As leaders from around the world finish-up discussions in Davos – what can we learn from the World Economic Forum risk report 2023?
Companies are facing more external threats than ever before.
Nevertheless, managers need to find a way to deal with the uncertainty.
While we can't control everything, self-preparation is key to becoming as resilient as possible. Proactively positioning your company for success is crucial in effectively responding to potential threats.
1. Prioritizing sustainability
Sustainability must be approached with a strategic focus, rather than solely addressing regulatory requirements.
2. Lowering expenses
Cost-saving measures remain essential as inflation and rising costs continue to impact numerous areas.
3. Ensuring supply chain reliability
Geoeconomic risks, de-globalization trends, and access to raw materials must be taken into account when establishing new structures and processes.
4. Improving R&D outcomes
In a rapidly changing environment and a demand for sustainable products and solutions, R&D departments need to constantly improve their outcomes.
5. Developing new employee skills
To address the challenge of attracting outside talent and capitalize on the opportunities of migration, it's time to re-evaluate required employee qualifications and focus on up-skilling and re-training.
6. Revising organizational culture
To remain competitive in a constantly changing world, a culture that both attracts qualified employees and promotes continuous development is crucial.
7. Enhancing IT protection
As technology becomes increasingly important, the potential negative impact of failures and attacks also increases, making professional IT security indispensable.
For sure, a major enabler for self-preparation is the access to and utilization of data. Using technology and data to improve efficiency and drive growth is now a priority for businesses.
In a nutshell:
What used to be "nice to have" is already a "new normal" today. nd this has come to stay.
