UK Businesses Could Boost Economy By £85bn Through Digitalisation

There are many benefits to becoming more tech-savvy if you are a business owner, but perhaps none more appealing than unlocking the potential to make more money.

This is exactly what the latest Lloyds Bank Business and Charity Index suggests will happen if small and medium-enterprises (SMEs) and charities develop a higher digital capability. It has stated this could generate £85 billion more for the UK economy, London Loves Business reported.

According to the findings, moving data on to the cloud, using online accounting software, and adopting digital training tools could unlock an extra £100,000 turnover a year for each SME.

Managing director of Commercial and Business Banking Transformation at Lloyds Banking Group Nick William stated: “Businesses and charities are seeing that moving online is not only helping increase revenue, but it is also improving productivity levels.”

The report found that 2.5 million companies are able to save time through digitalisation, which is double the figure compared with 2014’s findings. This amounts to a whole day a week for those with advanced digital capabilities.

Organisations can become more cost and time-efficient by using the appropriate software for their needs, while online tools such as social media also provides lots of marketing potential.

These are just a few ways using the latest digital software can boost your business, while some companies might benefit from designing games or apps, a system that analyses data, and adopting flexible working arrangements by using the cloud more.

Get in touch with software consultants in Hull today to see how a bespoke digital package could help your business.