With rising inflation and uncertain economic stability, the resilience of corporate America is being put to the test right now. Business managers look to a variety of means to address financial adversity, and chief revenue officers, in particular, should be in tune with the best ways to avert crises. The nonprofit organization, Enterprise Risk Management Academy, recommends that companies invest in risk management solutions that are on top of the latest tools in the industry. eMaxx, a tech-enabled trailblazer in this industry for the past 20+ years, has the solutions and the knowledge to deliver them.
In a national survey, CROs agreed that when choosing a risk management program, companies need to focus on the most relevant trends. In 2023, these include scenario-based foresight and early indicator monitoring. One of the most pressing priorities, according to the CROs polled, is digitization—using new tools and data to solve ‘old’ problems. Relying on new, state-of-the-art technologies is critical in order to act proactively, not just reactively. This can be accomplished through the use of 1) intelligence analytics and third-party data that is blended together from a variety of sources (e.g., nonprofit, weather centers, governmental, demographic); 2) security tools that assess the impact of data breaches or cyber attacks and 3) monitoring capabilities that track sudden changes in public reputation.
Every risk management program should be tailored to the needs of its client and market sector, as well as the size of the business. Moreover, the company itself should begin to view the program as a way to boost its competitive advantage, rather than simply a means to avoid ‘bad’ situations. Transformational CROs, as they are called, understand that an investment in risk management programs can bolster business strategies and increase revenue streams. They realize that exploring new tools to minimize and mitigate risks can capture indicators to reveal how a risk is trending, promote accountability and offer real-time reporting that help managers make better decisions.
eMaxx risk management solutions understand these trends and their significance. With cloud-based software, vast data warehouses, top-of-the-line analytics and third-party data, platforms are designed to ‘extinguish the spark before it becomes a fire.’ All decisions are proactive. In hazardous markets such as specialty transportation, roadside assistance, construction and utilities, eMaxx deploys dashboards for garaging, radius, territory, speeding, fleet footprint, weather events, venue data and even claims processing. It offers clients access to over 50+ telematics service providers. Tech-enabled trackers also monitor audits, warranty activity, phone calls, onsite visits, work hours and safety needs. These services are outstanding examples of technology paving the way for better accountability and ultimately increased revenue.
Although it is not a crystal ball, an effective risk management plan enables managers to see future hazards before they occur and empowers clients with the right tools to ensure financial stability and enhance their reputation. Discover the power of proven tech-enabled programs with eMaxx risk management. Call eMaxx today to learn about solutions.