New Report From The Economist Reveals How Leaders Are Building Business Resilience

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Jun 27, 2023, 09:30 ET

The report explores how companies can fortify their business amidst a rapidly-changing global landscape

NEW YORK, June 27, 2023 /PRNewswire/ -- Dataminr, one of the world's leading AI businesses, today announced the release of a report, commissioned through Economist Impact, that revealed companies' value creation and resilience priorities. Titled, "Building Business Value: Resilience in a Rapidly Evolving Global Environment," the report found that in an environment of unpredictable seismic disruptions, resilience—the proactive capacity to absorb stress, protect assets, manage risks and seize opportunities—is the lynchpin for creating business value.

Three types of resilience emerged as essential for success: organizational, technological and operational, with more than 40% of global executives saying they are prioritizing these areas. The research revealed that when businesses proactively look for emerging risks, prepare for disruption and implement operational flexibility, they outperform others. Survey respondents revealed they are prioritizing resiliency after reimagining business and working arrangements post-pandemic.

"In an increasingly volatile landscape, it is crucial for forward-looking organizations to seek out solutions to combat the evolving challenges faced by businesses today," said Jason Edelboim, President and COO of Dataminr. "We are proud to partner with Economist Impact to shed light on business resiliency strategies employed by industry leaders. Insights like these play a vital role in our commitment to provide our customers with the tools and knowledge they need to make data-driven decisions, and prepare for emerging or unforeseen risks."

Data protection policies and procedures also emerged as one of respondents' most business-critical strategies, as the study found that 48% of respondents assign the highest priority to safeguarding their organizations' data, systems and digital assets to stay ahead of threats, such as cyber attacks, as well as vulnerabilities where physical and cyber security intersect. As technology and digital innovations increasingly intersect with how businesses operate, respondents also revealed the growing importance of their strategies for risk assessment and threat modeling; business continuity and disaster recovery planning; and identification of physical security risks that may impact digital assets.

The Economist Impact survey also revealed that two of the most significant opportunities to create business value are the increased adoption of new technologies and environmental, social and governance (ESG) policies. Forty-one percent of respondents said that increased access to new and rapidly developing technologies like artificial intelligence (AI) provides the most significant opportunities to create value over the next three years. AI can add transformative capabilities to resilience strategies by processing data in real time across a vast and changing landscape—increasing the relevance and actionability of data used for critical business decisions. Leaders within the pharmaceuticals, technology, and manufacturing industries rated this access highest across the six industries.

Just over 41% of respondents prioritized the increased adoption of ESG policies within their corporate strategies. Leaders within the retail, financial services, and energy and utilities industries indicated that ESG policies are their main priority. ESG policies can bolster reputational resilience—aligning an organization's values to its actions, and helping it prepare for future operational and financial shocks. Reflecting this urgency, these respondents also said that effectively managing an ESG communications strategy was a top priority for building and protecting their brands.

The report, informed by a survey of 600 business executives across Asia, Europe, and North America, as well as extensive desk research and expert interviews, provides a comprehensive analysis of the factors that contribute to building business resilience. Under the guidance of Economist Impact, contributors to the report include subject matter experts from Boston Consulting Group, General Electric and Cambridge University's Judge Business School Centre for Risk Studies.

The full report is available for download on Dataminr's website.

ABOUT DATAMINR
Dataminr delivers the earliest warnings on high impact events and critical information far in advance of other sources. Recognized as one of the world's leading AI businesses, Dataminr enables faster response, more effective risk mitigation and stronger crisis management for public and private sector organizations spanning global corporations, first responders, NGOs, and newsrooms. Most recently valued at $4.1B, Dataminr is one of New York's top private technology companies, with approximately 800 employees across seven global offices.

Since its founding, Dataminr has created the world's leading real-time information discovery platform, which detects digital patterns of emerging events and critical information from public data signals. Today, Dataminr's advanced AI platform performs trillions of daily computations across billions of public data inputs from nearly one million unique public data sources. The company has been recognized for its groundbreaking AI platform and rapid revenue growth by Forbes AI 50 and Deloitte Fast 500, and has been named to the Forbes Cloud 100 for six consecutive years.

Alongside Dataminr's corporate product, Dataminr Pulse, the company provides its First Alert product for first response to public sector organizations, including the United Nations, which relies on First Alert in over 100 countries. Dataminr for News is used by more than 1,500 newsrooms and over 30,000 journalists worldwide.

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SOURCE Dataminr