Black Swan Events and the Impact on Businesses
A black swan event is an unpredictable and rare occurrence that has significant and often negative consequences for the economy, society, or a specific sector. Examples of black swan events include the 9/11 terrorist attacks, the 2008 global financial crisis, the COVID-19 pandemic, or a major natural disaster. I would argue that the recent global outage involving CrowdStrike and affecting Microsoft operating systems was also a black swan event.
These events pose a serious challenge for businesses, as they can disrupt their operations, supply chains, markets, revenues, and reputation. Moreover, they can expose the vulnerabilities and weaknesses of the business models, strategies, and contingency plans that were designed for more normal and stable scenarios.
Therefore, it is crucial for businesses to be prepared for the possibility of black swan events and to have a high integrity, trusted, and confident partner by their side to minimise the impact and maximise the opportunities that may arise from such events.
A high integrity partner is one that acts ethically, transparently, and responsibly in all situations, especially in times of crisis and uncertainty. A trusted partner is one that has a proven track record of delivering quality, value, and results for its clients, and that can provide reliable and timely support and guidance. A confident partner is one that has the expertise, experience, and resources to adapt to changing circumstances and to offer innovative and effective solutions.
By working with such a partner, businesses can benefit from:
- A flexible and agile approach that allows the business to respond quickly and efficiently to the evolving situation and to seize new market opportunities or competitive advantages.
- A resilient and robust strategy that ensures the continuity and recovery of the business operations, finances, and reputation, and that aligns with the long-term goals and vision of the business.
- A collaborative and communicative relationship that fosters mutual trust, understanding, and cooperation, and that leverages the strengths and capabilities of both parties.
In conclusion, black swan events are inevitable and unpredictable, but they do not have to be devastating or debilitating for businesses. With a high integrity, trusted, and confident partner by their side, businesses can minimise the impact and maximise the opportunities that these events may present, and emerge stronger and more successful in the aftermath.
For our clients that were affected on July 19th 2024, our team were onsite within the hour to deploy the updates required to fix the issue. We spent the rest of the day watching the events unravel as the scale of the outage became clear.
This is what trusted, confident partners that have high integrity like String do.