Ensuring business continuity with business process outsourcing (BPO) can pay off on more than one level. The most obvious is direct continuity of business operations. Other equally important elements of business continuity concern compliance and certification. A business makes, updates and maintains a continuity plan for the same reason that it purchases insurance: Such a plan may never need to be used, but if it is ever needed, either to resume operations after a disaster or to demonstrate compliance, such a plan needs to be already developed and up to date.
One way in which BPO assists with business continuity is by describing processes. A business which outsources payroll for example can draw data from the BPO provider – which describes payroll in terms of number of employees, average payroll, employee data lists, records of deductions and withholding and more. This principle holds true for other processes as well: A BPO provider can provide data on delivery costs and mechanisms, AR/AP, vendors, and current and historical pricing data.
If your business is or would like to become ISO certified you should be aware that a business continuity plan may be part of the requirements which have to be met on an ongoing basis to get and to retain this certification. Other stakeholders who may demand that business continuity be addressed in a formal model are insurers, auditors, stockholders, and customers. Failure to have a credible business continuity plan may result in sanctions by any or all of these parties which can vary from loss of certifications to fines and loss of contracts now and in the future.
Business continuity means just what it sounds like: Providing mechanisms to keep your business operating in the face of circumstances which may otherwise interrupt operations. To successfully avoid interruptions, all of the elements which constitute the business cycle must be considered and planned for. A BPO services provider has the expertise and the data to make this process possible now and for the future of your business.
For more information on benefits of business continuity, please contact us.