Business continuity planning 'could boost Olympic revenues'
05 April 2012
Posted by Satvir Bhullar
One way of increasing revenues during the 2012 London Olympic and Paralympic Games is to carry out effective business continuity planning.
This is the claim made by enterprise software solutions specialist m-hance, which has proposed that crisis management policies can not only reduce risks to companies during the event but also enhance profits.
It has advised organizations, not only those based in London, to "plan ahead for the Olympics for both best case and worst case scenarios" in order to ensure they make the most of potential revenue opportunities and mitigate security threats.
The firm recommends reviewing disaster recovery plans to ensure they are robust and Andrew Hayward, m-hance Managing Director, said: "According to research by The London Chamber of Commerce and Industry, statistically the odds are against your business surviving if you do not have a viable disaster recovery plan."
He pointed out that 43 per cent of those having a crisis never re-open and 80 per cent experience failure within 13 months of the incident.
However, Mr Hayward also added firms are anticipating an economic boost from the Olympics and could maximize this by careful forward planning.
In a bid to ensure that London's infrastructure is prepared for the international sporting contests, organizations of all kinds and sizes across the capital are invited to participate in a joint stress test.
The exercise will take place on May 8th and 9th and will comprise a free co-ordinated initiative that aims to collectively test business continuity planning and alternate working strategies ahead of the Olympics this summer.
Entitled Preparing Business for the Games, Deloitte is responsible for registrations for the test, which is being promoted by the Canary Wharf Group in partnership with Transport for London, City of London Corporation, the Greater London Authority, the Government Olympic Executive and the Financial Services Authority.
A survey will take place during the test that will provide consolidated data that will be shared more widely in order to assist with planning for the 2012 competition.