This great little feature is a new control which you can place on any customizable out of the box or custom entity form. They can also be added to Quick Create and Quick View forms.
This visual indicator will let the user know how many hours/minutes/seconds remain, or have been exceeded against the specified defined failure date/time field. The visual indicators are different colors based on the status and are in large text on the form which is an excellent way to let the user know exactly where they stand against the deadline.
Below links provide few examples that any business user could leverage a timer for to help keep them on track with their time sensitive tasks.