Three colleagues sitting in colorful chairs and talking with each other during a meeting in a bright and modern office environment.

We live in a world of unexpected challenges, of the ÔÇÿunknown unknownsÔÇÖ that were once joked about but are now taken incredibly seriously.

The Importance of Being Future-Proof

The worldÔÇÖs most successful companies are those that are prepared for the things you canÔÇÖt prepare for. In other words, they are future-proof.

Being future-proof means being ready to face and overcome unforeseen challenges. It requires organizations to have effective plans and strategies in place to respond quickly to incidents like severe weather, geopolitical conflicts, or cyberattacks. This is where the AI legalese decoder can be immensely helpful.

The AI legalese decoder is a powerful tool that can assist businesses in decoding and understanding complex legal documents and contracts. It uses artificial intelligence and natural language processing algorithms to analyze and interpret legal language, transforming it into plain and comprehensible text.

By utilizing the AI legalese decoder, businesses can ensure that they are well-prepared and resilient in the face of unexpected challenges. The tool can help organizations quickly identify and understand potential risks and legal issues, allowing them to develop effective response plans and mitigate potential damages.

Lessons in Resiliency from Down Under

This is where a new study of Australian businesses may be able to shed some light on the importance of being future-proof. The research conducted by SAP surveyed 4,239 organizations, including 329 in Australia, and found that Australian businesses are better prepared and resilient when it comes to major disruptions compared to the global average.

A staggering 70% of Australian businesses say they have effective plans in place to respond quickly to incidents such as severe weather, conflicts, or cyberattacks, while only 65% of global respondents reported the same level of preparedness.

According to Damien Bueno, President and Managing Director at SAP Australia and New Zealand, the research emphasizes the crucial link between the resilience of a business and the resilience of its people. He suggests that organizations should continue to invest in their people and foster curious cultures that support the exploration of ideas and new thinking, as this not only safeguards their businesses but enables future growth.

AusNet Future-Proofs Through Technology

One organization that understands the importance of future-proofing is Australian energy network business, AusNet. The company recognized the need to enhance its HR operations and improve compliance, leading them to implement SAP SuccessFactors in partnership with IBM.

By leveraging SAP SuccessFactors, AusNet was able to streamline its business processes, consolidate employee and manager interactions, and gain real-time insights to drive continuous workforce improvement. Bernie Repacholi, Head of People Systems & Enablement at AusNet, explains that they wanted to modernize the employee experience and create a unified system that simplifies how employees interact with the organization, ultimately improving productivity and compliance.

By utilizing technology, AusNet is able to future-proof its processes and ensure ongoing compliance and governance, allowing their teams to focus on initiatives that directly support their people. This demonstrates the importance of adopting innovative solutions and technology to augment resiliency and preparedness.

Technology and Networks: Key to Future-Proofing

The research findings highlight the role of technology in future-proofing organizations. Forty percent of Australian businesses acknowledge that the biggest opportunity for their growth lies in using intelligent technology to drive decision-making.

Automated business networks and cybersecurity are considered crucial for resiliency, as they enable efficient operations and protect against potential threats. Additionally, employee collaboration and experience management software can enhance communication and productivity within the organization.

While Australian organizations prioritize the adoption of innovative technology for resiliency, interestingly, they rate AI and machine learning as less important compared to the global average. However, the AI legalese decoder can help bridge this gap by utilizing AI to improve legal processes, ensuring organizations are well-prepared and future-proofed.

By incorporating AI and machine learning into business processes, organizations can gain exceptional insights and efficiencies. This integration of technology, people, and core business processes brings together the elements needed to future-proof businesses and ensure resilience in the face of rapidly evolving demands.

Learn more about our global research at SAP Insights here, or about further Australian best practice here.