The Role of a Risk Technology in a High-Stakes World

As organizations grapple with navigating today’s volatile environment, risk technology can play a key role in addressing the risks of tomorrow while delivering additional returns on the investment in the near-term.

Now more than ever before, enterprise software needs to make an immediate impact. With some organizations facing the near-term possibility of continued delays in operations, or ceasing them indefinitely, risk technologies need not only be multifaceted and intuitive powerhouses, but, even given a short runway, must prove beneficial to the organization.

What makes a risk technology platform worth the investment? Is a risk technology really necessary when the biggest risk has, seemingly, already passed? And in the midst of a period of spending freezes and budget cuts, how might purchasing risk technology be justified?

The Stakes Are Higher—So Your Technology Should Do More

In the Forbes article This Crisis Will Put A Human Face On Business Technology, we are presented with a new standard for enterprise software, one in which SaaS technology not only makes a cost savings impact, but one that also enables organizations to prioritize their “people experience” by improving overall organizational efficiency and levels of job satisfaction. “People come to work for a reason—automate the trivial stuff so they can focus on what matters,” the article reads, “employee engagement is the prime driver of productivity, so streamline processes to help people get closer to the work they find fulfilling.”

Providing employees with a user-friendly, intuitive technology, coupled with the ability to automate mundane tasks, opens up bandwidth across departments to focus on value-adding projects. This not only boosts job satisfaction by freeing employees up to work on more impactful priorities, but also allows for further resources to be directed toward mission-critical operations. Instead of your employees focusing on administrative tasks, your organization can put more man-power behind its most pressing needs.

Having the ability to adapt quickly to changing circumstances has always mattered, but the current crisis has taken this to a new level. The last thing anyone needs in an environment like this is to have to rely on disruptive and expensive coding if they want to make simple changes to their enterprise systems.—Forbes

At the core of this sentiment is the expectation that the technology should be easy to use, accessible, intelligent, and flexible. When this is not the case, the ability for technology to play a role in enhancing the “people experience” of your organization becomes a moot point.

Risk Technology for Your Current (and Future) Needs

Amid growing uncertainty, the role of a risk technology stands to not only improve organizational efficiency amid current disruption and mitigate future risk, but also allows for agility in an environment where it could mean the difference between staying in business or closing shop. Organizations across the globe continue to experience disruption from the pandemic, making now one of the most opportune times to piece together operations with an integral tool in place ahead of future disruption. In the Forbes article This Is Not A Drill: Surviving Radical Disruption With Data Governance, a sentiment brought to the forefront is that “although painful, disruption like this offers organizations the opportunity to reexamine how and why they do things—to use a crisis for good to eventually become better.”

With compounding disasters on the horizon in the form of subsequent waves of COVID-19, natural disasters, economic uncertainty and other potential threats, organizations are left with a small window to rebuild operations with the foresight of future disruption and the ability to take the current learning curve into account. Workflows, reports, triggers, rules and logic, and automated notifications within a risk technology can provide businesses with the real-time information needed to evade future issues that would only further disrupt an already upended operation.

In the article Platform Thinking: Filling The Gaps Disruption Left Behind, the author draws a narrative in which the recent disruption has exposed many of the patch-work processes that countless organizations have put into place over time to keep business moving along amid minor disruptions along the way. However, the magnitude of the coronavirus outbreak has made it such that many of those processes can no longer be patched—when in fact, they should be rebuilt to withstand the new, turbulent environment that businesses will be forced to modify to. The author concludes:

What’s needed is a digital foundation to deliver new capabilities and business models at scale and turn data into impactful outcomes. By embracing business and technology platform thinking, companies can make the swift, bold, and confident decisions that can move them forward in a world where anything can happen.—Forbes

The complex risks that organizations face down the road cannot be sufficiently handled using legacy systems or manual processes. Amid growing uncertainty, the role of a risk technology becomes critical in informing plans, responses, operations, and organizational decisions on a short timeline. These tools will be even more critical as disasters continue to compound with the current pandemic. With risk technology, not only are organizations able to gain insight into their own operations, but are also then able to develop those insights into robust, data-based plans and organizational analysis.

How a Risk Technology Fits the Budget

Between budget cuts and frozen funds, approaching the topic of a new enterprise technology for your organization can be an uphill battle. But it is an investment worth making. A risk technology not only works to avoid future risk, therefore saving the business from future costly issues, but also can work to retire legacy systems that eat up time and money, especially for IT teams.

For carriers, TPAs, risk pools, or self-insured organizations, cost-saving measures could come in the form of reduced penalties and claims volume. Other enterprises can see the benefit in automating administrative tasks and leveraging technology to prevent employee injuries, mitigate risk, and decrease premiums and claims costs. The more flexible and wide-sweeping the functionality, the more ways a risk technology stands to save organizations money.

By providing an all-encompassing view, a risk technology is not only an investment in organizational risk avoidance and management, but also works to reduce spending on costly crises. To learn more about how the Origami Risk platform can support your business needs, request a demo.