How You Can Minimize the Cost Of Downtime

Technology is the backbone of your business, so downtime can dramatically damage the bottom line. And unfortunately, the longer it takes to get your system back up, the scarier the numbers get.

How You Can Minimize the Cost Of Downtime

BY Matt Brown |March 9, 2023|BLOG

According to the ITIC’s 2021 Hourly Cost of Downtime survey, a single hour of server downtime totals $300,000 or more for 91% percent of mid-sized enterprises (SMEs) and large enterprises. And among that 91% majority – nearly half or 44% – of corporations said, hourly outage costs exceed one million ($1M) to over five million ($5M). The good news is that there are steps you can start taking today to prepare your systems before you find yourself staring IT downtime in the eye.

Prioritize Process Efficiency
It’s pretty simple. The more efficient your processes run, the less downtime you experience. Investing your time and effort into streamlining processes will go a long way when it comes to reducing the loss of productivity your employees’ experience when hardware crashes and their workday is interrupted.

Have a Business Continuity Plan in Place
No one likes to think that a cyber-attack, natural disaster, or even a simple accident could happen to them, but it’s a reality for which you’re better off being prepared. A business continuity plan ensures that your business can continue to operate even after a major incident brings all your systems down.

Outsource What You Can’t Handle
If you don’t have the time, resources, or depth of tech bench to monitor your system, outsourcing your IT to a managed services provider (MSP) is the simplest way to minimize system downtime impact. An MSP will monitor and maintain your vital systems to pinpoint red flags and eliminate vulnerabilities.

We understand how hard you work to keep your business running. That’s why we dedicate ourselves to monitoring your IT and eliminating red flags before they turn into the worst-case-scenario.

Matt Brown is the Sourcepass Chief Financial Officer. Reach out to Matt at (877) 678-8080.

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