Organizations Must Identify and Manage Strategic Risks Now Before Another Global Event Happens, Says Info-Tech Research Group

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TORONTO, August 23, 2022 /PRNewswire/ – Info-Tech Research Group, a global information technology research and consulting firm, has released a new research plan, Identify and manage the impacts of strategic risks on your organization, designed to help organizations integrate adaptive resilience into their strategic plans. The pandemic has shed light on how quickly the world can change in a short time. Consequently, organizations and their suppliers must be able to adapt their strategic plans to account for risks at an unprecedented level. Other unexpected global changes can impact an organization’s strategy at any time, so plans need to be flexible enough to handle the inevitable consequences.

“Pandemics, extreme weather and wars affecting global supply chains are a current reality, not unlikely scenarios,” says Frank Sewell, Director of Supplier Management Research at Info-Tech Research Group. “Like most people, organizations fail to assess the likelihood of risk. As a result, almost none plan realistically to monitor, manage, and adapt their strategies to those risks.”

The IT market is constantly reacting to global influences. By anticipating risks, leaders can set expectations and work with their suppliers to adapt to changes. When the unexpected happens, being able to quickly adapt to new priorities ensures continued long-term business success. In terms of unforeseen events that have occurred over the past few years, Info-Tech’s 2022 Technology Trends Survey revealed the following data points:

  • 62% of IT professionals are more worried about falling victim to ransomware today than a year ago.
  • 82% of non-essential Microsoft employees transitioned to working from home in 2020, joining the 18% already working remotely.
  • 89% of organizations have invested in web conferencing technology to facilitate collaboration.

“If the past few years have taught us anything, it’s that the likelihood of a risk occurring is much more flexible in the ‘Risk = Probability x Impact’ formula than we ever thought possible,” adds Sewell. “The impacts of these risks can be catastrophic, and organizations need to be more adaptive in their management to strengthen their strategic plans.”

The impacts of strategic risks are often unforeseen, leading to unintended downstream effects. Anticipating potential changes in the global IT market and continuously monitoring vendor risk levels can help organizations shift their strategic alignment with new standards.

IT managers should review their strategic risk plans, taking into account the likelihood of incidents in the global market. The new research plan outlines Info-Tech’s approach to preparing strategic risk management for success:

  1. Review the organization’s strategy – Understand the organizational strategy to prepare for the “What If” game exercise.
  2. Identify and understand potential strategic risks Play the “What If” game with the right people around the table.
  3. Create a leadership risk profile package – Gather all the information in a presentation document.
  4. Validate risks – Work with management to ensure the proposed risks align with their thoughts.
  5. Planning to manage risk – Reduce the overall risk potential by implementing mitigation measures.
  6. Communicate the plan – It is essential not only to have a plan, but also to socialize it in the organization for awareness.
  7. Adopt the plan – Once the plan is finalized and socialized, implement it and monitor it to ensure success.

Identifying and managing a vendor’s potential strategic impact on an organization requires multiple people across multiple functions such as IT, HR, and management. Coaching on possible market changes and how these changes affect strategic plans will also be required. According to recently published research, organizational leaders are often caught off guard during crises and their plans lack the flexibility to adapt to significant market upheavals.

The entire Identify and manage the impacts of strategic risks on your organization plan can be downloaded and viewed now.

To learn more about Info-Tech Research Group and to download the latest research, visit infotech.com and connect via LinkedIn, Twitterand Facebook.

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About the Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading information technology research and consulting companies, proudly serving more than 30,000 IT professionals. The company produces unbiased and highly relevant research to help CIOs and IT managers make strategic, timely and well-informed decisions. For 25 years, Info-Tech has worked closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can sign up for unlimited access to IT, HR and software research and more than 200 IT and industry analysts through the ITRG Media Insiders program. To access it, contact [email protected].

SOURCE Info-Tech Research Group

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