A business interruption is detrimental to your bottom line and reputation. Having a business continuity plan created and tested can help to mitigate losses during a disaster scenario, but developing and maintaining a plan takes time you don’t have to spare. Here are some reasons why automating your business continuity solution can help save your limited resources, while creating a strong, risk-based plan.
Minimizes Potential for Error
With in-house business continuity plans, necessary documents are likely scattered throughout many departments, taking extra time to coordinate and potentially leading to costly mistakes during an interruption. Automating your business continuity solution centralizes all documents and allows your institution to build one plan that can be accessed by everyone quickly. It also ensures users are all accessing the same, and most current, version of the plan.
Streamlines Maintenance and Reporting
When an update is made to a manual business continuity plan, every word of the document must be checked to ensure you noted all necessary changes. Automated solutions remove this search by allowing the update to immediately populate in every relevant area, with only one input. An online software solution also has an extensive dashboard and reporting functionality to draw forward important insights without the manual process of information collection and formatting, so you can analyze data faster.
Integration with Automated ERM Programs
Automating both your business continuity solution and Enterprise Risk Management solution saves even more time. If you are utilizing the same software for both, your people, processes, technologies, and policies are held in a central repository that you can utilize to create your Business Impact Analysis and business continuity plan – no need to reenter the information. Risk assessment results from other areas of your Enterprise Risk Management plan can then be utilized to build your plan, so you can focus primarily on your most critical business functions.
Want to know more?
Minimizing error, streamlining maintenance, and utilizing ERM integration are not the only reasons automated business continuity solutions are more time and cost effective. In our February 9th webinar, “Save Time and Money by Automating Your Business Continuity Solution”, Tracy Hall – Business Continuity expert for Wolf & Company, P.C., will do a deep-dive into more ways you can benefit from an automated solution. Tracy will be presenting alongside a WolfPAC Business Continuity Solution user, to hear first-hand how an automated solution saved his institution’s resources. To register, head to our webinar page.