As a CFO in the data center space, I always hear the term resiliency. In this field, resiliency usually refers to the stability of physical components of our data centers such as power supply, temperature control, and network connectivity. But for me, and to any business, resiliency is more than just infrastructure.
The term resiliency is defined as the ability to adapt or adjust to unexpected change, and to keep moving forward in a positive manner. For CFOs today, the capacity to recover quickly from difficulties, drive value, and adapt to change is just part of the job description. This got me thinking: how can an organisation find, keep, and use resiliency to bolster the business and succeed in today's volatile financial climate?
Step one – be prepared
The ability to thrive and survive comes from being prepared – it's a boy scout motto for good reason. For businesses, preparedness is the only way to ensure the best chances of survival in tough times. Whilst no-one can predict or prevent the next financial crisis, preparedness is the key way to boost financial resilience. Organisations can be prepared in a number of ways, like improving cash-flow and reducing debt.
Step two – proactively prioritise
Having financial priorities is important to any business, with or without a financial crisis. Knowing what the organisation needs – for example staff costs and insurance – versus what individuals want – things like software or office space – is an easy way of increasing resilience now and into the future. It also allows organisations to identify areas of potential investment and to be proactive in cutting costs.
For us, our financial resiliency allows us to deliver state-of-the-art data center facilities strategically located in key metropolitan areas. Resiliency will present in a number of different ways – R-D, acquisitions, or new hires, which will in turn enable market growth and customer loyalty.
Step three – continue to adapt
The world as we know it is changing. True resilience comes from those organisations and individuals who will adapt, based on market knowledge and informed decision making. Continually adapting to market needs with a flexible yet informed approach is a sure way to guarantee resiliency in today's business world.
Resiliency is not just about infrastructure. Resiliency is not just about surviving a crash or a crisis, it's about focusing on proactively enabling the business to drive it forward.