The exorbitant cost of a bad business internet connection

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The cost of a network outage can have significant consequences on a company. In 2017, companies lost an average of $100,000 for every hour their website was down (according to Forbes). Time is money, but it’s also your service offer. Here are three critical situations where a business cannot manage without a reliable Internet connection.

1- Interac payment, an indispensable tool

“In a pharmacy, Internet is essential,” explains a pharmacist who became worried about her clientele during an ice storm. How were her clients going to get their medications if the Internet connection was down? “Without this service, my clients cannot pay their invoice,” points out the pharmaceutical professional.

The situation is no less dire for a neighbourhood business that just opened its doors. Whether it’s a restaurant, café, or hardware store, an establishment whose network is down is at risk of ruining their first impression. In fact, according to a 2015 study conducted by Leger for Moneris, 48% of Canadian consumers turn away from a business that doesn’t accept credit or debit cards.

And for customers who do stick around, it’s often the customer experience that is compromised; they are greeted by employees that are discouraged and preoccupied with getting the network up and running again.

2-Compromised information

The reliability of an Internet connection is important, both from a transactional and communicational standpoint. The majority of professionals work on a computer and are required, at one time or another, to transmit key documents or information.

As a lawyer points out: “I rely on numerous services that require an Internet connection, like an IP telephone system or alarm system. A one-hour Internet outage is catastrophic for my business. Recently, a fire damaged the network that services our office, leading to an interruption in our Internet service . . . I lose $300 an hour when the Internet is down!”

The issues are the same for a doctor trying to access a patient’s file online, or an engineer who needs to complete a quote worth millions of dollars before the deadline is up.

3- A guaranteed Internet connection

For retail stores and restaurants, an Internet connection is vital. A great solution available on the market is wireless backup. In the event a company’s main Internet connection goes down, the service is automatically transferred to a wireless backup connection. Such services ensure business continuity in the case of a network outage.

Well-equipped teams

The Internet has opened a world of possibilities for SMEs; teleworking is now an option for many workers, and representatives can network on social platforms, such as LinkedIn.

Teams can also use SaaS software (Software as a service) based in the cloud: Office 365 to produce documents, Dropbox or Google Drive for file sharing, Slack or Asana to animate discussions or assign tasks. There are so many tools available to help employees be more engaged, more innovative, and especially more productive!

In fact, a 2018 study conducted by Microsoft demonstrated that 94% of SMEs use SaaS software, and that an SME can diminish their costs by 308% by implementing such software in their business.

But to be that productive, you need to start with the basics: a reliable Internet connection! We invite you to calculate how much a one-hour Internet outage would cost your business.

16 January 2020, By Videotron Business

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* Sources : Selligent, Forrester Research