The benefits of broadband for personal use can’t be denied. It makes communication easier and faster for family and friends, especially those who are living apart from each other. It’s also a great source of entertainment. People could also do their shopping or find whatever they are looking for with a click of the mouse. However, broadband isn’t just vital for personal use, but for growing economies too.
Several studies have been made regarding broadband’s impact on the GDP or gross domestic product of various countries and the results are positive. For instance, in The Impact of Broadband on the Economy: Research to Date and Policy Issues, a study conducted by Dr. Raul Katz, the Director of the Business Strategy Research of the Columbia Institute for Tele-Information (CITI) department at Columbia University, reveals some interesting fa25 countries that are members of OECD had 0.9%-1.5% increase on their GDP with the 10% increase on their broadband use. High income countries on the other hand had 1.21% GDP increase, while low and middle income countries had 1.38% GDP growth.
Here are some of the reasons why good broadband is important for growing economies.
Makes Research and Development of New Products and Services Faster
Innovation is a huge part of the growth and development of a country’s economy. Broadband makes the development of new products and services from research to the final stage faster.
The Internet is a source of vast knowledge and finding information can be quickly done by searching it on the web. Projects with people working from different locations would also be faster to finish because those who are involved could communicate over their broadband connection via chat, email or even video conference anytime.
Reduces Business Operation Costs
Cloud services or services with online servers cut the business operation cost, which allows businesses to earn more or use their funds on other projects that could help them grow, thus contributing to the country’s economy.
For instance, if a business needs a specific software to run for their operation, they don’t need to purchase additional hardware to have it installed as this can be done remotely by the service provider. Since it can be accessed anywhere with broadband connection, employees could still continue working or business would still continue with its operation in case the office is not available for some reason like natural disaster.
It’s Easier for Businesses to Keep Old Customers and Get New Ones
The growth of the economy depends on businesses in various industries to keep on growing and earning. This is another benefit of a good broadband. It makes it easier for businesses to connect with potential customers, as well as to develop a stronger relationship with the old ones. Majority of consumers use the Internet to find information about the products and services they need.
Companies with online presence are more likely to be found. This also makes it more convenient for their customers to reach to them. With this, their questions and concerns could be answered quickly, which is a huge part in achieving customer satisfaction. This in return, would keep them loyal customers and would keep the business thriving.
A stable and fast broadband connection, like the ones offered by Bigpipe, is important for timely communications with customers. For instance, those that offer chat support would require reliable connection as bad Internet connectivity could disconnect them from the conversation, which could frustrate customers. Bigpipe offers super speed Internet plan that would ensure Internet is always up and running fast.
Improves Manufacturer and Supplier Operation
Just like it helps retail and service industries with their business operation and communications with customers, good broadband is also vital in the operation of suppliers and manufacturers. Cloud based services are used for the different areas of their operation. From parts inventory to delivery and invoicing, it would be easier to oversee these different processes and ensure smooth operation.
For instance, if there are product orders from clients, the inventory can be easily checked to ensure that they have enough supplies for the materials they need and get them immediately if they need more. Quotes can also be sent immediately via email or other form of online communications so the supplier can deliver the orders right away.
Better Education to Have Equipped Workforce
One of the best benefits of a good broadband in economic growth is better education. Skilled and knowledgeable employees are the backbone of every business operation, regardless of the field. Broadband makes it possible, even for those in remote locations to study and learn in order to be prepared to become part of the workforce.
Mobile schools that are connected to broadband are used in other countries to make education available to those who don’t have access to it in their area. Online trainings and courses are also available over the Internet.
With the benefits of good broadband in the growth of economies, it also creates more jobs for people.