Preventing ‘value leakage’ through the effective and efficient handling of major incidents
In recent years, large UK organisations (including financial institutions and a globally-renowned airline) have been hit with colossal costs as a result of IT failures, but the occurrence of these types of major incidents is more widespread than just those that make the news headlines. Every organisation, sooner or later, will suffer a major incident. Indeed, more than likely it just won’t be a one-off, and hence how they are managed can make a significant difference to how your business and your customers are affected.
A 2017 survey by ITIC stated that 98% of organisations surveyed reported that one hour of downtime costs, on average, over $100,000. Research by the Ponemon Institute estimated that the average cost of downtime of those surveyed was $5,600 per minute.
Whichever way the figures are painted, this value leakage, can carry a heavy financial burden for any organisation. So, some questions for you to consider:
- How effective is your organisation at handling major incidents?
- Do you have the right policies, processes, procedures in place?
- Do defined escalation routes and communication mechanisms exist?
- Are you able to track the financial impact of your major incidents?
- Would you like to know the maturity rating of your major incident management activities and what areas need improving?
Fox IT’s assessment service, FoxMAPS™, can help you answer all of these questions and put you on the path to reducing your value leakage.
Fox IT can assist by reviewing all aspects in how an organisation handles and manages major incidents. From looking at process and procedures, the human and technical resources being utilised, the identification and remediation of lessons learned, etc.
With output that includes a detailed report highlighting observations, strengths and weaknesses, this can be used to devise and implement an improvement programme that will begin to reduce an organisation’s value leakage.
Fox IT has written a paper about preventing or minimising value leakage, and this can be download here.
To discuss our Value Leakage Reduction Service contact our consultants now →