CBI urges firms to embrace established tech to thrive
UK businesses are falling behind their European rivals by failing to embrace established technologies - such as CRM and cloud computing - which is both undermining productivity and stunting growth.
The CBI has told companies that there is “low-hanging fruit” worth as much as £100bn of gross value added if only they would invest in well-established systems.
The so-called "bosses union" has published a study, entitled “From Ostrich to Magpie”, which found the UK had a small contingent of highly productive firms at the cutting edge of new technologies, and the best management techniques.
While Britain has more of those leading firms than France or Germany, they only employ 5% of the workforce. Aside from those top performers, Britain also has far more unproductive companies than its continental rivals. Almost 70% of UK workers are employed by firms where productivity is below the median, compared to only 65% in France and 60% in Germany.
The organisation is urging the Government to redirect some of the money it will get back from the European Regional Development Fund post-Brexit to support businesses and encourage them to implement better technologies.
It has drawn up a provisional list of five key steps that companies can take to become more productive, including working with CRM systems; enhancing cyber security plans; adopting cloud computing; using e-purchasing technology; and improving management and innovation skills.