Hello everyone and welcome back to the Cognixia podcast. Maybe you were trying to buy something from the latest sale on your favorite online shop, or you wanted to buy a gift for someone, or you were trying to track a parcel. Happens to all of us, doesn’t it?

Most times we would drop trying and tell ourselves that we will do this later, right? But how many times do we really go back? Sometimes we do, sometimes we don’t, right? That is the cost the company paid for the downtime it faced, and usually, it is more than just a lost business.

A recent Splunk Report has shared that downtime costs the world’s largest companies about $400 billion every year – approximately 9% of their profits! This is the equivalent of about $9,000 lost for every minute of system failure or service degradation. Direct revenue loss is the biggest drain from downtime, but other hidden costs include diminished shareholder value, stagnant productivity, and reputational damage. The Report also goes on to share that a Forbes Global 2000 company would take about 75 days for its revenues to recover to where it stood financially before the downtime incident.