Did you know that companies can lose upwards of $300,000 per hour due to IT downtime, with some outages costing over $1 million? Understanding incident management and observability is crucial to minimize such staggering losses.

Intro to Incident Management (part 1)

According to Uptime Institute’s 2022 Outage Analysis, the proportion of outages costing over $100,000 has risen sharply, with more than 60% of failures resulting in at least this amount in total losses. Additionally, the share of outages costing upwards of $1 million has grown from 11% to 15% over the same period (Uptime Institute).

Moreover, a report by Siemens in 2022 highlighted that the cost of unplanned downtime for industrial companies has skyrocketed. For example, in the automotive sector, the cost per hour of downtime has increased to over $2 million. Similarly, ITIC’s 2022 survey found that for 91% of SMEs and large enterprises, the hourly cost of downtime now exceeds $300,000​.