It’s no surprise that downtime is an important conversation that many businesses are having when it comes to their IT systems. With so much reliability on our business technology, in many cases we simply can’t operate our businesses without it. But preventing downtime often comes with a cost. High availability and redundant solutions are expensive to operate and implement, and often business owners come to the conclusion that it’s “just not worth it”. However if you take a minute and calculate the true cost of downtime to your business, you’ll discover that downtime often costs you more than the systems you put in place to prevent it. This handy downtime calculator can show you what downtime would cost you over a period of time. You may be surprised at how expensive even a single hour of downtime turns out to be:
According to Gartner, the average cost of IT downtime is $5,600 per minute. Because there are so many differences in how businesses operate, downtime, at the low end, can be as much as $140,000 per hour, $300,000 per hour on average, and as much as $540,000 per hour at the higher end.
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.
Data from: The20.com