A Buyer's Guide to Purchasing Crisis Management Software

Software Buyer's Guide

The crisis threat grows in kind, cost, and intensity

When it comes to crises and critical events, it’s a matter of when not if. Research attests that companies can expect some form of value-destroying corporate crisis at least twice a decade. Those numbers might even be too optimistic: for instance, a 2018 Forrester report documented that all companies surveyed experienced a critical event in the last two years. In fact, many dealt with multiple incidents, the average being more than four discrete critical events in a two-year period.

And, of course, those events cost dearly. According to an internal Deloitte study, crisis-struck companies in the U.S. lost $350 billion in market valuation and $45 billion in resulting losses, fines, and penalties over a period of two short years. The financial stakes alone underscore the need for adopting corporate crisis management technologies to help teams and senior stakeholders increase organizational resilience in the face of the unexpected.

Fortunately, many companies do prepare for crisis. They either have a crisis system or know they need one. The challenge though, for even the most mature crisis teams, is that not all critical events are created equal. And therefore, the tools and technologies that many companies use to handle those events and issues are often inadequate.

Instead, what’s required is a flexible corporate crisis management solution to help teams cope with every stage of the crisis management lifecycle, specifically advanced software that gives response teams and decision makers the tools they need to know what’s happening, collaborate quickly and effectively, make better decisions, and enact the right plans to take action when it counts the most.

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