Company
Date Published
Author
Kent Shultz
Word count
1186
Language
English
Hacker News points
None

Summary

Downtime poses significant financial challenges for businesses, with a 2016 IHS Markit survey revealing a collective annual cost of $700 billion among 400 companies. Individual company losses can be staggering, with estimates like Gartner's $5,600 per minute, translating to $300,000 per hour. The cost of downtime is categorized into three main areas: revenue loss (R), employee productivity loss (E), and customer-related costs (C), which can include penalties for service-level agreement breaches or compensations. Moreover, the aftermath of downtime can lead to additional expenses, including root cause analysis and system improvements. The hidden costs, such as customer churn and decreased employee morale, also contribute to the overall impact. Despite the challenges in eradicating downtime, practices like Chaos Engineering are advocated to minimize it by proactively identifying and addressing system weaknesses. Gremlin's automated reliability platform offers tools to uncover and mitigate availability risks, emphasizing the importance of thorough testing and strategic planning in maintaining system reliability.