Posted 04/23/2018 by Causeway Asset Management,
Across all company sizes and sectors, digital tools and channels are a fundamental component of a successful commercial strategy. From email to social media, digital infrastructure and logistics empower organisations to acquire and retain new customers, drive revenue and maximise ROI more easily and efficiently than ever before.
According to a global survey conducted by McKinsey, digitisation is being driven by company leaders, with 41% of respondents claiming their CEOs are the ones responsible for the organisations’ overall digital agendas.
In an age in which data analytics and online insights generate remarkable economic value, companies are gaining momentum with increasingly effective digital initiatives and the rise of digital in every aspect of business show no sign of stalling; every company is now a tech company by varying degree.
So what happens when a company’s connectivity and digital infrastructure can’t keep pace with its business growth?
A reliable internet connection is integral to all digital infrastructure and commercial activity, particularly as cloud computing has proliferated. Companies hare now so accustomed to enjoying constant internet connectivity, that the prospect of being without it is hard to fathom. Nevertheless, research from Ofcom indicates that a shocking 4.5 million working professionals in the UK alone are being severely impacted by poor connectivity.
Some would argue this is the reason, in an increasingly competitive global stage, some organisations are falling fall behind their competitors. In today’s fast paced economy if you don’t have the ability to embrace innovative solutions that improve workplace efficiency; like live time project management tools, multi-platform communication apps and secure and stable video conferencing your customer, clients and peers will soon be asking why not; it’s quite simply a case of adapt or die.
Surprisingly only 3% of British workers describe their workplace as “leading edge”, and believe they have adequate access to high-spec hardware, super-fast and reliable internet connectivity, cloud-based software and collaboration tools so there is still a lot of work to be done…
…and unreliable technology isn’t just a regular source of frustration and inefficiency, fundamentally it has a detrimental impact on a business’ bottom line. Email access, a Skype call with a client, the ability to download and upload large files. These simple but powerful tasks can make the difference between profitable productivity and a significant loss of commercial value.
Decreased customer response times:
In today’s digital environment, customers are highly self-educated and empowered by an abundance of choice, and their expectations of an organisation are incredibly high as a result. If your website takes more than a few seconds to load, your chatbot doesn’t fire or you’re unable to access social channels to respond to customer queries in a timely manner, this creates a poor user experience and negative brand perception increasing the likelihood of a potential customer choosing a competitor.
Reduced conversions: An increasing number of customers cite poor service and experiences as their main reason for churn, which in turn affects revenue. According to McKinsey, 70% of buying experiences are based on how the customer feels they are being treated, and customer service is fast overtaking price and product as a key brand differentiator. As connectivity and seamless customer engagements are intrinsically linked, an unreliable internet connection can result in a seriously reduced customer conversion rate.
Loss of revenue: Beyond customer dissatisfaction and churn, the interruptions caused by poor connectivity can further compound the problem. When it comes to technological shortages, 59% of Fortune 500 companies experience a minimum of 1.6 hours of downtime per week, which translates to a financial loss of more than $46 million per year.
At Chichester House, Causeway Asset Management’s “Future-Fit Space” concept prioritises connectivity and technological building advancements as part of building design. The 46,000 sq ft office development is Northern Ireland’s first to be independently certified by Wired Score, the global commercial property rating system that certifies buildings based on the strength of their digital infrastructure.
Internet connectivity is the fifth utility and, in this respect, as with electricity or telecommunications, stability, availability and performance of connectivity in office buildings is of paramount importance to occupiers. Causeway are embracing certification standards, in order to guarantee the tenants of Chichester House have optimal and continuous internet service that they don’t just demand but deserve.
Click here to find out how Chichester House’s superior connectivity can hold the key to maximised productivity, positive customer experience and bottom-line growth.
For more information on Chichester House and Future-Fit Space by Causeway Asset Management download the PDF brochure from the link below.Download the brochure
Causeway Asset Management Limited is a UK wide, private, multi-disciplinary, real estate investment and asset management company owned and managed by its directors.
Declan Flynn or David McNellis
1st Floor Montgomery House,
29-33 Montgomery Street,
Tel: +44 28 90 50 1501
Stuart Draffin or Greg Henry
Lambert Smith Hampton,
4–10 May Street,
Tel: +44 28 90 32 7954