What Is The Real Cost Of IT Downtime?

Did you know IT downtime costs the average company $5,600 per minute?

Or, according to recent studies, businesses generally experience an average of 14.1 hours of IT downtime annually?

That’s a whopping $78,960 per year! And the costs don’t just stop there.

In one year, IT downtime results in the average loss of 545 hours of employee productivity (not to mention patience) as well. 

With so much on the line, IT outages can be downright devastating and unfortunately, no business (big or small) is safe…


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What Is The Real Cost Of IT Downtime?

Technology has become so integrated into everything that we do individually, from our computers, to mobile devices...

Smart homes have given us Internet connected fridges and toaster ovens!

Now, if you don't get your morning bagel because your toaster is down, there is a cost to it.

Stick with us here...

Without your morning bagel, your energy levels can be affected. After all, you didn't get your full meal in the morning, resulting in sluggishness.

Worse yet, NOW you have to divert on your morning commute to get a bagel from a coffee shop - NOW you're late for work! You missed a team meeting, your boss is upset, and now your life is in RUINS!

Alright - maybe not that severe, but we're using this to illustrate a point:

The cost of IT downtime can stretch into areas of our lives (or business) that we may not even realize.

In the business world - if a device "goes down", the costs involved can be catastrophic in terms of lost sales, poor customer service, and irreparable brand damage.

Just last month, Facebook experienced a MASSIVE outage across all their platforms and lost millions in ad revenue.

Even further back - Amazon. The largest online retailer in the world (Amazon Prime alone has over 100 million members worldwide).

Every year, the site hosts “Amazon Prime Day” – an event that drives more revenue for the company than any other day of the year (including Black Friday and Cyber Monday). 

On July 16, 2018, the company was unprepared for the heavy volume of Prime Day shoppers, resulting in intermittent outages for users.

This lead to a huge backlash from thousands of unhappy customers, a drop in stock prices and a loss of over 90 million dollars in sales.

The moral of the story? If the world’s largest social media platform AND the world's most popular e-commerce site is susceptible to IT downtime, so are you!

 

How Can You Prevent IT Downtime?

While it’s nearly impossible to overcome IT downtime altogether, there are steps you can be taking to mitigate these occurrences as well as the accompanying losses.

Here’s where a dedicated IT provider can help

Not only will they provide you with vCIO services, cloud storage solutions and reliable cyber security, managed IT services will ensure you have top of the line equipment and processes in place – minimizing your chances of IT downtime from the very beginning.

A good IT provider also familiarizes themselves with your organization, the systems and the processes so they can be responsive to your needs in the best way possible.

They’re also easy to reach with minimal turn around time – they’ll come running to get you up and running.

 

Do You Need Managed IT Services?

Even the smallest businesses can suffer at the hands of an IT outage.

In fact, a business with only 12 employees and an annual revenue of 2 million runs the risk of losing over $1,900 a day.

That’s why managed IT services are an integral part of keeping your organization up, running and profitable.

But don’t just take our word for it! Use our Downtime Calculator to determine what your latest (or potential) IT outage cost you overall.

Or, book a consultation with us today, we’d love to help your business succeed.

 

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Posted by GAM Tech Team on Dec 10, 2018 11:29:23 AM

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