Government Opens Business Productivity Review to Unlock £100bn in Missed Revenue
This week, Chancellor Philip Hammond announced the launch of a new initiative called the Business Productivity Review. The aim? To unlock up to £100 billion in missed revenue by improving the efficiency of small business supply chains and operations. The review will seek feedback from UK businesses on how they can increase their performance and become more profitable, particularly by adopting new technologies.
Focus on Technology Adoption for Increased Profitability
The review comes in the wake of new research from the Confederation of British Industry (CBI). According to their findings, by adopting well-established technologies such as cloud computing, mobile technology, and e-purchasing, UK businesses could significantly boost the economy. In fact, the CBI suggests that these technologies could generate an additional £100 billion and even reduce income inequality by 5%.
Greg Clark, the Business Secretary, spoke on the review, emphasizing the opportunity for employers to improve opportunities and maximize profits. He noted that while Britain has been a leader in discoveries for centuries, these ideas haven’t always been commercialized or applied effectively within the UK. Now, under the modern industrial strategy, businesses across the country have the chance to take full advantage of leading technologies and management practices. The goal is to boost the economy and improve people’s earning potential across the UK.
How Businesses Can Get Involved
The Business Productivity Review is now open for contributions. The government encourages businesses, trade associations, and other interested parties to share their insights. The Call for Evidence is open until 4 July 2018, so if you’re a business owner or a part of a trade association, now is the time to make your voice heard.
View the Business Productivity Review to learn more and provide feedback.
£20 Million Investment in Made Smarter Scheme for SMEs
In addition to the productivity review, Hammond also announced a £20 million investment in the Made Smarter initiative. This pilot program is designed to help small and medium-sized enterprises (SMEs) in the North West of England boost their productivity and growth by adopting digital technologies.
The pilot will support up to 3,000 small manufacturing companies in the region, enabling them to become more competitive through the use of digital tools in their manufacturing processes and supply chains. This is a great opportunity for SMEs in the North West to stay ahead of the curve and improve their efficiency using the latest technological innovations.
FAQs
Q1: What is the Business Productivity Review?
The Business Productivity Review is an initiative by the UK government aimed at helping small businesses improve efficiency and profitability. The review focuses on how businesses can adopt new technologies to unlock missed revenue and boost the economy by £100 billion.
Q2: How can businesses participate in the review?
The government has opened a Call for Evidence, encouraging businesses, trade associations, and other stakeholders to provide feedback on how businesses can improve productivity. The review is open until 4 July 2018.
Q3: What technologies are businesses being encouraged to adopt?
The review highlights cloud computing, mobile technology, and e-purchasing as key technologies that could help businesses increase profitability and contribute to the economy.
Q4: What is the Made Smarter scheme?
The Made Smarter initiative is a pilot program that aims to help small manufacturing companies in the North West of England adopt digital technologies in their manufacturing processes and supply chains. The government has committed £20 million to support this project, which aims to help up to 3,000 SMEs.
Q5: How will the Made Smarter scheme benefit small businesses?
By adopting digital technology, small manufacturing businesses will improve their productivity, efficiency, and competitiveness. This investment aims to help businesses remain competitive in the global market and drive growth within the sector.
Conclusion: A Big Opportunity for Small Businesses
The Business Productivity Review and the Made Smarter scheme offer significant opportunities for small businesses in the UK to unlock new revenue streams and improve their operations. By adopting new technologies and contributing to the review, businesses can help shape a future where technology drives profitability and growth. With the potential to unlock £100 billion for the economy, there’s never been a better time for small businesses to embrace innovation and secure their place in the competitive market.
Take advantage of these opportunities and get involved today!