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COVID-19 pandemic has wreaked havoc across the globe. The pandemic storm has taken thousands of lives, unemployed more than a million people, and shut down countless businesses. But the ITES sector has largely remained aloof from the devastating effect. This has happened because of the adoption of careful business management practices and acute focus on disaster recovery plans. This article throws light on how the ITES sector is standing tall despite the onslaught of the COVID-19.
Business Continuity Plan
The pandemic storm has trapped industries in a wormhole. Those who do not have any mechanism to counter the ill effects are suffering the most. This includes industries like airlines, hotel, and tourism which have registered huge losses. But the ITES sector appears to have an upper hand in dealing with the pandemic storm. This has happened due to the careful creation of a business continuity plan.
A business continuity plan is a comprehensive document that elaborates on how a business would respond in times of crisis. The main parts of it are as described below:
- Steps to procure the necessary equipment and supplies
- Fool-proof data security and data backup plan
- Emergency contact numbers of key personnel
- List of backup suppliers
- Business management strategies for both long term and short term
- Measures to make ad-hoc data centers in case if the primary center fails or shutdowns
How is Business Continuity Plan Working Out During the Pandemic?
A report by IDC suggests that a business can suffer a whopping loss of $100,000 an hour owing to infrastructural failure. The losses can further expand to $500,000 – $1 million per hour due to critical application failure. Business management experts rely on a business continuity plan for sailing smoothly out of troubled waters. The points below illustrate why:
- It brings down operating costs by retaining customers, ensuring data backup plans, and protecting the brand.
- It reduces downtime so that systems are up and running in the least time possible.
- It provides a buffer against corporate crises by handling mandatory compliances.
- It makes businesses resilient by assessing risks and prioritizing critical business functions
- It protects against cyber attacks
- It helps recover IT systems at a lightning-fast speed
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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