In the global survey, 82% of CIOs admit that they are unable to meet their company's need for immediate, always-on access to IT services. This availability gap has immediate costs: application failure costs enterprises more than US$2 million a year in lost revenue, while productivity, opportunities and data is irretrievably lost through backups that cannot be retrieved.
It was also found that more than 70% of Singapore companies experience unplanned downtime with their applications and that on average, with more than 40% instances of the unplanned downtime lasting up to an hour, Veeam said.
Further, more than 25% of Singapore businesses Veeam spoke to shared that they stand to lose more than US$500,000 per hour with one occurrence of mission-critical application downtime.
With emerging markets predicted to generate 40% of global growth within the next 15 years*, missing global opportunities due to downtime can cause irrevocable damage.
“The availability of IT is more important than ever. Yet businesses globally are being failed by an IT industry that has led them to believe they have to accept downtime, and that the always-on business is nothing but a fantasy,” said Ratmir Timashev, CEO at Veeam. “This isn’t acceptable. Organisations can’t afford to lose millions of dollars from IT failures, nor can they continue to gamble with data availability."
Key findings of the Veeam Data Center Availability Report 2014 include:
Eight in 10 (82%) CIOs said they cannot meet their company's needs for availability.
- More than 90% of CIOs are under pressure to both recover data faster, reducing the financial impact of unplanned downtime, and also back up data more often, reducing the risk of data loss.
- The reasons CIOs are under pressure include more frequent, real-time interactions among customers, partners, suppliers and employees (65%); the need to access applications across timezones (56%); increased adoption of mobile devices (56%); employees working outside regular hours (54%); and an increasing level of automation for decision making and transactions (53%).
- Unplanned application downtime occurs more than once per month (13 times per year).
- Unplanned application downtime costs an organisation between US$1.4 million and US$2.3 million annually in lost revenue, decreased productivity and missed opportunities.
Download the report here.
*Dewhurst, Harris and Heywood. The global company’s challenge. McKinsey Quarterly , June 2012
With emerging markets predicted to generate 40% of global growth within the next 15 years*, missing global opportunities due to downtime can cause irrevocable damage.
“The availability of IT is more important than ever. Yet businesses globally are being failed by an IT industry that has led them to believe they have to accept downtime, and that the always-on business is nothing but a fantasy,” said Ratmir Timashev, CEO at Veeam. “This isn’t acceptable. Organisations can’t afford to lose millions of dollars from IT failures, nor can they continue to gamble with data availability."
Key findings of the Veeam Data Center Availability Report 2014 include:
Eight in 10 (82%) CIOs said they cannot meet their company's needs for availability.
- More than 90% of CIOs are under pressure to both recover data faster, reducing the financial impact of unplanned downtime, and also back up data more often, reducing the risk of data loss.
- The reasons CIOs are under pressure include more frequent, real-time interactions among customers, partners, suppliers and employees (65%); the need to access applications across timezones (56%); increased adoption of mobile devices (56%); employees working outside regular hours (54%); and an increasing level of automation for decision making and transactions (53%).
- Unplanned application downtime occurs more than once per month (13 times per year).
- Unplanned application downtime costs an organisation between US$1.4 million and US$2.3 million annually in lost revenue, decreased productivity and missed opportunities.
Download the report here.
*Dewhurst, Harris and Heywood. The global company’s challenge. McKinsey Quarterly , June 2012
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