Even with resilient infrastructures and state-of-the-art technologies, businesses today still face downtime and data loss. Although most enterprises aim for a 99.99% (four nines) uptime standard, downtime should be anticipated, and every business should have a continuity and recovery plan in place.
The average cost of downtime depends on an organization’s revenue, industry, duration of outage, number of people impacted, etc. For example, losses are significantly higher per hour for businesses who are based on high-level data transactions, like banks and online retailers. An unplanned outage during a peak traffic time can make the damage even more significant.
Dell EMC recently reported that of the 64% of enterprises that encountered downtime and data loss, 36% experienced a loss of revenue and 34% stated it affected their product development. Downtime can also affect other aspects of business like customer loyalty, employee productivity, and reputation. And it’s not just enterprises that are suffering great losses. Downtime costs are relatively high for small and midsized businesses as well.
According to an ITIC study, 47% of SMB survey respondents estimate that a single hour of downtime can cost their firms $100,000 in lost revenue and user productivity. Can your business afford to lose $100,000? This is actually an increase of 30% over the last six years, further proving that the expenses associated with downtime have and will continue to grow.
Other study findings:
· 98% of organizations say a single hour of downtime costs over $100,000
· 81% of respondents indicated that 60 minutes of downtime costs their business over $300,000
· 33% of those enterprises reported that one hour of downtime costs their firms $1-5 million
We’re not talking chump change. Whether you are a large enterprise or an SMB, the possibility of downtime (and the risks associated with it) should be taken seriously. It’s essential to have business continuity and disaster-recovery plans in place to ensure that you can maintain “business as usual”—or return to it as quickly and painlessly as possible in the event of a major disruption.
Creating a business continuity strategy, Plan A, is an important way of mitigating risk, including exponential cost and loss of business. Disaster Recovery provides the alternative course of action, or plan B, in case Plan A fails.
This is where the cloud can ensure your survival. Cloud technology has drastically reduced storage costs and has made backing up entire systems much more cost-effective and straightforward. In the event of a disaster, a cloud-based business continuity solution allows you to instantly launch virtual copies of your entire environment. An effective design that encompasses backup and data replication, will automate as many processes as possible in the event of disaster, ensuring that computing resources remain operational. Today, comprehensive data protection is an option for everyone. And SLPowers can help you put your business continuity and disaster recovery plans in place. Give us a call.