The BCI has released its latest survey and interview-based report, Technology in Resilience Report 2023. Sponsored by iluminr, this examines technologies and their impact on the resilience industry.
The report says that among the many impacts of COVID-19 on organizations has been the greater demand and application of technologies, particularly those which assisted organizations in adapting to a changing working environment - be it hybrid or completely virtual working patterns. More than 90 percent of organizations have recently incorporated new technologies to various degrees. In addition, of the remaining 10 percent, half are considering investments.
71.9 percent of respondents’ organizations have significantly invested in the cloud, while the other main investments included predictive analytics, virtual training and exercising, user experience personification, and the Internet of Things.
The report also considers the key features of technology when it comes to assisting professionals build resilience within organizations. On this, respondents ranked the ability of technology to identify key vulnerabilities and single points of failure as the most desirable characteristic (72.9 percent). Additionally, 40.6 percent of professionals found the automation of the business impact analysis (BIA) process to be a desirable feature in business continuity and resilience software.
In terms of artificial intelligence, 47.3 percent see AI improving the risk assessment process in future and 46.2 percent believe that it will lead to faster and better decision-making.
Other key findings include:
- The larger the organization, the more likely it is that technology purchasing decisions are made by their IT department.
- 41.4 percent of respondents considered security risk an extremely important or important barrier for the incorporation of new technology.
- On average, 70.6 percent of business continuity and resilience professionals’ roles currently rely on technology. However, in five years this figure is expected to rise to 82.4 percent.
Rachael Elliott, Head of Thought Leadership, The BCI, commented:
“The findings from the report clearly demonstrate that COVID-19 has moved technology from being a ‘nice to have’ in resilience settings, to one which is quickly becoming the enabler of resilience in organizations. When compared to the BCI Disruptive Technologies Report 2019, artificial intelligence and drone use within resilience settings has grown by 550 percent and 236 percent, respectively, showing just how fast the use of new technologies is rising within organizations. There are still concerns around cyber resilience and data security, but most resilience professionals are embracing the changes: more than four in ten would like to see some degree of automation within the BIA process, something that was seldom mentioned in conversations only four years ago.”
Joshua Shields, Founder and CEO, iluminr, added:
“In the face of rapid and disruptive change, technology has emerged as a critical enabler of resilience. This Technology in Resilience Report underscores the pivotal role of technology in empowering organizations to proactively identify vulnerabilities, bring training and exercising programmes to life, foster agility, and enable greater adaptability through continuous learning and improvement. As we look to the future, emerging technologies such as AI, augmented reality, and blockchain will play an even larger role in building resilience. It is crucial for organizations to have a strategic approach to technology adoption in resilience, as it can greatly impact their ability to proactively navigate change and thrive in today's dynamic business environment."