"Power Status - Not Redundant": verify that all power cables are fully plugged in. If that doesn't solve the problem, one of the power supply modules might need to be replaced, or the system might have just one power supply module installed.
"Storage - Degraded": usually this means one of your disks has failed, but the RAID configuration was fault-tolerant enough to save you so far. It might also mean that the battery module of the RAID controller has failed and so the RAID controller has disabled write caching, which will affect write performance. Start up the applicable hardware RAID configuration utility to see more details.
If a disk has failed, the faulty disk is usually clearly indicated by the LEDs and can be hot-swapped for a new one. Get the faulty disk replaced before another disk fails, or your problem may become much worse.. After the swap, verify that the RAID controller will start using the disk. If it won't, you may have to use the RAID configuration utility to acknowledge the swap.
For example, if the disk has been taken from a decommissioned server of a similar model, it may still have a valid RAID set metadata on it. In that case, you may have to manually acknowledge, essentially: "Yes, I know the new disk may have some existing data on it, but I don't care about it. I wish to overwrite the new disk and recover my existing RAID set."
If the RAID controller battery has failed, swapping the RAID controller battery may require downtime, depending on server and RAID controller model. However, if the system performance is still satisfactory, you might not need to swap the battery ASAP, but could schedule the swap for whatever time is convenient.
