30 July, 2024
One of the main constraints on UK growth has been the lack of UK productivity. This has significantly constrained the growth potential of companies, limiting their ability to expand and innovate. The country’s productivity levels have increased by only 7% over the past decade, a stark contrast to the 21% growth seen in the decade before the global financial crisis (GFC) (PwC) (PwC).
This sluggish growth is partly due to the UK’s chronic under-investment in both capital and skills, which has resulted in lower productivity compared to other advanced economies such as the US, France, and Germany (LSE) (HR Magazine). The decline in manufacturing productivity, dropping from 7% annual growth before the GFC to less than 2% in recent years, has further hampered overall economic performance (PwC).
UK labour productivity has only increased by 7% over the past decade, far below pre-crisis growth rates.
All of this means that UK companies produce less output per worker, which translates to slower revenue growth and reduced capacity to reinvest in the business.
This situation is exacerbated by the high costs associated with underperformance, including lower profitability and competitiveness. Consequently, firms struggle to expand their operations, adopt new technologies, and attract talent, creating a cycle of stagnation that is difficult to break (PwC) (Commons Library).
The overall impact is a dampened economic growth trajectory, where companies are unable to scale up and fully realize their market potential, further widening the productivity gap between the UK and its G7 counterparts (HR Magazine) (LSE).
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We can investigate and discuss with you various strategies that can significantly enhance your businesses productivity by targeting specific operational needs and improving efficiency.
We can automate routine tasks, reducing manual errors and saving time. For instance, we can integrate various business systems, streamline workflows, and automate repetitive tasks, leading to more efficient operations.
We can provide a direct channel for interacting with your customers, offering personalised experiences and real-time support. Features like live chat, personalised offers, and feedback collection can help your business stay connected with your customers and help you respond quickly to their needs. This enhances customer satisfaction and loyalty, which is crucial for maintaining a competitive edge.
We can create custom solutions tailored to your businesses needs helping employees manage their tasks more efficiently. Apps designed for you, to promote collaboration, and communication, reducing the time spent on administrative duties and allowing employees to focus on more critical tasks.
We can collect and analyse data, providing valuable insights into customer behaviour, sales trends, and operational performance. This data can help businesses make informed decisions, optimise processes, and identify new opportunities for growth. For example, an app that tracks customer interactions can help businesses refine their marketing strategies and improve customer service.
While developing a custom app requires an initial investment, it can lead to significant cost savings in the long run by reducing the need for multiple off-the-shelf solutions and minimising operational inefficiencies. Custom apps can also reduce marketing costs by providing a direct channel for promotions and customer engagement.
By leveraging custom apps, businesses in the UK can address specific productivity challenges, enhance customer experiences, and stay competitive in an increasingly digital market.
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