High IT availability is nowadays vital to the majority of organisations across all sectors. For the financial sector, so heavily reliant on IT, it is ever more crucial that the business-critical systems work at maximum efficiency and that any downtime and disruptions are minimised.
To high-value users, delays, an inability to access data or email and lack of business continuity in any other form have an overall cost that cannot be ignored, especially in an unstable economic environment such as the one we are currently experiencing.
If research shows that the average yearly revenue loss due to downtime in UK companies amounts to just over £200,000, when it comes to the financial sector this increases to £220,000 – the highest across the various sectors. This figure, reported in the recently published study ‘The avoidable cost of downtime’ issued by CA Technologies, is not surprising.
If you add up the cost of email, servers, data centre and crucial applications downtime and take into account the high hourly cost of a finance executive who is unable to work, it is not difficult to see how the overall figure can reach hundreds of thousands.
A solution to minimise downtime and disruptions and the resulting losses is evidently needed. Efficient IT Support, tools and technology that enable business continuity and resilience are key to achieve cost-efficiency, together with implementation of the Best Practice frameworks tailored to business requirements.
Investing first of all in a Best Practice framework such as the Information Technology Infrastructure Library (ITIL) is an excellent base for any improvements to IT. By taking the processes described by the discipline and adapting them to business needs, major cost-efficiencies can be reached, and in turn, users will experience a better, more consistent service.
From a ‘platform’ point of view, the adoption of one or more forms of Virtualisation, be it desktop or server based, is another strategy which can be used to reduce downtime. “Live migration” features make it far quicker for the Service Desk to bring users back on line when they experience a problem with their desktop and failover solutions found in lots of virtualised server environments can help to safeguard against data loss and mass user downtime caused by a fault at the ‘back end’.
Looking at the Service Desk aspect of IT, adoption of some self-service tools and appropriate Key Performance Indicators (KPI) can help to make incident resolution faster and smoother, minimising disruption and to some extent, even the number of repeat incidents.
The proportion of first and second/third line technicians and their skills should be reviewed, so that most incidents can be resolved at first line level. Support staff should be able to ask finance professionals the right questions in order to understand the nature of the incident, and to resolve it quickly or promptly escalate it to Desk Side or remote support.
The cost savings achieved through the appropriate management of people, process and technology to financial firms can be huge. If the systems are virtually never down and data is practically always accessible or quickly recoverable, losses deriving from downtime are virtually annulled and high-value users can carry out their work without unpleasant interruptions, helping the firm reach a level of strategic competition previously unseen.