New research has revealed that 92% of IT leaders are struggling with incident response bottlenecks, putting businesses at risk of even more serious disruptions and incidents.
More than 500 IT leaders were surveyed in the PagerDuty study, and nearly 60% said digital incidents are increasing.
“With internal conflicts and challenges in responding to incidents, costly downtime is becoming a real concern,” said Eduardo Crespo, Vice President, EMEA, PagerDuty. “We have now seen, with this recent outage, that tomorrow is too late. Organizations must start today to automate their operations, optimize processes, and strengthen their digital infrastructure.”
Rising costs
IT incidents have become an expensive business, with leaders estimating that the true cost of outages is more than $4,500 per minute, with outages affecting customers costing an average of $1.5 million in total lost revenue. Financial services were hardest hit by costs, averaging $30.5 million per year, compared to $8.2 million for retail organizations.
More than 50% say they feel pressured to reduce the cost of IT operations, as well as improve efficiency and productivity. However, up to 38% of the time IT teams spent in their responses was spent dealing with manual processes, potentially costing thousands of dollars. But despite this, 91% of respondents believe their team is effective at managing daily operations and resolving technical issues efficiently.
It was recently reported that the 2,000 largest companies I might be losing Nearly 10% of its revenue is due to revenue losses, SLA breach penalties, and regulatory fines, resulting in annual revenue losses of nearly $50 million.
By automating incident response, companies saved more than an hour on average handling customer-impacting incidents and saved nearly $15 million.
However, there is a danger in Relying too much on automation In IT and operational technology, human oversight, experience and knowledge are invaluable in dealing with unforeseen scenarios.
