Ten Benefits of implementing a viable Business Continuity Management (BCM) Plan
A viable BCM plan:
- Ensures organisations can quickly and effectively deal with a significant business disruption irrespective of the nature of the disaster thereby minimizing downtime and helping return normal business functionality. This will minimize revenue loss, enable the organization to maintain market share and ensure continued investor confidence.
Establishes appropriate management practices and is an integral part of sound corporate governance.
Proactively dealing with potential risks protects an organisation’s brand and reputation, reflecting a company that conducts and maintains high standards of professionalism.
Promotes due diligence and an overall awareness of the potential risks an organization faces and helps maintain standards of excellence in the organization.
Builds and documents an overall view of the organization allowing it to become more focused and will highlight areas of potential duplication and where different departments can co-ordinate and rationalise their processes better.
Enables management to focus on their IT spend in order to better understand and prioritise an organisation’s processes and services and to document how IT staff can best serve the organisation.
Will make the organisation more resilient and capable of serving clients during a crisis, promoting confidence among clients. The confidence this will promote in clients particularly in today’s virtual supply chains cannot be overestimated.
Safeguards your organisation against many risks resulting in potential lower insurance costs. A company safeguarded against risk is less likely to make insurance claims and any claims it does make are likely to be much smaller.
Creates business opportunities as companies are more likely to award contracts to organisations with a viable BCM Programme in place than one without. A proposal is going to be far more attractive if it is backed up by evidence that the organisation can maintain high service levels at all times and is therefore capable of delivering products and services on time under all circumstances.
- Enables Governments that ensure their territory, assets and resources, and the organisations operating in it are covered by BCM, is more likely to entice foreign investment and persuade multi-nationals to base themselves in the region.
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