Despite the digital age, poor connectivity still significantly impacts businesses across the world and costs them not only in terms of productivity but also financial and data losses.
Who is affected? Every sector, from small enterprises to large corporations feel the sting of inadequate business connectivity. What is at stake? The ability of these businesses to operate efficiently, serve their customers and remain competitive. The cost of poor connectivity extends beyond immediate disruptions and affects long-term growth and customer satisfaction.
THE FINANCIAL TOLL OF POOR BUSINESS CONNECTIVITY
Poor connectivity greatly hampers a business’ operational efficiency and can lead to substantial financial losses. In the UK, SMEs face an estimated annual loss of £18 billion due to poor business connectivity issues.
Globally, the impact varies. In the Philippines, poor connectivity leads to a 20% decrease in app session times and a 49% drop-in app retention rates. India’s economy has also been heavily impacted by poor connectivity. In 2021, the Indian economy lost $582.8 million due to poor business connectivity but this grew to a staggering $2.8 billion loss in 2022.
THE HIGH COST OF CYBERSECURITY BREACHES ON BUSINESS CONNECTIVITY
Cybersecurity breaches significantly impact global businesses, both financially and reputationally. One example is the Marriott and Starwood Hotels Group cyber-attack, which went undetected for years before being revealed in 2018 and compromised the data of an estimated 339 million guests.
The UK’s ICO initially proposed a £99 million fine, later reduced to £14.4 million, and highlighted the breach’s severity and the essential need for robust data protection measures.
THE HIDDEN COST: PRODUCTIVITY AND ENGAGEMENT
Beyond the direct financial and data losses, poor business connectivity contributes to a global productivity slump. Disengaged employees, from inefficient work environments due to connectivity issues, cost the UK economy £598 million in lost productivity in 2022.
A significant 52% of employees report increased stress, while 44% see a drop in productivity due to inconsistent internet. Additionally, 37% face disrupted team meetings and 21% encounter delays in project deadlines.
This disengagement not only affects individual companies but also has broader economic implications too.
THE RIPPLE EFFECT ON BUSINESS OPERATIONS
The impact of poor connectivity extends beyond immediate financial losses and reduced productivity. Connectivity issues can severely impact customer satisfaction, brand reputation and the ability to compete in a rapidly evolving market.
CONNECTED NETWORKS: BRIDGING THE CONNECTIVITY GAP
Understanding the significant cost of poor connectivity is the first step towards addressing it. Here’s where Connected Networks helps.
We offer bespoke B2B connectivity solutions designed to tackle the challenges faced by businesses today. With a comprehensive understanding of the importance of reliable connectivity, Connected Networks provides tailored solutions that ensure your business remains connected, efficient and competitive.
Neil Lonergan - Founder, Connected Networks
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