To assist companies in crisis management, Dataminr has developed an exclusive eBook to highlight; the average time advantage offered by threat detection technology, the best practices for using this time effectively and how to make a ‘crisis advantage’ a competitive advantage.
Dataminr’s AI platform can detect signals from public data sets, giving clients an early line of sight into relevant breaking events and emerging risks, in real time. For the crisis response eBook, entitled ‘Uncovering your Crisis Advantage,’ Dataminr used its technology and the data it surfaces to identify the initial spikes of social media traffic in the lead-up to each crisis, and then record social media traffic at that point.
According to 2019 research from PwC, companies with more than 5,000 employees experience roughly one corporate crisis every year. From PR missteps, to unforeseen environmental disasters or geopolitical developments, the main determining factor in how well a company manages a crisis is how quickly and effectively it can respond.
Regarding research into crisis advantage understanding, Dataminr analysed 100 corporate crises from 2019 and 2020, which ultimately measured:
- The time the crisis surfaced online
- The time Dataminr issued and alert to the brand on the crisis
- The time of the first major news article about the event
- The time of peak Twitter mentions about the brand
- The time that Twitter traffic about the brand returned to its normal, baseline level
The eBook then suggests four best practices for responding to crises, with the goal of reducing their impact and getting companies back on track as soon
Offering their comments within Dataminr’s research, Dr Evgueni Ivantsov, Chairman, European Risk Management Council says: “Crises often develop quickly, leaving minimal time for businesses to react before a storm hits. Early warning provides a vital window of time for leaders to implement mitigating measures, which can be the difference between a business surviving and failing.”
To download your copy of Dataminr’s Crisis Advantage eBook, click here.