How To Prepare Your Business For the Next Black Swan Event

If nothing else, the events of the past 14 months have reminded us all of our vulnerability to the unexpected. The Covid-19 pandemic, called by some a Black Swan event, has had a dramatic impact economically, socially and health-wise. Not least, it has underlined the importance of business continuity. So how can your business ensure its preparedness for the next Black Swan?

The term ‘Black Swan’ was coined by a famed statistician Nassim Nicholas Taleb in his 2007 book of the same name. He defines it as an unpredictable event that has severe consequences. However, just as the chances of seeing a black swan among a flock of the typical white swans, these events are extremely rare.

What is more, their impact is widespread, not localised, and generally followed by the realisation that hindsight should have pointed towards its likelihood. In other words, we should have seen it coming.

When these characteristics are applied to the outbreak of the coronavirus in China, and the global impact that the Covid-19 pandemic has had, there are reasons to see it as a Black Swan event. Even the idea that it was predictable holds true, with several warnings in the decade leading up to the 2020 outbreak and the evidence of probably effect from previous pandemics – not least, the 1918‘ Flu.

In this light, it is arguable that the world should have been ready to cope. But this has clearly not been the case. The question now is how businesses can prepare themselves to cope with the next Black Swan event?

How to Future-Proof Your Business Against A Black Swan

Future-proofing your business might seem like an impossible challenge. However, without having to guess at what the next Black Swan event will be, it is possible to prepare your business for the disruptions that such a catastrophe is likely to create.

For this reason, digitisation and automated document management services are key measures to consider. They both help to ensure accessibility and storage despite what upset might be caused, thus helping to keep businesses operating throughout the crisis situation.

• • Off-Site Storage

At dedicated record centres, documents can be storage in a fully secured environment. By adopting off-site documents storage and records management services, a business can gain considerable benefits, from freeing up office space to reducing the costs. However, the biggest benefit comes in the face of any Black Swan event, with documents safe from fire, flooding, earthquakes or any potential catastrophe. Documents are fully managed and archived, and always accessible.

• • Document Digitisation

Digital document management offers businesses an extra advantage for businesses – especially those whose array of documents requiring storage and management is extensive. Digitisation is where hard-copy documents are scanned and stored electronically, allowing for vast numbers of individual files and records to be captured and safely archived in a single space.

At Kefron, we intelligently capture documents, ensuring data can be found, extracted and used whenever they are needed. And because all text can be converted to a searchable format, documents are easily retrievable.

And with scan-on-demand services, document access can be achieved online, making even short notice retrieval simple to do.

• • Document Hosting & Automation

The reality of modern work is that staff can be spread across multiple locations. So, having access to documents wherever they are is a necessity. Amidst the Covid-19 pandemic, the work-from-home trend has highlighted the need for flexibility and remote accessibility. Document Management and Process Automation solutions facilitate both of these traits, ensuring colleagues can continue to share information and access important data, almost as if they were not separated at all.

• • A Digital Mailroom

Working remotely brings with it not only flexibility and convenience. There are also risks, not least unauthorised people gaining access to email communications between staff members. Having a Digital Mailroom removes this risk, managing company mail communiques safely and securely by ensuring the right email gets to the right recipient. In a Black Swan event, this certainty is extremely valuable because it helps to keep communication routes open and sensitive information fully confidential.

If you would like to talk to a Kefron’s team member and explore the solutions Kefron offers to keep businesses operating, even throughout a crisis situation, click here.