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How ITSM Reduces Downtime in the Financial Industry

12/04/2019 by: Jaime Spector

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If someone were to ask you how much downtime costs your company, how would you respond? Would you know that it can actually be thousands of dollars per minute? 

No financial services firm, no matter how successful, has that kind of money to waste on downtime. However, there’s good news. ITSM tools help you avoid expensive downtime by applying change management best practices, preventing unauthorized or unplanned changes, and by centralizing a repository of IT assets. 

Change Management Best Practices

Think back to the last time your financial services company experienced downtime. Was it planned at a convenient time (for example, not during monthly, quarterly, or year-end close)? Did it affect a limited number of individuals for a brief period? If the answer to these questions is “no,” you’re not alone – downtime is frequently not planned to minimize negative effects. 

That’s because many times, downtime doesn’t follow change management best practices. When you implement the right ITSM software, that’s no longer a problem. You’ll have greater insight into your IT infrastructure, so downtime planned for a specific system doesn’t have to shut down the entire organization. 

Prevent Unauthorized or Unplanned Changes 

Research shows that people cause about 15% of unplanned downtime in data centers. When it comes to critical applications, human errors are the cause of 40% of downtime. Downtime is an especially bad thing to have happen to critical applications, as employees can’t get work done.

ITSM software helps minimize unauthorized or unplanned changes by enabling a comprehensive workflow. This comprehensive workflow streamlines change approvals and automates system auditing. That means that changes that don’t fit into business rules won’t be approved, and auditing the system will no longer be a difficult, time-consuming task. Your employees will be more efficient when unplanned or unauthorized downtime doesn’t stop them from working. 

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Centralize a Repository of IT Assets

To slightly alter a famous catchphrase, “It’s 9 AM – do you know where your IT assets are?” When you don’t have a clear idea of what IT assets you own and their dependencies, you have a problem. What happens when one system goes down and it’s linked to other systems? You could potentially have a widespread system outage on your hands. 

Market-leading ITSM tools help you create a centralized repository of IT assets so that you have a sense of all of the critical interdependencies. When you know that one system is deeply linked to another, you can plan downtime so that it minimizes disruptions to your employees and allows them to be more productive. 

“Gartner researchers report that the average cost of downtime is $5,600 per minute

Financial services companies aren’t immune to downtime, and that unfortunate fact costs them time, money, and sometimes reputational damage. However, that doesn’t have to be the case; ITSM tools allow organizations in the finance sector to avoid costly downtime by following change management best practices, preventing unauthorized or unplanned changes, and creating a centralized repository of IT assets.

| ITSM