Dive into those SLAs (service level agreements). They're your provider's spell out the uptime guarantees. For example, with AWS, downtime affects your wallet differently based on their tiers. If AWS's API Gateway dips for three hours, that's 99.58% uptime, triggering a 10% service credit your way. GCP triggers a 25% payout if App Engine isn't available 99% of the time in a month. A quick tip: Priz.ai can automate the credit recapture process for your organization automatically analyzing your bill for opportunities to find cost saving based on downtime. Always review your cloud service agreements. It's like finding a hidden perk you didn't know you had.
Hey, did you know nearly every business says a single downtime hour can cost them a whopping $100K? Let's peek into different industries and see what the damage really looks like:
IT Sector: Imagine losing up to $450K in an hour because of downtime. Ouch.
Auto: It gets wild here, with costs zooming to $3 million per hour. Most times, it's all about missed maintenance checks.
Manufacturing: Here, downtime's tab is around $260K per hour, thanks to maintenance hiccups and tech snags.
Big Enterprises: They're in a league of their own, facing losses from $1 million to $5 million per hour during outages.
And it doesn’t stop there. Media companies might see $90K flying away every hour, healthcare could lose $636K, and retail? They're staring at a $1.1 million hole. Telecoms and energy sectors have it tough too, with downtime costs hitting millions per hour.
In the digital age, these downtime costs are more than just numbers—they're a wake-up call. Downtime is a universal headache, with costs soaring in our digital-first world. Although we cannot prevent these impacts, sitting on the sidelines isn't a good strategy.
Dive into those SLAs (service level agreements). Your cloud service provider's spell out the uptime guarantees. With Priz.ai you can automate the credit recapture process for your organization automatically analyzing your bill for opportunities to find cost saving based on downtime.
The Cost of IT Downtime | The 20
The actual cost of downtime in the manufacturing industry - IIoT World
