We know you know, but to save you the mental effort of fleshing these acronyms out into full-length descriptions, here’s what they stand for. BCM is business continuity management. ITSCM is IT service continuity management. And BIA is business impact analysis.
An unplanned outage is one of the worst things that can happen to a data center – and to your business According to a 2016 Ponemon Institute study, a data center outage costs businesses an average of $8,851 per minute. The report also found that since 2010, the average total cost of a data center outage is up 38 percent – to $740,357. Although it’s impossible to completely eliminate outages, you can take steps to mitigate the consequences of downtime and ensure business continuity.
Here are nine ways to mitigate the risk of an extended data center outage and help ensure business continuity:
These three items are linked together by the need to keep organizations operational in adverse circumstances. You probably got that immediately.
But they are also linked by the need to trim expenses down to only what is necessary, a connection that is sometimes rather less obvious. Here’s how it works.
Let’s start with BCM. This is the overall management of continuity for the business, meaning the organization as a whole. As much of business is driven by IT, IT service continuity management is typically a major component of BCM
Would it surprise you to know that up to 90 percent of the U.S. workforce says they would like to telecommute at least part time? Some aren’t waiting for permission, but gradually changing the perception of what’s acceptable office protocol.
Plenty of companies are offering remote working options to their employees, but there are some stalwarts who believe the most productive employees “come” to work every day. Still, other companies draw the line at sales execs or field techs. IDC forecasts the U.S. mobile worker population will grow at a steady rate to nearly 106 million by 2020. Unless sales and field technician positions explode, this means many jobs will move from the traditional office locale to an alternative site or sites.
Some of the hesitation to open this can of worms is that employees will slack off if not under constant supervision. Data security and communication are other concerns, although these are becoming less of an issue thanks to modern technology, such as cloud computing and employee communication software. The key, however, is to leverage existing and emerging technologies, set expectations, communicate frequently, and devise a measurement benchmark to evaluate performance.
A survey of more than 1,400 risk professionals at large organizations in the U.S. or Canada that have purchased a commercial insurance policy from one of the profiled insurers or brokers throws up some interesting results.
It finds that as rates across the U.S. commercial property/casualty insurance market continue to decline, the key variables in driving overall commercial insurance customer satisfaction are insurer profitability and broker expertise.
The J.D. Power study, conducted in conjunction with RIMS (the risk management society), found a distinct correlation between customer satisfaction and insurer profitability, as measured by total commercial combined financial ratios.