When there's an internet outage, the average Joe looks through the window and wonders just what is that big bright shiny ball in the sky. When an internet outage happens at a company, it loses a bunch of money.
UK's businesses have lost more than £12 billion last year that way, new reports from Beaming says.
Beaming polled more than 500 businesses about their internet connections, and how that relates to business success. It turns out almost two thirds (72 per cent) experienced an internet outage in the last year (March 2015 to March 2016), or approximately 3.9 million companies.
That downtime cost them £12.3 billion in lost productivity and extra overtime. Breaking the numbers down, businesses have had 149 million hours of downtime among them (43 hours each), losing on average £3,125, or £521 per employee.
Larger enterprises, obviously, lost more money, but not essentially because they faced more downtime – it's just that their downtime is more expensive. All companies have tried to mitigate the effects by switching to non-internet related tasks (25 per cent), but day-to-day businesses have ground to a halt in 38 per cent of cases.
Almost a quarter (23 per cent) said they had to stay in late to catch up for the lost time.
The company also unveiled that 51 per cent of micro businesses and sole traders still rely mostly on internet connections designed for home use. Email is still the number one tool used for collaborating, followed by voice communication. Almost a third (36 per cent) said they needed a constant connection to access business-critical applications in the cloud.
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