Physical damage to a building, destruction of machinery, or even an electrical power outage; what is your plan of action if any of these were to happen to your business? If you hesitated for even a second, it might be time to consider creating a business impact analysis. A business impact analysis, or BIA, helps you understand the effect a disaster can have on your business. With this information you will be able to develop a recovery strategy as well as a mitigation strategy to limit the impact of a disaster. Let us show you how to get started on your own BIA so that you can improve your disaster recovery (DR) plan and improve confidence.
There are all kinds of strategies that businesses need to implement to be successful, existing across numerous different business functions. A key one that is commonly overlooked is a mitigation strategy.
Risk mitigation is the process of developing actionable insights that reduce threats to the overall well-being of an organization. Threats come in all shapes and sizes, from natural disasters to cyber-attacks. These threats can cause thousands of dollars in damage that is both physical and virtual. Thus, creating a mitigation plan will help to save you money, as well as improve your business continuity strategy.
Technological tools and applications have been developed over the past several years to streamline and optimize business processes and functions. A key function that has been significantly transformed as a result of technological advances is business communications. More businesses are making the transition away from using traditional phone lines and instead, use the internet to make as well as receive phone calls. This technology that offers businesses the ability to exchange calls over the internet is known as Voice over Internet Protocol (VOIP).
Making decisions about business continuity (BC) and disaster recovery (DR) can be a CIO’s worst nightmare. Planning, implementing and testing a strategy can take months and sleepless nights. Additionally, some CIOs face the added struggle of small budgets, fewer resources, and a mandate for agility to remain competitive. Add them all up, and you get an extremely difficult task task.
An unexpected natural disaster can set back or even shut down your business if not anticipated in advance and precautionary measures instituted. If your business is in tornado alley (North Dakota to Texas, but even as far east as Ohio and Georgia!) it's susceptible to very high winds and flying debris which may result in serious damage to the buildings and other infrastructure during a tornado. It is important to get your business up and running as soon as possible after a tornado. The longer it takes for your business to resume operations, the more likely it is to ultimately fail. According to the Institute of Business and Home Safety, about 25 percent of businesses do not reopen after a natural disaster.
No business owner wants to think about the fact that they might be struck by a disaster, natural or manmade. However, there are many disasters a business can face that may be devastating. Anything can happen, from a hurricane to a cyber attack to a key employee suddenly becoming a problem rather than an asset.
We often hear about the importance of disaster recovery and backup to the success of our businesses. Often lumped together under the umbrella "BDR", backup and disaster recovery are mentioned so much in the IT industry that they seem to be more like buzz words than actual business solutions. For this reason, backup and DR have become heavily associated terms, sometimes used interchangeably.