When events occur that cause a company to stop operations, it can lead to a series of disastrous results, right? With this in mind, SoftExpert Suite 2.2 has a new feature that will help you manage business continuity.
Have you ever heard of BIA? Business Impact Analysis (BIA) is a management tool aimed at identifying problems and threats that can interrupt a company’s activities. This is the starting point for managing business continuity. It guides the organization’s planning of responsive actions to guarantee continuity of operations, establishing recovery goals and priorities.
Why is a Business Impact Analysis so important?
The BIA tool has become an important part of the process of managing business continuity, with the ISO 22301 standard requiring the following prerequisites:
- Identify activities that support the supply of products or services;
- Assess the impacts over time of not performing these activities;
- Set deadlines for activities to recover according to priority and at an acceptable level of execution, considering the point where the impact of this interruption becomes unacceptable;
- Identify facilities and resources to support these activities, including suppliers, third parties, and other relevant interested parties.
This means that a Business Impact Analysis (BIA) determines the critical and vital factors for business operations, analyzing processes and/or activities (including necessary resources) with the goal of understanding the impact of an interruption, therefore determining an acceptable duration for an interruption and calculating the probable impact and minimal infrastructure for a contingency.
As such, the BIA tool is the basis of any good continuity strategy. An impact matrix allows you to identify possible weaknesses and provide support when it comes to developing strategies to minimize these impacts.
BIA in SoftExpert Suite 2.2
Starting with version 2.2, the SoftExpert Suite will incorporate a tool to help in performance of a Business Impact Analysis.
Now you can understand the effects of inactive time on your business and set goals for prioritization and recovery. BIA will be integrated into the SoftExpert Process and SoftExpert Asset components, and may be opened using the processes and assets already registered in the SoftExpert Suite. Cool, right?
Would you like to learn a little more about this new feature? Access the Release Notes and check out all of the improvements!
