Businesses could gain £34.1bn in productivity gains at a time of economic uncertainty
Research from O2 Business revealed that UK businesses could gain £34.1 billion in productivity boost as a result of enhanced connectivity. Better access to tools and data and less time commuting could see workers gain an extra three hours per week.
At an uncertain time for the UK economy, the mobile network says that embracing developments in connectivity could solve productivity issues.
This would provide a welcome boost to UK productivity levels after the Bank of England recently warned that Brexit had cut output per worker by 5 per cent.
O2’s ‘Business without Boundaries’ report found that connectivity played a key part in business growth. The report showed that enhanced connectivity could reduce commute time and enhance workers’ efficiency, saving them up to 18 days of work per year.
O2’s first study titled ‘Smarter Working Britain’ was published in 2014 and suggested that UK businesses were already benefiting from a productivity boost of up to £10.5 million with more businesses warming to the idea of remote working.
The 2014 report also highlighted that if all employers embraced connectivity tools such as video conferencing and real-time collaboration apps, the UK economy could see an additional £14.7 billion in productivity gains for small and medium companies, while larger companies could earn £19.4 billion.
O2 managing director Jo Bertram said: “The definition of the workplace is changing at an ever-increasing pace. For many industries, gone are the days when work was a place you go. Now it is a thing you do – wherever, whenever and however you want.
“Businesses have already made great strides in enabling their people to make the most of the digital tools that can help them work smarter. However, these latest figures show that its time for more of our leaders to embrace the opportunity of better connectivity.
“Not only will it help save time and money and make work more flexible for everyone, its also a solution to the UK’s productivity challenge. This is a critical obstacle to overcome if we want to stay a competitive global force in the years ahead.”