With an eye on the prize, the government’s plan to narrow the productivity gap with the US would raise the GDP by 31%, which equates to about £21,000 a year for every household in the UK.
The government’s aim is for a widespread approach, ranging from supporting the EU’s Digital Single Market to shaking up regulatory frameworks that would otherwise inhibit the adoption of emerging technologies. The good news is that the UK starts from a good position.
The UK is one of the most digitally-ready countries, ranking fifth out of 17 countries in Accenture’s Digital Density Index. Also, the UK has the largest ICT sector in Europe at 6.7% of GDP.
However, the study reveals a number of paradoxes that could become obstacles to meeting Osborne’s goal. And rather than pinning the blame on government, there is, in fact, a need for British businesses to improve their adoption of digital technologies.
For example, UK households are among the best connected in Europe, but UK companies lack investment in superfast internet. The UK’s consumer markets are among the most digitised in the world, but companies’ ability to digitally source and manage labour, capital and other business inputs lags behind that of European counterparts.
And while the environment is highly welcoming to digital enterprise, UK firms are often slow to adopt new digital processes such as cloud and RFID, or crowdsourcing. The UK may have the largest financial centre in Europe, but could do better to encourage crowdfunding to improve access to finance.
Steps to take
As part of this push, the Chancellor plans greater collaboration between the public and private sectors. But there are a number of steps companies can take to increase the digital density of the entire economy for the common good:
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