Companies can lose thousands of dollars per minute during an IT outage. Here is a look at the exact numbers
One of the biggest nightmares companies face is the specter of IT downtime. That includes loss of access to email, client files, financial records, and important corporate data. The cost of extended IT downtime could potentially run into millions of dollars in lost productivity. Here’s a more thorough look at the average cost of IT downtime.
The Average Cost of IT Downtime
According to a study by Gartner, the average cost of IT downtime runs about $5,600 per minute. The exact financial cost will depend on the extent of the outage and the overall number of systems and equipment involved. However, what must also be considered is the length of the downtime when calculating the complete cost.
On average, IT downtime issues can cost a company about 6.1 hours per week. That includes all IT-related incidents such as down servers, malfunctioning equipment, computer crashes, viruses, and human errors. When you calculate the average amount of weekly amount downtime by the average cost per minute, that equals $2,146,000 in lost productivity per week.
This amount may sound high. However, consider all the possible incidents that can take place each week. Over time, the cost of IT downtime can be significant. Also, you have to consider the time it takes for employees to “get back up to speed” after systems are bought back online.
How to Prepare for IT Downtime
The fact is that certain types of IT downtime are inevitable. However, a well-trained IT team can be properly prepared to help minimize the overall importance of downtime. Here are four tips to consider.
1). Define which services require the most prioritized response
In the case of large-scale IT issues, technicians should know which services to prioritize to minimize the overall negative impact. The IT team should have a priority list in place to ensure the quickest possible response to the most critical systems.
2). Have contingency plans in place
IT teams should consider backup communications systems in case phone banks or email systems are offline. Also, alternate access to the internet and intranet should be considered along with backup workstations.
3). Leverage post-mortems to improve processes
After an incident, the IT team should evaluate the case of the downtime and how it can be prevented in the future. The report should be distributed to all involved in future incidents.
4). Conduct regular testing
All aspects of a company’s IT system should be tested regularly to look for any vulnerabilities that may trigger a downtime incident.
Get Expert Responses to IT Downtime
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REFERENCE: https://www.the20.com/blog/the-cost-of-it-downtime/
