The entire world is now feeling the impact of the coronavirus disease (COVID-19) in many ways, impact on production and demand, market disruption, and financial impact being the major ones.
This is the unique scenario that we all are facing right now but on organizational level research has suggested that 20% of all organizations will experience some form of the unplanned event once every five years. Those events can be as mundane as a power outage or catastrophic events such as the current COVID-19 outbreak.
There is a need to think about how your business would cope with these unplanned events. Having a mature and reviewed BC plan, executing that internally, or engaging a BCM partner is the need of the time.
There are different solutions available to help an organization both in the development and execution of their BCM plan. They are categorized as follows:
Development of BC Plan
Business continuity planning Consultation
Organizations can get help from subject matter experts to develop a workable business continuity plan. This includes help with:
- Preparing and presenting business impact analysis and business continuity plans
- Providing on-going management of business continuity projects and strategies
Execution of the BC Plan
Due to budget constraints, many small size businesses can utilize internal resources to develop and execute their BCM plan. But before that following important factors need be considered:
- Training and allocation of a skilled resource who can develop and manage the complex interdependencies of creating and maintaining a BCP.
- Establishing right POCs and relationships with vendors to assure quick delivery of critical items in case of a disruption
- Additional recovery support staff in case original Point of contacts are unavailable
While this may be realistic for a smaller organization, a larger will typically require some external assistance. Engaging a BCM partner enables these organizations to:
- Utilize the investments in the skilled resources, the latest technology, and review mechanisms
- Expert help for issues unique and specific to business
- External backup and recovery resources
- Help to lower the cost of operations, less risk so that a focus can be given to achieving business growth
Investing in a business recovery solution
A range of solutions that enable organizations to identify the best possible means of ensuring effective recovery following an unplanned event. They can be over the cloud or at a dedicated center nearby
Managed business continuity services
You can partner with an external entity which will deliver and manage solutions in areas where the organization may lack resource and expertise internally.
Remember, business continuity management is not just about reacting to an incident and disaster recovery, it is a business owned and driven activity that can provide the strategic and operational framework to review the way your organization provides its products and services and increase its resilience to disruption, interruption or loss.