Introducing xodiac XPRS on xprs.xodiac.ca, a solution designed to address project delays, cost overruns, and quality concerns

Introducing xodiac XPRS on xprs.xodiac.ca, a solution designed to address project delays, cost overruns, and quality concerns

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Contingency Planning: How to Navigate and Mitigate Risks

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Peter Maddison
December 12, 2023
Reading time: 5 min

Effective product delivery is a constant challenge in today's dynamic business world. Whether embracing agile methodologies, implementing DevOps practices, or following traditional project management approaches, one common thread runs through them all: the need to manage risk. Contingency planning is a pivotal element in risk management, and understanding the distinction between real and perceived risks is crucial for success. In this article, we'll delve into the world of product delivery, risk assessment, and the importance of addressing risks early to ensure the smooth execution of your initiatives. 

Real Risks vs. Perceived Risks

Distinguishing between the two is fundamental for effective risk management. 

Real Risks are those that pose a tangible and quantifiable threat to your success. These risks can potentially disrupt timelines, budgets, or overall project objectives. For instance, if a critical feature is not delivered on time, it may lead to the loss of a customer to a competit...

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Business owners tend to underestimate the cost of recruiting and retaining the talent needed to grow. In 2022, it was reported that companies spend an average of over $4,683 and about an eighth of the financial year for recruitment and training per new hire. Recruitment costs can add up, especially if your business has a high turnover rate.

Losing top talent is clearly a cost that businesses have to consider. Perhaps the most immediate impact that losing employees has on an organization is lowering team morale. Employees enjoy having a friend or confidant in the workplace and seeing their colleague leave will weaken their connection to the organization. We saw this in mid-2021 as the “Great Resignation” had millions of employees leaving their jobs in droves. 

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Introducing business agility to an organization can have a lot of benefits to a company's bottom line. It can increase revenue, profitability, and employee retention rates. Among these improvements, one change that can often heavily and rapidly affect a company’s bottom line is reducing the cost of delivery. 

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The modern marketplace is constantly evolving. Customers expect a fast return on investment of both their time and money. The complexity of many technology solutions now resides behind easily consumable web interfaces and SaaS services, making it easy to rapidly switch to alternative products. It is easier than ever to “try before you buy”, and if you don’t feel like you are getting the value, try something else. To counter this, consider how introducing Business Agility practices can protect and improve your bottom line. 

            

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