5 Ways Network Outage Downtime Can Impact Your Business
ITIC’s 2021 Global Server Hardware and Server OS Reliability Survey found that 91% of respondents estimate that one hour of downtime costs their firm $301,000 or more. 44% of those polled indicated that hourly downtime costs now exceed $1 million.
Many different things can take your network offline. An unexpected outage could spell disaster for your business and set you back thousands of dollars in the process. Outages take away your ability to perform basic business functions like scanning inventory in your stores, processing online orders, making internal software updates, and communicating with out-of-office employees.
For most businesses without a large IT department, what should be a small outage could easily turn into days or weeks. Here are just a few possible effects of a network outage on your business:
1. Lost Revenue
When your network is down, your business is down. Customers can’t check out, contact support, or utilize your services. You may not be able to send invoices, process credit card payments, or communicate with your customers to let them know something is wrong, leaving them to look to a different company for a solution. Research from Digital.com shows that 50% of customers will abandon their shopping carts if web pages don’t load in six seconds. What are the odds that customers wait hours or days for your business to get back up and running?
2. Your Site Could Be Taken Hostage
No matter the size of your business, you could be at risk of a cyber attack as bad actors try to benefit from vulnerable systems. Many times hackers will take down your network and hold it hostage for a ransom. Since the start of the pandemic, DDoS attacks alone have increased by 341% costing businesses around $30,000 hourly.
Additionally, unexpected outages due to cyber-attacks can wipe data from your systems completely, making recovering that information nearly impossible.
3. Damaged Reputation
Network outages can cause customers to think your business is unreliable. If customers can’t contact support or schedule appointments, they can’t rely on you to provide the services when they need them most. Don’t let an unreliable network affect how customers view your business.
4. Lost Productivity
While your IT department spends time trying to get your network back up and running, your entire company could be wasting valuable time that could be spent working on other mission-critical tasks. With an outage, you aren’t able to update software, operate your CRMs, analyze and send data, support customers, or perform any other business function that requires the Internet. You likely won’t even be able to contact your employees to coordinate a plan to get you back online.
5. SLA Penalties
Many companies guarantee that their network or services will be available for a certain amount of time every year. If there are unforeseen outages, your company may be liable for payments or compensation for customers’ lost time. Slack, for example, guarantees 99.99% uptime for their customers, offering service credits if they don’t uphold that standard.
Don’t let network downtime from outages negatively affect your business. Make sure your network infrastructure is prepared for potential issues with dedicated high-speed internet, cybersecurity, and a team of experts to help manage your network. Zayo Enterprise Solutions provides reliable, dedicated, and secure internet bundles for your enterprise, giving you everything you need to stay online and prevent unnecessary outages. We have localized support to troubleshoot your network 24/7. Learn more about our Zayo Enterprise solutions and see what options are available to you.