What are the stakes of effective business continuity management (BCM)? For starters, roughly 40 to 60 percent of small businesses never reopen following a disaster, according to the U.S. Federal Emergency Management Agency. A further three in every four organizations without a business continuity plan (BCP) fail within three years of a disaster.
Nor is business extinction the only risk of a lack of protocols, practices, and tools to guarantee the continuous delivery (post-incident) of critical services and products. Firms also sit on a lot of financial exposure. For instance, the potential financial loss due to system downtime is extraordinary: industry estimates show up to $2.8 million per hour in losses, totaling some $67 million in a single day.
So, what can be done to escape these punishing consequences? For business continuity professionals, the answer is no secret: build out a best-practice, well-equipped BCM program and team. If only it were so easy. BCM adoption rates remain frustratingly low. IBM research shows that only 17 percent of BCM and IT security specialists say their organizations have a formal BCP in place.
Indeed, there are clear challenges to developing effective BCM protocols. One of the starkest: a lack of commitment and involvement from senior management. That’s not all. Even the best-intentioned organizations can get BCM wrong, too, either by misjudging data recovery requirements, not properly tailoring the risk assessment to organizational challenges, failing to question assumptions and consider limiting factors, or some other common challenge.
Fortunately, though, effective BCM software can help you navigate these major BCM pitfalls, with advanced functionality that enables teams to manage every aspect of business continuity and crisis management. What’s the rub, then? Well, not all software is created equal. Procurers need to be able to tell the contenders from the pretenders. That’s why we put together this BCM software buyer’s guide which lays out the factors to consider when procuring best-practice, BCM technology.
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