In this session, recorded 14 July 2022, we looked at how the adoption of readily available and cutting-edge technology can ensure the UK remains globally competitive, by increasing productivity and providing the tools to support firms with the cost-of-living crisis, labour & skills shortages, supply chain constraints, post-Brexit regulation and Net Zero. The CBI is working closely with the government to ensure the UK is a leading innovation economy, and to build confidence and tech literacy amongst SMEs.
14 Jul 2022, 3 min read
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Speakers:
- Maxine Bligh, Commercial Director - Proposition and Transformation, CBI
- Nathan Brown, Principal Policy Advisor, Innovation Team, CBI
- Tim Andrews, Lead Advisor in Digital Transformation, Manufacturing Technology Centre
In this session:
We explore the current external challenges businesses are facing and the importance of businesses preparing for what is on the horizon now to mitigate the cumulative burden of the hangover from covid-19 and challenging headwinds firms are facing, whilst discussing what the CBI is calling on from the government and how firms can take control.
Key takeaways:
- The CBI is working with SMEs to support digital transformation and working with the government to ensure the pull the levers to enable digital transformation.
- Important to build a digital skill set and change the culture- not massively cost intensive but adds massive value to the company: Empower others to build on their skill set
- What are the opportunities, what are you trying to achieve, what do you need to do so, how can DT support this.
- You cannot rely on data within a digital system unless you know the data is accurate
- Prizes for business are too big to ignore- we need to create a REAL innovation economy
- It Is important for firms to set a digital transformation strategy, to think about their existing tech portfolio, where investments are needed and to seek support.
- Lack of skills is the primary reason for a lack of tech adoption.
- Technology adoption will driver wider societal economic change and impact.
- Digital technologies are a tool to improve information flow through businesses processes
- Firms need to understand and exploit the existing technology they have- what can you achieve with what you have?
- How can technology be used to meet wider goals
- Technology is a great tool to deal with the challenges firms are facing e.g, skills and labour shortages, Net Zero and supply chain constraints.
Productivity is 3-15% point higher for firms that adopt digital technologies.
Supporting resources:
- Make the Most of Your Data
- Why we can’t build clusters without investing in digital skills
- Toolkit: how to innovate to be more green
- Going green is within every firm’s reach
- Toolkit: how to build successful innovation partnerships
- Big Fish, Little Fish: open innovation - removing old barriers to new ideas
