After the pandemic, many businesses have switched to digital mode. However, switching to digital mode with poor internet connectivity and unreliable internet connection is not good. A poor internet connection gives birth to a much bigger problem than the irritation one might feel while using it. In the truest sense, a slow internet connection costs the business its time and money, and sometimes, it can even harm the reputation too. Here are a few of the many hidden costs a company has to bear due to a slow internet connection.
Reduces The Productivity Of The Employees
Day-to-day business tasks require the employees to use the internet. A swift internet connection comes with zero waiting time which ensures that the task is completed swiftly. On the other hand, a slow internet connection takes plenty of time to get the same things done.
Ultimately, it reduces the productivity of the employee along with the business productivity. Suppose the employees of your company are complaining about poor internet speed. In that case, check the internet speed on Speed Test to help you determine the optimum internet speed for your business.
Employees’ productivity is significantly hampered when a company works on a cloud-based model. The upload time is generally less than the downloading speed. You can verify this on Rise Broadband. As a result, of the long uploading time, not only do the employees suffer, but sometimes, the clients become a victim too.
Poor Customer Service
Bringing new customers from the market is easy. However, retaining them is tough. The key to customer retention lies in perfect customer care services. Gone are the days when customers used to call to complain about a product or service. Due to digital advancement and busy schedules, customers prefer to get their problems sorted via online chats.
In such a form of customer service, fetching the information of the order details along with customer details is vital. A slow internet connection can prolong this duration, which can also frustrate the customer as the waiting time increases.
Issues During Videoconferences
Even before the pandemic, videoconferencing was an integral part of businesses, primarily because of the clients who stayed at distant locations. However, after the pandemic, the remote working model became common. Therefore, even the employees are not accessible in the office. However, the actions keep going, thanks to videoconferences.
One cannot risk a slow or unreliable internet connection to manage a remote team with video conference. Furthermore, it becomes crucial for everyone, including the manager and the employees, to have a good internet speed in such a circumstance. A good internet speed ensures a smooth video call without any lagging issues.
Increased Frustration
A slow internet connection can frustrate anyone. Consider an employee with a to-do list on hand determined to complete all the tasks he/she has set for the day. Later, they encounter a patchy internet connection that throws all their plans out of the window. Not only does it increases the risk of missing the deadline, but as a result, it can frustrate the employees too.
What Does The Number State?
Let us now visualize your business’s hidden cost of slow internet speed. Many surveys have been conducted to understand the actual cost of poor internet connection. According to a report, due to slow internet feed, the UK economy bears a cost of £11 billion in a year in the form of lost productivity. Similarly, another study found that the average cost of downtime is close to £138,000 per hour.
Most of this cost comes from the fact that during the slow internet connection speed, the businesses are still paying the employees. However, they are paying the employees to do nothing. The other hidden costs include customer dissatisfaction, employee overtime, and missed deadlines which can hamper the business’s reputation.
How To Avoid The Hidden Cost?
Thankfully, avoiding the hidden cost of slow internet speed is possible. All you need to do is analyze the internet speed requirement for your business. Once you have identified it, you can upgrade the internet speed. Also, you can prioritize the different tasks that are carried out online. It ensures that the tasks with the utmost priority are allocated the maximum bandwidth. Furthermore, keep updating the router’s software to get the maximum benefit from the chosen internet speed.
