The number and total cost of incidents have increased over the past decade. Retail has been hit hard by these trends; It is estimated that in 2021, the average total cost of a data breach to a retailer was $3.27M.
Yet, retailers that proactively respond through Incident Management solutions have been able to mitigate, and even avoid incidents. Incident Management solutions can help retailers orchestrate their response end to end, unifying necessary capabilities like collaboration, automation, and workflow to increase the effectiveness of their response and accelerate time to resolution. Retailers that are currently investing in their Incident Management program should evaluate solutions based off of three capabilities:
By investing in an Incident Management solution, any retailer can minimize the impact of an incident to their business. Retailers should aim to find a solution that accounts for capabilities like collaboration, automation, and workflow to give their teams an advantage in Incident Management.
One of the challenges retailers face is that their business infrastructure and teams tend to be very distributed. Incident Management is a cross-functional effort, and solutions need to be threaded throughout the business so that the right people are met with the right information. Retailers need solutions that address the importance of centralizing collaboration, and making it easy for distributed teams to message, meet, and share content so that they can make the best possible decisions.
Another important consideration retailers should have for their Incident Management solution is the ability to integrate with their existing technology stack. Retailers tend to have a multifaceted IT infrastructure due to the many forms of service required for business. This includes solutions for digital customer activity, in person customer activity, business operations, and all other backend systems. To account for this variability, retailers need Incident Management solutions to maximize visibility across their infrastructure.
Incidents can have severe repercussions for retailers, even if they only last for a short amount of time. In addition to any sales voided as a direct result of an incident, retailers face longer form consequences including lost business, compromised information, and damaged reputation. Automating the structural elements of their response, like relevant application integrations, institutional knowledge, and task coordination, helps retailers that mitigate real-time and post-incident damage. Automation allows teams to focus on strategy rather than manual, error-prone tasks, increasing the effectiveness of the overall response, and accelerating time to resolution.
As incidents become increasingly complex, diverse, and interconnected, retailers face increased pressure to deliver quality incident management. Retailers can maximize the value of existing technology investments, and even more, improve their response, by investing in an Incident Management solution that uses collaboration, integration, and automation, to unify their response. Solutions like Challo track chat, video, and voice communications alongside incoming information so that teams can improve decision making and the overall quality of a response.
With a unified view and an adaptable way to structure responses, solutions like Challo help retailers coordinate their people, tasks, and applications to improve decision making and streamline the overall response.