The Cost of IT Failure: Is your business at risk?
Given the way the world today so heavily relies on the pursuit of technology, it’s difficult to operate a business without a little investment in the IT realm. For some, however, investing in technology isn’t always a guaranteed success. In fact, I recently came across a figure that estimated the annual cost of IT failures worldwide came to a total of $6.2 trillion — yes, that’s trillion. While the calculations were based on a number of major assumptions, including the average rate of failure and money invested into IT projects, the number still begs the question: how much are failed IT endeavors costing you?
While no company wants to endure the hardship of losing an investment, the effect is particularly felt within the small business. How, then, does your organization reduce its risk of IT failure and subsequent loss of revenue? The answers, fortunately, aren’t out of reach. Here’s what to do:
- Prepare. A lack of preparation is perhaps the greatest cause of failure. Adequately preparing for an IT investment includes things like researching the product or service, budgeting time and resources, and implementing a practical plan for operation and maintenance of the IT project.
- Customize. Any new technology needs to make sense for your business. Just because many businesses are implementing a specific IT strategy doesn’t mean the same strategy is right for yours. For instance, many companies will profit from a web site, but not all necessarily need to invest heavily in data storage or IT security.
- Modify. The world is changing at an incredibly fast rate, so don’t lock yourself into anything you’ll regret later. Always give yourself the ability to modify and adapt.
- Consult. Especially if technology isn’t an area of comfort for you, utilize the expertise of an IT professional who will guarantee the successful implementation and operation of the technology.
Taking risks doesn’t always have to be a bad thing, especially if those risks are calculated and well prepared for. If your time and resources are especially sensitive in this current economy, use the advice above to reduce your company’s risk of IT failure and protect your investments.
[photo: kyz]
Additional Resources:
Is your company focusing on the right security threats?
How Simple Security Saves Your Business Money
Tags: data storage, IT consultant, IT costs, IT failure, IT security, reducing IT risk, Risk, technology risks