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Compass 2022 Key Takeaways: Charting a New Course for Operational Resilience
Posted on: June 27, 2022 Author:
Compass Customer Summit Series
Just like a compass helps chart a course, create a roadmap, and deliver you to your destination, Fusion assists our customers on the path to a robust, connected resilience capability. The need for an operational resilience sherpa was front and center at Fusion’s recent annual customer summit, Compass 2022.
Fusion reimagined our annual global customer summit as regional one-day summits, meeting our customers where they are. It was an opportunity to convene and foster relationships where participants exchanged ideas, shared best practices, and showcased new operational resilience processes.
For many, Compass was their first in-person professional event in two years. Between large general sessions and smaller breakouts which included customer spotlights and in-depth technical discussion, customers and Fusion speakers shared the latest solutions enhancements and real world best practices in action. This was in addition to plenty of networking opportunities that are so valued by our customers. We’re thrilled that our Fusion community was able to once again assemble in person. After all, nothing beats the energy and connection of live events!
Listening to the breadth of presentations, several themes dominated conversations, including three key takeaways that were heard consistently throughout Compass 2022:
1. Disruptions are more frequent and more severe – and it will stay this way
Over the past two years, disruptions have shaken our world. From the Suez Canal blockage to the Colonial Pipeline ransomware attack to the Texas freeze, disruptions have hit every sector, dramatically affecting global supply chains and businesses – and the pandemic only accelerated the trend. Disruptions have impacted more than businesses; they have also affected our personal lives. Once we leave the (home) office, many are confronted with product shortages, from gasoline (due to the Colonial Pipeline attack mentioned) to baby formula and peanut butter.
An increasing reliance on third-party vendors compounds the frequency and severity of disruptions. When the Compass audience was asked “How many of you rely on fewer vendors today than you did five years ago?” the laughter that filled the entire general session spoke louder than any presentation content. More dependencies simply increase possible disruptions, which can affect your business in more ways than you may understand today.
2. Operational resilience is the necessary differentiator
Whether evaluating a bank, an airline, or a store, customers want and need a provider that can deliver on their brand promise through any disruption. Increasingly, a company’s operational resilience capabilities are a decision factor when choosing a provider. Resilience is and will become even more of a differentiator. Compass attendees highlighted that ensuring their business is agile, resilient, and prepared/able to deliver products and services to customers through periods of severe disruption is required and is, moreover, a competitive differentiator.
We also heard from many and know from experience that when beginning on a journey to resilience, C-suite and stakeholder buy-in is critical to ensure you have the resources and tools for success. For some organizations, it may take an unfortunate disruption like a hurricane or a cyber breach to gain stakeholder support. Proactively engaging stakeholders and consistently making a case for resilience can ensure your business is best prepared and can quickly pivot when these disruptions occur.
3. “Don’t eat the whole elephant!”
Resilience is a journey, and everyone’s journey starts at a different point and will advance differently throughout the process. During Compass and in our ongoing discussions, customers continue to demonstrate that there is no cookie-cutter path for every organization to follow. You must assess where your company currently stands and what data you have access to before embarking on your own path.
That said, it is essential to start small, take planned incremental steps, and let your wins power your next move. Operational resilience does not occur overnight; with a plan, we have seen our customers achieve the full integration and resilience they seek. As you continue your journey, you can scale your data and resilience team to achieve comprehensive organization-wide resilience.
Your North Star for Resilience
Every year Fusion’s customer summit enables our global community to learn through practical and industry-leading examples in a encompassing format: how to enhance their organizational resilience, risk management, and data-driven decision-making. We thank each and every one of our nearly 200 attendees for being partners in the more than 26 hours of presentation content – allowing real world experience to be provided to the global leaders.
Personally, I can think of no better way to spend a few work weeks than being immersed with our customers, engaging in discussion that helps inform so many other interactions and market solutions throughout the year. My time spent in London and New York at our Compass 2022 summits further confirms just how important Fusion’s mission of keeping businesses in business is during these ever increasing turbulent and changeable times. There is no better purpose than providing the roadmap to helping customers find their North Star of operational resilience.
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