Recently ReadiNow was lucky enough to be named a winner at the 2018 BCI Awards. We won the award for ‘Innovation in Continuity and Resilience’. We feel it makes us uniquely qualified to talk about the future of BCM and what we feel will be the emerging trends. Here are just a few of the themes and developments we think BCM Managers and Risk Officers should look out for in the near future.
Expanding the limits of traditional BCM.
The role of Business Continuity Manager is no longer a niche or specialised department, working in isolation from the rest of the business. As we move forward, it will be vital for BC Managers to work increasingly closely with many areas of the organisation – Risk, Security, ITDR and Information Systems (to name just a few). Companies are looking to create hybrid roles that sit between BCM and more areas of the business. This is particularly true for those in senior positions.
One integrated platform. No more silos.
62% of chief risk officers say it's becoming increasingly important for BCM to expand its limits beyond traditional paper BCM and move into cloud-based solutions, where data and processes are integrated into one system everyone in the organisation can see and action. To increase organisational resilience and better mitigate and respond to a crisis or data threat, organisations simply can't afford to work in silos any longer, where different parts of the business can interact with each other or respond quickly enough. This is one of the reasons ReadiNow's business resilience platform was seen as so innovative by the BCI judges.
BCM is gaining a higher business profile.
Many BCM teams believe that the growing interest in organisational resilience is helping increase their profile and say within organisations. Companies are more aware of the importance of managing disruptions and limiting threats and generally recognise that BCM leaders have a deep understanding of how their organisations genuinely function. There is also a growing realisation of the need for flexible cloud solutions. BCM leaders are taking note of the opportunities this offers them.
What is next for BCM development?
As we step further into a digitally transformed world, BCM systems and processes will need to include applications such as:
Future business impact analysis
Customised risk assessments
Advanced planning solutions for business continuity, disaster recovery and crisis management
Rehearsals and testing simulations
Furthermore, all these BCM developments need to be combined with intelligent business analytics, cross-device capabilities, comply with industry standards and frameworks and be 100% cloud-based to avoid business silos.
All this sounds daunting, but it doesn't have to be. ReadiNow can help you build your business resilience program simply and cost-effectively with our innovative platform. If you're looking for an integrated system that let departments share data and helps you build an enterprise-wide compliance strategy, simply call one of our experts on 1800 153 153 or visit readinow.com to book a free demo.
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