Does Your Organization Take Longer to Recover from a Crisis than Most?
Five hundred, twenty-five thousand, six hundred (minutes). Reading that sentence may, or may not, have sparked a tune in your head. The number 525,600 is the beginning line of the song Seasons of Love from the Broadway production, Rent. It is also the number of minutes in a year.
Next number: 73,152 minutes, or 1,219.2 hours. You won’t find these numbers on the soundtrack to Rent, but you will find them in the Firestorm 7th Edition Crisis Event Impact Management Report.
In our recently released report, we found organizations spent an average of 1,219.2 hours in business resumption mode in the last year. That means more than 50 business-as-usual calendar days were lost due to crises. To break it down a little more:
- 1,328.2 hours lost due to accidents or other crises
- 1,261.4 hours lost due to Natural Disasters
- 612 hours lost due to human disasters, e.g.: pandemics or diseases
- 117.9 hours lost due to technical problems, such asserver issues
The financial implications of crises proved to be significant in 2017. Participants of the research study noted an average estimated financial loss of $2,941,064 for all events in one calendar year. This is a significant increase from previous years where the averages were in the $1.1 to $1.4 million range.
These data points are noteworthy to every organization. Even if your business did not suffer a crisis last year, it is important to understand the potential implications. Research data is essential in understanding how other similar organizations manage their business continuity programs.
For example, does your organization have the means for employees to work from home as did 93 percent of our study respondents? If your organization does have a work-from-home plan implemented, have you tested your plan as did 71.8% of professionals who participated in our study?
Data is knowledge. Providing your organization and leadership with a strong business continuity plan requires research and reliable data.
What research are you using to assure your plans are aligned with current best practices?
In addition to our annual Crisis Event Impact Management report, Firestorm EVP Cheyene Marling collects, analyzes, and releases data annually to include:
- Compensation benchmarking
- IT Resiliency
- Business Continuity Management Program Trends
- Third Party Critical Supplier
- Program Maturity
These reports are based upon studies that are co-designed by industry thought leaders and include global responses. Cheyene will review several benchmarking options to assess and elevate business continuity programs on June 20th from 2-2:45 p.m. ET during a no-fee webinar. This webinar will review necessary research data available to you. Join Cheyene and learn how you can elevate your program.