Best Practice Guide
When it comes to crisis, it’s a matter of when not if. Research attests that companies can expect some form of value-destroying crisis at least twice a decade. And 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 crisis 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 crisis is created equal. And therefore, the tools and technologies that many companies use to handle crisis are often inadequate. Even advanced, but desktop-only, crisis management software would prove ultimately futile in the face of a corporate crisis event, which often occurs when people are not at their computers.
Instead, what’s required is a flexible corporate crisis management solution to help teams cope with every stage of the crisis lifecycle, as well as tackle lower level critical issues before they bubble over into crisis. When considering a corporate crisis management app, that solution should offer these six essential benefits.
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