The government has opened a new review with ambitions to unlock £100bn in missed revenue by making small business supply chains and operations more efficient.
The Business Productivity Review, announced by chancellor Philip Hammond this week, is seeking views on how UK companies can increase performance and become more profitable.
In particular, the review will look at the ways business owners can take advantage of new technologies.
The review arrives after new research from the Confederation of British Industries (CBI) suggested that by adopting the best tried and tested technologies available – such as cloud computing, mobile technology and e-purchasing – business owners could generate an additional £100bn to the economy and provide a 5% reduction in income inequality.
Commenting on the review, business secretary Greg Clark said employers had an opportunity to improve opportunities and maximise profits.
“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,” Clark said.
“Now our modern industrial strategy is ensuring that firms across the UK can take advantage of leading technologies and management practices, potentially adding £100bn to the economy and boosting people’s earning power right across the country.”
The Business Productivity Review Call for Evidence is open until 4 July 2018 and the government encourages businesses, trade associations and other interested parties to contribute their views to it.
£20m for Made Smarter
Hammond also announced a £20m investment package for a pilot “Made Smarter” scheme, aiming to boost productivity and growth among SMEs in the North West of England.
The pilot will help up to 3,000 small manufacturing companies become more competitive through use of digital technology in the manufacturing process and in supply chains.
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