If your answer is Yes, then you’re probably in a minority. Many firms have realised, to their detriment, how woefully unprepared they were in keeping the business running in the face of the pandemic. Most businesses took a hit, and many have shuttered permanently. Others are still struggling, holding on
Properly applied, a business continuity plan does more than keep the firm running in the event of a crisis. Business continuity planning is actually a proactive business process that helps an organisation identify its challenges, weaknesses and threats leading to operational disruptions. Mitigative measures can then be worked out and
To determine the relationship between Business Continuity Management (BCM), Disaster Recovery Planning (DRP) and Crisis Management, these first need to be defined. BCM is the process of planning for disruptive incidents so that any damage and down time resulting from the incident, will not have extensive impact on the business.
Business disruptions can happen anywhere, anytime, in any location. Bad weather, interruptions in the supply chain, systems hacking, disruption to utilities, pandemics, earthquakes, volcanic eruptions or even political events beyond the organisation’s control – all these are major disrupters of business. They cannot be predicted but businesses have to be
“Down Time” inevitably means lost revenues, delays, disruptions and complications in the future. Lost revenues mean reduced profits, and a decrease in the value of the business. A business continuity plan is essential because in today’s frenetic, globalised world, the Butterfly Effect is ever present. Businesses stand to fail if
We were in a period of global growth when the pandemic hit. Businesses are now either struggling to survive, trying to navigate with resilience or scrambling to respond to emerging threats and opportunities. Uncertainty creates opportunities. Businesses which have prepared themselves to cope with disruption will be able to take
Supply chain risks have been in existence for a very long time; these hardly need an introduction. “Supply chain leaders have to perform and deliver regardless of economic conditions or the environment,” stated Dr David Gonsalvez, CEO & Rector of the Malaysia Institute for Supply Chain Innovation (MISI). “You cannot