The UK economy continues to grow, with the Confederation of British Industry (CBI) Growth Indicator predicting it to increase significantly in Q4 of 2015, which is great news for UK businesses. Here’s why…
The past year has been turbulent, with the recent Black Monday crisis in China, Grexit, the UK General Election, along with the referendum creating uncertainty. However, the local economy appears almost unaffected, as Adam Pescod explained on EliteBusinessMagazine.co.uk, “The latest CBI Growth Indicator shows that economic growth continued to pick up pace in the three months to August and expectations are strong for the next quarter.” For businesses, this means that customers and prospects are spending greater amounts of cash and the UK is officially open for business.
In line with growth in the UKs economy, the latest ICAEW/Grant Thornton UK Business Confidence Monitor (BCM) shows that business confidence in Q3 of 2015 has improved, which is the first time in a year, indicating that the UK economy is stabilising.
To support the continued growth of UK businesses and the economy as a whole, the government set out a Productivity Plan. Within it, they announced their intention to publish a Digital Transformation Plan in autumn 2015, outlining their support for the adoption of digital technologies across the economy. It also explained intentions for, “Reliable and high quality fixed and mobile broadband connections [to] support growth in productivity, efficiency and labour force participation across the whole economy. They enable new and more efficient business processes, access to new markets and support flexible working and working from home.”
Technology is an enabler for business growth, innovation and operational effectiveness. It is the development of mobile and cloud technologies, software and applications, along with the Internet of Things (IoT) that are providing businesses with access vital data anytime, anywhere. Furthermore, the growing economy is helping businesses find the confidence to invest in these new technologies, thus increasing the effectiveness of their entire operation and in turn stabilising the economy.
Business intelligence is allowing companies of all sizes to compete as those with more usable data have the ability to grow 35% faster year on year. This may be contributing to the adoption rates of business software, such as CRM, which is projected to grow at a 14.7% compound annual growth rate (CAGR) according to Gartner. Cloud technology is also increasing in popularity as business take advantage of its benefits. According to the Cloud Industry Forum (CIF), the overall cloud adoption rate in the UK now stands at 84%, with almost four in five businesses implementing two or more cloud services. What’s more the Exact 2015 SME Cloud Barometer report indicates that those who commit themselves to cloud computing are likely to grow faster and enjoy twice the profit of their non-cloud using rivals.
As business confidence increases and the UK economy continues to grow, there’s no time like the present to invest in new and evolving business technology solutions. As we mentioned in our article CRM: Partnerships that drive innovation, “Innovative businesses outperform those who fail to remain up to date with changes in the market and with technology.” Innovation requires businesses to remain relevant and up to date with the latest technology in order to remain competitive.