reduce inaccuracies, sanctions, and risks associated with the human factor. For protection from cyber threats and secure digital transformation, FCE builds tolls with distributed ledger structure and one-way encryption. Blockchain-based tools ensure data flow invulnerability, privacy, integrity, and accessibility.
The number of dangers to business continuity increases. The old German wisdom says, "No battle plan survives first contact with the enemy." However, the automation and digitization of main business processes ensure both prevention measures and the rapid recovery of the company's activities after a natural or artificial disaster. Ensuring business continuity requires not only planning but also advanced digital tools.
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