The Real Cost of Downtime

Downtime is frustrating. Whether it’s a small end user issue, or a larger organization-wide problem, it prevents you from getting your core business functions done. According to Data Foundry, the minimum cost of downtime is $593 per minute. That’s no small financial cost to your business. However, there are costs in addition to the financial toll downtime can have on your business. Have you considered how these can affect the entire ecosystem of your business from the top down?

cost of downtimeThe Real Costs of Downtime

-Employee Productivity

Workplace professionals spend an average of 22 minutes per day dealing with IT related issues, which adds up to nearly two weeks lost per year. Particularly when it comes to certain kinds of employees, such as salespeople or those with billable hours, that is a lot of time spent on downtime. And that’s just an average! If your IT team isn’t matching the needs of your business, downtime can be increased. In addition, however, employee satisfaction can take a hit if these issues continue to occur and are not resolved quickly.

– Workplace Efficiency

This one is a no-brainer. If you have technological issues, company projects and goals are going to have to be put on hold, whether that be for a few minutes, or even a few weeks. This sets your overall efficiency as a business back, and ultimately prevents you from getting your core business done.

– Financial Costs

In addition to the costs of downtime mentioned above (which it should be noted can vary greatly and be much higher than the statistic mentioned) more intensive delays can even mean lost revenue for your business. If a project is not completed on time, or a potential client is unsatisfied due to delays, this can hurt your bottom line.

– Reputationdowntime

In the worst case scenarios, IT issues can become such a burden that they negatively affect your perception among customers, or even the general public. If you are hit with a larger IT issue that causes a long amount of downtime, this can potentially damage your reputation as a business for years. This includes security related issues like a ransomware attack, as demonstrated in this hacking simulation.

A Possible Solution

If your current IT is not solving your downtime the way you had hoped, managed IT services may be a solution for you. A good managed services provider is built to prevent downtime as much as possible. A large array of technology experts available means more individuals available to solve your problem, compared to a small internal IT department which will likely have to prioritize resolving issues due to bandwidth.

Additionally, IT management reporting analyzes the overall performance of your IT, from high-level technology performance all the way down to recurring end-user issues, so that these problems can be resolved not just when the arise, but proactively, so that they do not occur again.

Finally, having a robust technology team means your IT experts are both aware of cybersecurity measures necessary, and it also means you can expand your team to include security professionals for relatively low cost.

Having effective IT staff that have the proper bandwidth to prevent downtime can then prevent the cost of downtime that negatively affects your business, both financially and otherwise.

 

Learn how an organization like yours leveraged Managed Services to become more efficient >>

 


Editor’s Note: This post was originally published in 2021 and has since been updated for accuracy and relevance.

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