What are the impacts of technology failures on a business?

There is no denying the fact that the technological advancements have brought endless advantages for businesses and society in all. People have grown dependent on technology for even trivial things like keeping track of time, calculating the number or also watching movies. But when it comes to the workplace landscape, we are more dependent on IT as most of our business’s operations revolve around it. With an IT infrastructure, a company can’t function effectively. Thus, it becomes essential for companies to perform IT assessments now and then.

Massive impact:
Our over-dependence on technology has, in turn, made businesses prone to damages that can be caused by technology failure. A small system breakdown can have a catastrophic impact on consumer experience or a business’s operations. As per a research, it was reported that a significant technological failure could cost a company around $10.8 million on an average. Additionally, nearly 45% of companies have lost market share or brand value after a major technological glitch. Owing to the impending effect a technical failure has across a business, it is apparent that managing an IT is not a concern of IT service company only.

High-profile failures:
As we inch towards technological advancement, technological shortcomings are becoming more common. A report has stated that four out of five businesses have experienced one major technical malfunction in a 12 month time window.

This has made companies to fight such technological outages on a regular basis. Instead of helping a business become immune to such malfunctions, these solutions are only eating up the business’s money and destructing the health of the company. The introduction of the cloud has further added to the headache of IT professionals as now it’s relatively difficult for them to identify the cause of the IT issue and prevent its effect.

The increased popularity of cloud technology has made businesses rely on third-party service providers. While there are countless benefits of integrating with external vendors like improved UX to effective SEO, there are undoubtedly many downsides also. Every day, over 25 technological outages take down a website. This clearly shows that even if an enterprise takes all the necessary precautions, something or the other can go wrong with the 3rd party services.

Two-pronged strategy:
Most IT professionals and CIOs agree that the two-pronged strategy is the best solution for performance management. In this approach, the IT department first needs to attain complete visibility; this helps the IT professional to identify the performance issues automatically and resolve it before it becomes a major crisis.

Moreover, to identify issues with external vendors, IT staff need to examine the service 24*7 and evaluate its performance.

In business, every user is essential. It is necessary to have visibility across all transactions happening on all devices. It is an effective way to identify if there is any IT performance issue. It could be anything from IT inefficiencies, open packets or weak holes in the transaction path from anywhere to anywhere.…