Yes.

You can:

1. Measure the time to perform tests, steps or actions.
   Some measurements happen automatically.
   Others can be implemented at tests, steps or action level.
   
   
2. Set maximum time limits
   
   
3. Send alerts if maximum time limit(s) are exceeded.
   Tests can also send an alert to a distribution list of concerned persons.
   
   
4. Based on this alert, search for a possible problem (hardware issue for instance)