Government announces plans to digitise small business supply chains and increase profits
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 havent 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.View the Business Productivity review.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
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