The use of cloud computing, mobile technology, e-purchasing, cybersecurity and online procurement by UK businesses could result in a £100bn boost to the country’s productivity levels.
According to a report by the Confederation of British Industry (CBI), the UK needs more companies skilled to find and adopt available technologies and management best practises known to improve productivity and pay.
The embracing of technology could also reduce inequality by 5%, the report adds.
According the CBI, UK businesses are years behind their Danish counterparts when it comes to using computer systems to facilitate e-purchasing, enterprise resource planning and customer relationship management.
Additionally, the CBI highlighted that the majority (69%) of UK firms were at the lower end of the productivity spectrum. The figures for France and Germany were 65% and 60% respectively.
“While the eyes of the business world can often be on ‘the next big thing’ in cutting-edge technology, too many firms are missing out on what’s right under their nose,” said Carolyn Fairbairn, CBI director-general.
“Failing to adopt the nuts and bolts technologies of today is leaving a yawning gap in productivity and pay between businesses,”
“In too many areas of diffusion we struggle against our international competitors, with more workers being employed by less productive firms here than in France and Germany, while by some markers we are almost a decade behind the Danes,” concluded Fairbairn.