A Case for Business Continuity Managed Services
Fifty-one percent of organizations surveyed by Mercer Consulting were caught without business continuity plans when the current COVID pandemic erupted. Moreover, other surveys revealed the potentiality and impact of a pandemic were virtually ignored. Low priority and insufficient investment in business continuity continue to jeopardize the business resiliency of many companies.
However, the lack of preparedness and response has caught the attention of Boards and executive management and could facilitate the commitment for business continuity. To overcome many of the financial and operational risks of standing up a business continuity program, a managed service model is emerging along the lines of IT services such as Software as a Service (SaaS). The Business Continuity as a Service, “BCaaS” is an outsourced service offering. BCaaS provides a suit of best practices business continuity management services at affordable, predictable fixed cost managed by business continuity professionals that allows companies to address their business resiliency needs while allowing them to focus on their core competencies.
COVID-19 Pandemic’s Big Reveal
Earlier this year, Mercer Consulting published a report based on its Business Responses to the COVID-19 Outbreak survey that revealed 51 percent of organizations around the world do not have a business continuity plan to respond to disasters or other business disruptions such as the current pandemic. The report provided insights from over 300 businesses across 37 countries and revealed that 27.2 percent of companies do not have a business continuity plan in place, while 23.8 percent are in the process of developing a plan. Furthermore, the study also noted that at the time of the survey 31.1 percent of organizations that do have a plan had not yet implemented it while 17.9 percent of companies had already begun implementing their business continuity plans.
- No/Small Business Continuity department
- Limited Budget
- Time constraints
- Updating outdated Business Continuity Plans/Program
- Gaining management buy-in
- Need to fulfill internal audit/regulatory requirements
- Fixed year service cost to reduce operating cost variability.
- Allows an organization to increase its focus on core competencies.
- Shortened implementation curve by leveraging the depth and breadth of the BCaaS’s services team experience and capabilities that include proven methodologies, tool kits and software with which to automate the program.
- Improved Business Continuity Management using a proven program deployment road map, metrics and project management and industry best practices.
- Program flexibility to allow for expanded scope or capabilities at predictable cost as needed.
What to look for in a BCaaS Offering
An effective BCaaS offering should include a baseline suite of services with the ability to adjust scope as needed. Such capabilities should include:
- Metrics with which to assess the current state of your business continuity capabilities to demonstrate improvements over time.
- Business Impact Analysis (BIA) to facilitate the introduction of a business impact analysis for your company.
- Business Continuity Planning to Create and maintain business recovery plan(s).
- Business Continuity Exercises to test your stakeholders’ current state ability to implement their business continuity plans.
- Business Continuity Planning Software that allows clients to automate complex BCM activities and more efficiently manage the program.
- Program Management to provide the necessary direction and oversight for the implementation of the program.
- A fixed predictably pricing over a fixed term to contain costs.
- Flexibility to change scope and expand capabilities with predictable pricing.
For companies having to respond to new or increased demands for a business continuity management program, the BCaaS managed service may provide the appropriate solution to quickly implement a cost effective BCM program while minimizing many of its obstacles and unpredictability. Moreover, these advantages present a stronger case to executives for their buy-in. To learn more about Virtual Corporation’s BCaaS managed services offering, visit our web site and schedule a meeting with one of our professional staff. Don’t be caught unprepared for the next disruptive event to your business.
About the Writer
Bob Farkas, PMP, AMBCI, SCRA
Manager, Project Management Office/Project Manager
Bob has been with Virtual Corporation since 2001 during which he has led many Business Impact Analysis (BIA), Business Continuity Planning, and Risk Assessments projects across health care, manufacturing, government, technology and other services industries. In addition, he has been instrumental in building and refining Virtual’s processes and toolkit bringing new approaches and insights to client engagements. His career spans materials engineering, programming, telecom marketing research, IT outsourcing and business continuity. Bob holds PMP, AMBCI and SCRA certifications and has a Master’s in Chemical Engineering from the New Jersey Institute of Technology and Bachelor’s in Metallurgical Engineering from McMaster University (Hamilton, Ontario.)