Every year Continuity Central conducts a survey looking at the changing trends and challenges in the business continuity profession. The interim results of the latest survey in the series are now available and are as follows...
So far, the majority of respondents (83 percent) are from business continuity professionals operating in large organizations. 7 percent are from medium sized and 10 percent are from small sized organizations. The top responding country so far is the United States, where 35 percent of respondents are located; followed by the UK (24 percent) and Australia (10 percent).
The interim results from each question are as follows:
What level of changes do you expect to see in the way your organization manages business continuity during 2018?
Respondents so far indicate that the majority (55 percent) of business continuity professionals expect only to see small changes to the way their organization manages business continuity during 2018. However, a significant 34 percent of respondents are anticipating large changes. The final survey results will provide a breakdown of the actual changes that respondents are expecting and an analysis of the trends in this area.
What is the biggest change you expect to see in business continuity practices or strategies within your organization during 2018?
The top five trends so far in this area are:
- 12 percent of respondents expect their organization to implement new business continuity software during 2018;
- 10 percent will be making major revision to BCM strategies and/or business continuity plans;
- 8 percent will be giving more attention to cyber security and cyber risks;
- 5 percent say that there will be an increased focus on supply chain continuity;
- 5 percent expect their organization to conduct more business continuity tests and exercises in 2018.
What is the biggest challenge that may hold back business continuity developments within your organization during 2018?
Three major themes have emerged so far. These are
- Lack of budget and resources: 40 percent of respondents so far state that this is a key challenge. Of these, 65 percent said that lack of budget will be their main challenge in 2018, while 35 percent said that their top problem will be lack of resources.
- Lack of top management commitment, buy-in and support: 14 percent.
- Competing priorities within the organization: 13 percent.
Business continuity spending
Respondents were asked to indicate how business continuity spending in their organization will change in 2018. So far, the results are:
- Spending will be much higher in 2018 compared to 2017: 8.45 percent
- Spending will be higher in 2018 compared to 2017: 26.76 percent
- 2018 spending will be the same as 2017: 50.70% percent
- 2018 spending will be lower than 2017: 9.86% percent
- 2018 spending will be much lower than 2017: 4.23% percent.
Business continuity recruitment
Respondents were asked how the size of the business continuity team in their organization will change in 2018. So far, the results are:
- Grow (we will recruit new team members): 28.17%
- Stay the same: 63.38%
- Shrink (we will reduce the number of team members): 8.45 percent.
The survey will remain open until mid-December and we invite all business continuity professionals to take part at https://www.surveymonkey.co.uk/r/BCin2018 Your participation would be much appreciated.