Why going digital must be a part of your Business Continuity Plan (BCP)…
In a time where a global pandemic has brought the world as we know it to a standstill affecting millions of lives by shutting down companies, factories, and countries, it is imperative to look back on how your business could have reacted better in this scenario.
While it is fair to despair the near term future, it also provides an opportunity to understand and asses the problems of the present and equip the business for an uncertain future eventuality.
It is especially essential for SMEs as this task does not register at the top of the organization’s priorities list, but during a crisis, every bit of preparedness helps.
What is the strategic approach to risk management?
In a world driven by changes, businesses are continually evolving with new structures and processes. Sometimes it may be difficult for an organization to move on from its legacy systems due to the lack of better alternatives or inherent reluctance to adapt.
Using outdated technology that does not acclimate to today’s modern needs is vulnerable to more risks. A significant data breach or a computer virus hacking the system are problems one should never have to deal with while eyeing for the competitor’s position.
A Business Continuity Plan (BCP) is a set of protocols framed to help navigate a business in times of such risks and breaches.
While there is no fixed approach, BCP involves taking proven proactive steps to ensure continuity in times of crisis.
How is the business continuity plan laid out?
The necessary steps to formulate a viable Business Continuity Plan involves:
Identifying crucial functions
The core operations which are indispensable to keep the business running must be determined. Identifying such services will help to prepare contingency plans for the same.
Understand the impact of risks
Pinpoint the risks for the crucial functions that were identified earlier to ease through the disruption.
One technique to understand the risks involved would be to ask and document “what if” scenarios, for example, what if there is no way to access the office. With this in mind, design policies to limit losses while giving high priority to critical businesses.
Create a recovery plan
Strategize a plan of recovery with consideration to the critical business processes. Viewing previous market disruptions and how effective the firm was in tackling it should be reviewed.
Document the process and establish the chain of command during the emergency.
Testing the plan
Ideally, a real-life situation is the best scenario to discern whether something works or not. But some techniques, which include walk-throughs, table-top exercises, and simulations can be used to replicate those scenarios.
Adding fresh eyes at different review periods would bring in new insights.
Implement the plan
Organize and document the inputs and make sure the firm and its key employees understand the protocols in the continuity plan. Once implemented, it’s crucial to update and review the plan as the risks are always changing.
Why is digital and cloud an integral part of your BCP?
Digital and cloud computing have become a necessary element of a Business Continuity Plan for its capabilities of easy and quick recovery of key business processes.
Due to regulations of mandatory work from home across many countries now, the ERP solution installed on-premise is inaccessible. ERP solutions set up on the cloud can ensure critical business processes are accessible at all times.
Allows employees to work from anywhere
Cloud-based solutions enable employees to access all the information required. In light of recent events, data must be available and actionable even on mobile platforms taking into account over 3.5 billion active smartphone users.
These solutions provide real-time visibility of data so that it can improve collaboration within the team making it easier to be productive.
Scalability and upgrades
Since a business requirement keeps changing with time, cloud computing allows for increasing or decreasing the computing resources required to run the business. This will ensure the company pays only for the resources used without spending on infrastructure.
Similarly, upgrades to the latest technologies would not be such a painstaking issue as it would mostly be automatic and regular.
Security
One of the significant concerns about adopting a cloud-based solution for a firm is security. But cloud offers standard protection for platforms such as encryption, authentication, and access control.
SMEs can take advantage of cloud computing’s enterprise-level security at remarkably reasonable costs.
Loss Prevention
If the company is not on a cloud platform, then there is a risk of losing the locally stored data.
With a cloud-solution, all the data uploaded to the cloud remains easily accessible from any computing device with a connection to the internet, even if the computer you regularly use isn’t working.
Quality Control
There are few things as detrimental to the success of a business as poor quality and inconsistent reporting. In a cloud-based system, all documents are stored in one place and in a single format.
With everyone accessing the same information, you can maintain consistency in data, avoid human error, and have a clear record of any revisions or updates.
Conversely, managing information in silos can lead to employees accidentally saving different versions of documents, which leads to confusion and diluted data.
Deskera Books offers a cloud-based ERP solution for your continuity plans. Find out more here.
