Technology stimulates innovation among people and proves to be the key to evolution. It helps businesses catapult their operations through automation, providing time for people to focus on high-level and creative tasks.
However, technology may be a learning curve, especially for some employees. They may feel worried about losing their jobs due to the machines and software. Therefore, as an employer, make sure that you reassure your team that the updates are to continue business operations.
But let’s define what business continuity is.
What is business continuity?
You need a set of plans and procedures for Business Continuity in case of an emergency or an unforeseen event. Business continuity planning (BCP) helps companies navigate crises effectively, with minimum losses.
Accordingly, a well-structured BCP ensures operational stability and outlines steps for an organized and steady recovery.
Furthermore, a BCP gives board members and senior leadership actionable steps on how to:
- Minimize financial losses
- Mitigate operational disruption
- Serve stakeholders
- Plan recovery
- Maintain operations under different crisis scenarios
- Outline short and long-term strategic steps
A BCP usually consists of:
- Risk management plan
- Business impact analysis
- Recovery plan
- Plan management
Since technology is engrained in the DNA of almost every company and organization, technology makes business continuity much more relevant.
How technology improves business continuity?
As technology grows, its capability to strengthen business continuity planning grows exponentially. Technology helps businesses in their BCP efforts by:
- Improving information flow
- Enhancing data security
- Enabling remote work capabilities
- Generating channels for critical insight and analysis regarding company health
Hence, when building your BCP, consider implementing tools that facilitate communication, notification, document handling, and data recovery.
Improve information flow
Every successful business continuity plan starts with a seamless information flow. Employees at the front lines of business operations must report any disruptions or emergencies that affect day-to-day activities to the top management.
Similarly, recommendations from the top to the front lines must be communicated quickly and efficiently, with little room for delays or miscommunication.
Only a well-structured and orchestrated communication plan lets stakeholders gain the necessary insight into the health and current status of the company and its employees.
This insight is critical in developing information-based decisions that help them ensure the continuation of business operations regardless of circumstances.
Technology helps maintain seamless information flow by giving employees and management a set of tools where action items can be assigned.
Reliable communication and collaboration tools such as a board portal can serve as an excellent mission control platform. With a history of steps taken, recommendations made, incident reports, and a board portal is an actionable tool that gives stakeholders and the top management greater control during crises.
Hence, instructions create clarity and become highly available — the risk of information getting lost in the sea of post-it notes is reduced.
Enhance data security
Data and information are the most significant assets of all modern companies. Mishandling data may lead to litigation and severe financial consequences. Consequently, the lack of data and information disrupts one of the fundamental roles of the board — proper oversight.
Paper-based archives and document storage lead to data loss, increasing annual operational costs for maintaining printing equipment and physical storage.
Technological solutions help companies encrypt their data and store it in a secure and protected environment. A good example is the government-approved cloud solutions provided by AWS Amazon.
Tracking and securing data assets is easier and more effective when critical data is stored in one place and not scattered over the internal network. The risk of a successful hacker attack is minimal with multi-factor authentication, data backups, and encryption.
Enable remote working capability
When a crisis like a Coronavirus pandemic erupts, providing employees with remote working tools is critical to maintaining operations and ensuring your workforce’s safety.
Thus, deploying technology solutions (hardware and well-configured software) ensures a seamless transition to a remote-only model. Remote work policies and procedures should be ingrained in every business continuity plan.
Remote working technology should let employees collaborate and communicate effectively in a secure and productivity-boosting manner.
But remember, security workshops and training should support every use of technology to make employees stay vigilant and aware of any threats.
Generate a hub for critical insight and analysis
Modern analytics solutions allow you to turn raw data and develop actionable insight. You create better business decisions using data-based analytics.
Thus, data-backed reports are necessary to convince shareholders to endorse the implementation of important decisions.
That’s why analytics technology has become integral to most businesses in recent years. With unstable financial situations, diagnostic analytics can help accountants and financial officers pinpoint drivers for growth and optimization. Paired with predictive analytics, diagnostic analytics supports strategic decision-making even during strenuous times.
Technology gives boards additional leverage during crises when you improve information flow, data security, and analytics. Solutions such as board portals help companies remain operational and collaborate on crucial corporate documentation.
Hence, never let any disruptions hinder your business from progressing and developing. Implement a business continuity plan and let operations continue despite unforeseen events like a pandemic. With a hybrid office setup, strive to enhance data security while enabling your team to work remotely.
Are you ready to implement technology into your business? Reach out to our consultants and start your business continuity plan today.