Most business executives are squarely focused on increasing profits and revenues during the day. However, at night they tend to worry more about megatrends that present risks to the business that are often beyond their control.
According to a global survey of over 800 business executives conducted by Aon, the megatrends keeping most business executives up at night revolve mainly around trade, the workforce, IT, and the weather.
Climate issues and cyber risk drive change
The level of concern business executives have about each of these issues will naturally ebb and flow. For example, in the wake of two hurricanes making landfall this year already in the U.S., it should come as no surprise that there is a greater awareness of disaster recovery. Two-thirds of respondents (66 percent) said they understand that climate issues raise new risks and vulnerabilities. They require a significant change in how businesses think about the future. About 59 percent have already quantified the financial impact of extreme weather.
Those climate concerns also now extend to the workforce. Just over half (52 percent) said they have made an effort in the past year to reskill or upskill workers for the new demands of green technology and renewable projects. Meanwhile, 45 percent said climate issues are helping create a mission-driven culture that attracts and retains talent.
Business leaders are also continuously analyzing and assessing risks associated with technology. A notable 63 percent reported they have measured the return on investment (ROI) of cybersecurity initiatives. A full 61 percent said in the last year, they have also audited IT suppliers to manage third-party risks and IT sprawl.
Greater resiliency is needed in the cloud era
Business executives, in the wake of a recent spate of high-profile IT outages that took entire organizations offline for days, are a lot more concerned about disruptions that might one day arise because of similar unforeseen incidents than they were a month ago. Rather than focusing on any one outage, savvy managed service providers (MSPs) are shifting the conversation to the need for greater resiliency in a cloud era where outages are more common than most business executives realize.
A business executive is less likely to respond to a pitch about backup and recovery services unless the pitch addresses the potential impact of an IT outage. Additionally, it should consider the concerns they already have about the possible effects of a major storm.
Finally, the survey notes that nearly three-quarters of business decision makers (74 percent) report their responsibility for supply chain or distribution functions has increased over the last year. As global tensions continue to rise, it should not come as a surprise that business executives are concerned about being able to maintain access to critical raw materials.
Navigating global disruptions
Global conflicts have already led to many supply chain issues. MSPs may not be able to exercise any influence over foreign affairs. They can however help organizations deploy analytics applications that enable them to better manage their supply chains.
MSPs looking to gain and retain the attention of business executives should take note of these megatrends. The simple truth is every news cycle brings a new opportunity for MSPs to engage business executives who are trying to navigate turbulent times. The challenge and the opportunity for them is to clearly demonstrate to business executives that they uniquely understand how to help mitigate risks.
Photo: Thapana Onphalai / Shutterstock
