With the unusually cold weather conditions at the beginning of this year creating a significant disruption to trading, and the volcanic ash cloud costing firms up to £1.15 billion according to the EU transport commissioner, never before has the need for a disaster recovery strategy been highlighted more.
During times of crises such as these, businesses must ensure that crucial payments such as payroll, supplier payments and collections are able to go ahead. Putting a secure disaster recovery plan in place, such as creating a secondary backup payments system in an independent location, ensures continuity of business-critical processes should the primary system be compromised.
Failure to put a reliable backup in place could have significant consequences for the company’s balance books and relationships with suppliers, employees and customers alike. In an increasingly consumer-led, 24x7 society, it has become crucial for organisations to provide an uninterrupted service unaffected by outside influences, and companies that fail to put backups in place for payments processes are undoubtedly putting their business at risk.
A lack of an appropriate contingency can also limit an organisation’s ability to collect payments and pay suppliers on time, potentially incurring expensive penalties as well as affecting long-term working relationships. Furthermore, if a company is unable to pay employees on time, it risks losing the loyalty and trust of valued staff who may suffer significant knock-on effects with their personal finances.
Solid disaster recovery strategies for payments data are crucial to managing risk effectively. Failure to recognise this risk could cause significant operational disruption to company trading, loss of trust throughout the supplier, staff and customer base, tangible damage to brand equity in a society where image is everything.
Georgia Leybourne -
Sales and Marketing Director, Albany Softwarewww.albany.co.uk