Partner Article

Spring cleaning – why we need a fresh look at how we invest for growth

April and May are traditionally months for clearing out the old and ushering in the new, so it’s fitting that April saw the kickoff of World Creativity and Innovation Week, an annual celebration of new ideas. It serves as a useful reminder to us all that we can benefit from a step back every now and again to look at how we can improve our approach to creativity and innovation in business – particularly in the way we invest.

As the economy returns to growth, economists caution that sustained recovery depends upon businesses becoming more productive. Common wisdom holds that increased productivity is achieved by, for instance, boosting fixed investments and hiring. There is truth in those statements, but there is an even more obvious route to increased productivity – a route unseen by much of UK plc, despite the fact that it’s staring us in the face.

Recent research we conducted with the Centre for Economic and Business Research (Cebr) confirmed the cost that Britain’s businesses are facing as they struggle under the weight of inefficiencies, particularly when it comes to adopting new digital connectivity technology. As a result, British businesses are suffering from a connectivity deficit that is costing £30 billion each year – a staggering figure that highlights the fact that far too many organisations, in both the public and private sector, are still merely paying lip service to digital transformation rather than embracing the change.

Investing in the right technology and smarter working practices can be a more cost-effective way of boosting growth than many other traditional investment strategies. It’s time to implement measures which will visibly and valuably connect our organisations, and in turn keep the economy on track for continued growth.

And it’s not as big a task as you might expect. Sometimes even small changes can make a big difference. Using technology to eliminate needless journeys and make necessary journeys more efficient, for instance, can be as simple as investing in 4G-enabled tablets or laptops for employees who often work away from the office. Reasonable reductions in the number of trips to and from the office could save companies up to 127 hours per employee per year.

Of course some journeys can’t be eliminated, but even those can be made more productive. It’s important to equip staff with the technology that allows them to get work done wherever they are. Besides wireless connectivity technology, software solutions that place critical business applications in the cloud – from word processing and email to sales systems and databases – make the very idea of the office as ‘base’ obsolete.

A good flexible working strategy with the supporting technology in place is not just attractive for prospective employees, but can genuinely boost an organisation’s productivity. At O2, we know this is true because we’ve done it ourselves. Thanks to smarter working changes we’ve implemented, our employees report that they’re not only happier, they’re more productive.

It’s no good simply endorsing the benefits of smart technology and flexible working. Businesses of all sizes need to take action, implementing changes to work smarter now in order to equip our workforces for future growth.

This was posted in Bdaily's Members' News section by Ben Dowd .