If disaster strikes your organization today, are you ready for it? Implementing an effective BCM plan provides an encompassing protocol that will ensure your company can still operate in the wake of a crisis. Crises are contingent, meaning robust and effective planning is crucial for your organization when a crisis occurs.
Crises are not static, they evolve over time. Prolonged/ long-term crisis issues such as a product failure or accident that negatively impacts your business operations, as well as your public image, are sometimes more difficult to recover from. This is generally due to the slow-nature of building trust between you and your customers. However, having a multi-faceted business continuity management plan will place your organization in the best possible position it can be in during any crisis.
The Pros and Cons of Digital Technologies For BCM
The hyper-connected digital world has created new risks. It has also resulted in amplifying already existing ones. Organizations are becoming more dependent on digital technology to store and transmit information. This inevitably results in an exposure to these new and evolved risks. The 24-hour news cycle coupled with social media puts every business under constant surveillance, with any mistake having the potential to go viral. This further exacerbates the risks that come with the digitized workspaces organizations are increasingly operating in. However, the very nature of the digital world we live in also provides some of the most effective tools to deal with these new and already existing risks.
Digital technologies are transforming BCM plans for organizations. They are creating a simplified, cost-efficient service that can catalogue all organizational risks and the relevant recovery strategies required to recuperate from them. This ensures all components required for your business to operate can be accounted for.
What the Right BCM Software Can do for Your Business
BCM plan software can have the effect of allowing your organization's central planners and responders to more effectively collaborate with decision makers and employees on-site, in real-time. Collaboration between your organization's stakeholders means accessibility to the appropriate information and tools needed to respond to an event, which can be easily accomplished with these software services. Digital BCM programs that enable collaboration, streamline recovery actions can ensure that the most efficient procedure is carried out in response to crises.
Understand What You are up Against
Crises cannot be effectively managed without a BCM plan that can respond to any disaster-scenario that may affect your organization. Understanding the range of crises and their potential impact on your organization is essential. Without this, recovery plans cannot be targeted towards specific scenarios. However, researching and understanding all possible crisis scenarios that may affect your company can be time-consuming.
Risks are ubiquitous. It is an inevitable component of organizations. While BCM plans are essential, it is imperative that you also scan your environment. Keep an eye on your competitors, or get someone else to do it for you. If it could happen to a competitor, it could happen to you. Be constantly aware and adaptive with whatever BCM plan you have in place, because in this digital era, risks and the ways to deal with them are perpetually evolving, and your ability to recover must evolve with them.
Download the full case study
Read how one of Australia's largest financial institutions optimised their BCM processes.