With a worsening risk climate in the age of COVID-19, how can businesses prepare for the unexpected? Well, at the core of business resilience and preparedness lies the business impact analysis (BIA). The BIA gives organisations an intimate understanding of how their prioritised business activities would be impacted by crises, disasters, or disruptions.
All too often, though, businesses fail to properly conduct BIAs. Why’s that? Well, for one, BIAs can be time-consuming. Performed without the right approach and/or system, they can also feel like academic, abstract, or worse, wasteful exercises with little real-world impact.
A good BIA, on the other hand, offers senior management a bird’s eye view of the following:
- The prioritised activities that generate the most money or benefits to the organization
- How badly those activities would be impacted by disruption
- Pathways by which impact would possibly take place.
These inter-dependencies, in particular, are what a good business impact analysis should be focused on identifying and quantifying, with the analysis itself serving as a necessary prerequisite for an informed prioritisation of the assets that need protecting and the relevant recovery actions that will be initiated in the case of an emergency to protect them.
How then do organisations get the benefits of business impact analyses without getting overwhelmed by the inevitable crush of information? Invest in flexible innovations that conform to the specifics of your organisation but evolve as dynamics change.
Pragmatic business continuity software, in particular, can streamline parts of the BIA, simplifying the varied requirements of performing a business impact analysis into a streamlined, user-friendly process. How’s that? Well, the tools themselves limit the time and effort required from users, reduce the potential for error, and streamline workflows – all in the service of improved organisational resilience, compliance, and preparedness.
That’s not all. Pragmatic business continuity software also provides the tools needed to effectively assess the risk of business disruption and attendant impacts, coordinate response to disruptions, and manage incidents. Here’re the benefits:
- Automated workflows save time and effort: Assign and track business impact assessment and risk management activities for your organisational unit owners. Ensure timely notifications about critical events to staff and stakeholders via email, SMS, or in-app.
- Customizable and best-in-industry resources out of the box. Designed with C-level executives, continuity professionals, and business unit managers in mind, with features relevant to different industries and user persona types, as well. The flexibility allows all kinds of users to report and manage business continuity incidents and issues within a single platform.
- High-quality data collected and easily turned into actionable insights. Unit-specific dashboards and resources include well-formatted forms, lists, and processes with text guidance for proper use across different units to produce consistent and unbiased responses. These responses are then automatically harmonised into a global dashboard, giving executives the data-driven insights they need to set actionable priorities with confidence.
- Streamlined compliance with international standards like ISO 22301. Audit logging of changes and approvals of plan template and recovery strategies. Get notifications for when exercises are due. Visualise all upcoming and recently completed exercises with action dashboards, as well as gaps in process or areas for improvement to identify high-risk activities with no recovery plans and strategies.
Finally, the business impact analysis gives organisations the intimate understanding of their core business processes necessary to ensure resilience in the age of COVID-19. But without the right plan of attack and (most importantly) underlying streamlined systems, the exercise can easily become cumbersome and overly academic. Don’t let that happen. For more strategies on how to maximise the time and effort required by your business users to ensure, resilience, compliance, and preparedness, download our comprehensive guide to the business impact analysis.