{"id":3790,"date":"2022-02-17T06:12:09","date_gmt":"2022-02-17T06:12:09","guid":{"rendered":"https:\/\/news.sap.com\/india\/?p=3790"},"modified":"2023-08-14T17:21:32","modified_gmt":"2023-08-14T17:21:32","slug":"business-continuity-plan","status":"publish","type":"post","link":"https:\/\/news.sap.com\/india\/2022\/02\/business-continuity-plan\/","title":{"rendered":"Business Continuity Plan: An Accelerator for Growth"},"content":{"rendered":"

“Watch the product life cycle, but more important, watch the market life cycle \u2013 <\/span><\/em>Philip Kotler”<\/span><\/em><\/p>\n

In a company\u2019s product and market life cycle, disruptions and obstacles are common. But project leads and the management isn\u2019t always ready for these, and the pandemic is a good example of unprecedented disruption.<\/span><\/p>\n

Some organizations survived this and have come back stronger, while others have had to struggle.\u00a0And what made all the difference? A business continuity plan.\u00a0Business by design\u00a0is created with fallback options and how to survive every eventuality.<\/span><\/p>\n

What is Business Continuity Plan?<\/span><\/strong><\/h3>\n

A business continuity plan (BCP) is a document that details how a company will keep running in the event of an unforeseen service disruption. A BCP is all encompassing and more elaborate than a disaster recovery plan. It needs to account for and include all contingencies for business processes, assets, human resources, and business partners \u2014 all components of the company that could be impacted.<\/span><\/p>\n

When offices worldwide were closed down in February- March 2020 indefinitely, this wasn’t something anyone could have anticipated in the past. The complete work-from-home setup was unthinkable even ten years before,\u00a0business by design\u00a0was not meant to be run from coffee shops and couches. Like fire drills, organizations had a template that kicked into place when the government declared lockdowns, and it was prepared for every eventuality.<\/span><\/p>\n

The beginning of the millennium saw significant expansion in corporate globalization and data accessibility. Businesses considered the entire business continuity process rather than just disaster recovery. Companies learned that if they didn’t have a comprehensive continuity strategy in place, they might lose their clientele and fall behind in the race.\u00a0<\/span><\/p>\n

Business continuity planning became more difficult as application architectures such as distributed applications, distributed processing, distributed data, and hybrid computing environments were considered.\u00a0<\/span><\/p>\n

3 Key prospects that need to be taken into consideration when formulating a BCP<\/span><\/strong>:<\/span>\u00a0<\/span><\/h3>\n
    \n
  1. Availability and Accessibility:\u00a0<\/span><\/strong>Modern businesses are run on data, and be it a natural disaster or IT failure, access to information is a MUST, or the industry will crash, and it would have a domino effect.\u00a0<\/span><\/li>\n
  2. Continuity plan:\u00a0<\/span><\/strong>Business by design isn’t meant to stop, especially in industries like Finance, Healthcare, and IT. Operations have to continue despite any hurdles that might come your way.<\/span><\/li>\n
  3. Recover information:\u00a0<\/span><\/strong>Backups are the need of the hour because IT disruptions would make any organization inoperable. Two types of backups are necessary: on-site and off-site.<\/span><\/li>\n<\/ol>\n

    \"Business<\/p>\n

    Disruptions: Setbacks or accelerator for growth?<\/span><\/strong><\/h3>\n

    Disruptions cannot be predicted, but you can be prepared for the eventuality.\u00a0<\/span><\/p>\n

    Some common types of disruptions that organizations can face during their lifetime are mentioned below:<\/span><\/p>\n