Types of BCM Solutions And Why Collaborating with a BCM Partner Is Important

The entire world is now feeling the impact of the coronavirus disease (COVID-19) in many ways, with 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 an 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 power outages or catastrophic events such as the current COVID-19 outbreak. Thus, BCM Solutions need to exist.

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 its 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 ongoing 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 to be considered:

• Training and allocation of a skilled resource who can develop and manage the complex interdependencies of creating and maintaining a BCP.
• Establishing the right POCs and relationships with vendors to assure quick delivery of critical items in case of a disruption
• Additional recovery support staff in case the original Point of contact is unavailable

While this may be realistic for a smaller organization, a larger one will typically require some external assistance. Engaging a BCM partner enables these organizations to:

• Utilize the investments in 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, and less risk so that a focus can be given to achieving business growth

Other options:  

Investing in a business recovery solution

A range of solutions enables 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 that will deliver and manage solutions in areas where the organization may lack resources 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.