Research from the London School of Economics (LSE) has revealed that UK businesses could improve productivity by as much as 20% if they focus on improving networking technology, as well as implementing flexible working and best management practice.
Superfast broadband connectivity was identified as a particular enabler of productivity, as it allows users easier and more efficient access to email, web access, purchasing, banking and business websites. Voice over IP and video were also shown to be technologies which, once implemented, could bring about more productive communications within businesses.
The report, called The Power of Productivity, was based on interviews with more than 20,000 businesses and found that the three key ‘levers’ identified could be easily implemented by SMEs and larger businesses alike.
Alexander Grous, an associate and researcher at the LSE’s Centre for Economic Performance said: “Some of the solutions to improving productivity are such low-hanging fruit that you trip over them. The best-performing companies show that by combining good management thinking, technology and flexible working practices, you can boost performance significantly.
“Taking this approach is also easier than many businesses think because the capabilities to move forward often already exist within the company.”
A key barrier to the adoption of helpful technologies was said to be a lack of knowledge about what solutions are available and where they can be purchased.