The government has launched a Business Productivity Review to help companies take advantage of new technologies to increase their own profits and as a result, boost the economy too.
Part of the Industrial Strategy, the Business Productivity Review will help UK businesses to understand those factors that affect productivity.
It is crucial because the government believes a total of £100 billion of untapped benefit to the economy could be unlocked.
As part of the Business Productivity Review, the Chancellor, Philip Hammond has called for evidence on productivity in the UK to seek views on how performance of businesses can be boosted.
In particular, there will be a focus on how businesses can embrace technologies, management practices and business support services that can increase productivity, resulting in long term gains to wages and business profits.
The Confederation of British Industry (CBI) has undertaken research regarding how Britain’s businesses embracing technologies could boost the economy and reduce income inequality by 5%.
Technologies including cloud computing, mobile technology and e-purchasing have been highlighted as those that firms could benefit from.
The UK is in the midst of a surge of start-up businesses; every day, 1,100 businesses start in Britain, which is ranked as one of the best places to grow and start a business.
The Business Productivity Review will ensure those technologies are embraced by companies and Business Secretary, Greg Clark, said: “For centuries, Britain has been a nation of discoveries, but these ideas haven’t always been commercialised in the UK and new ideas applied in practice.
“Now our modern Industrial Strategy is ensuring that firms across the UK can take advantage of leading technologies and management practices, potentially adding £100 billion to the economy and boosting people’s earning power right across the country.”
The call for evidence in the Business Productivity Review is open until 4 July and businesses, trade associations and other interested stakeholders have all been encouraged to contribute by the government.