A business continuity and resilience strategy supports long-term success. This type of strategy identifies critical functions, key assets, and essential stakeholders to minimize operational disruptions and emergencies.
Selling the benefits of a business continuity program can be like convincing your kid to eat her veggies you know they’re good for you, but it takes time and effort to convince them. Shifting the conversation from ROI to VOI can help you prove your program’s value.
Discover how successful companies ensure business success through IT continuity in San Diego. Learn strategies and best practices for maintaining uninterrupted operations. Visit latestdash.com for insights.
1. Improved Customer Satisfaction
A successful business continuity program mitigates the financial costs associated with disruption. In a data breach, IT outage, or supply chain issue, a single minute of downtime can cost a large company $184 million (NAVEX Global 2021 Definitive Risk & Compliance Benchmark Report).
Business continuity software and programs are designed to keep critical operations up and running during disruptive events. This can help minimize revenue losses, recovery and replacement costs, fines for noncompliance, and more.
For maximum ROI, clients should prioritize implementing a business continuity plan that’s tailored to their unique risks and operational needs. They should also commit to reviewing and testing the plan on a regular basis. This will ensure that the plan remains effective and relevant. It will also prevent workarounds and duplication of efforts, which can be costly in the long run.
2. Reduced Risk of Data Loss
Modern organizations are data factories, churning out gigabytes of information on a daily basis. Without a robust business continuity program in place, this information can be lost due to hardware failures, cyberattacks, or other disasters.
This can lead to a number of expensive consequences, including regulatory compliance fines, loss of customers, and reputational damage. A well-executed business continuity program mitigates the risk of these costly losses by investing in backup storage, alternative software solutions, and cybersecurity measures.
During budgeting season, resilience professionals are often asked to demonstrate the ROI of their programs. It’s difficult to quantify intangible benefits like brand value and customer loyalty, but the COVID-19 pandemic serves as a reminder that investing in resilience is essential for survival.
3. Improved Employee Satisfaction
The business continuity team often has to answer the dreaded question of “what’s your ROI?” While it’s hard to quantify many benefits in terms of monetary value, there are plenty of other ways that BC programs provide a strong return on investment.
These benefits range from boosting employee satisfaction to helping companies better navigate volatile economic conditions. For example, a study from BetterUp found that highly resilient teams have higher financial performance, more productivity and less burnout than their peers.
The bottom line is that investing in a robust business continuity program reduces the risk of data breaches and technology downtime, and it can help a company avoid the significant costs associated with a disaster. Learn more about shifting the conversation from ROI to VOI for your business continuity program.
4. Increased Productivity
While many IT teams struggle to prove the value of their business continuity programs, it’s important to shift the conversation from ROI to VOI. Download our new guide to learn how you can answer this dreaded question without using the traditional monetary metrics typically associated with ROI calculations.
A healthy BC program is a vital part of an enterprise risk management strategy that mitigates unexpected shocks to your business model and positions you more competitively against competitors.
In this way, it creates a steadier stream of cash flow and a higher valuation — something investors care deeply about. The best way to achieve this is with a robust IT monitoring solution that delivers business continuity capabilities, like LogicMonitor. Learn more about LogicMonitor’s BC capabilities here.
5. Increased Revenue
It’s difficult to measure a direct financial impact of business continuity. But that doesn’t mean your efforts don’t add value.
A well-designed business continuity program can help you avoid the kinds of operational losses that would devastate your company. You may save money on costly insurance premiums, and you can be sure that your reputation won’t suffer from the kind of damage that accompanies an unplanned event.
If your organization has the right tools to support its continuity strategy, it’s easier than ever to keep track of critical details about staff, customers, vendors, and other stakeholders. With market-leading entity management software, you can ensure your plans are based on 100% accurate data that’s ready to go at any time. That’s a return on investment worth investing in.
