Verastar reports on the announcement of the European Union’s (EU) new technology package, which will provide UK businesses with the structural support they require to “compete on the world stage.”
Technology and growth
The link between technology and expansion is strong, as far as UK small to medium-sized enterprises (SME) are concerned. A study commissioned by Talk Talk Business and conducted by the Institute of Chartered Accountants of England and Wales (ICAEW) indicated nearly 80% of UK SMEs believe that technology will play an essential part in their growth plans. Commenting on this research Richard Cree, the editor of ICAEW magazine Economia said:
“There is no doubt that the application of technology is increasingly important to all businesses, regardless of sector and irrespective of their ambitions for growth. However, when it comes to how technology affects growth, respondents were clear that its key role was to deliver value by driving efficiencies and savings.” Yet according to The London Economic, around 65% of UK SMEs are wasting time and money by failing to adopt technology and utilise its full potential.
EU tech package
The EU Commission, the organisation’s executive body, has announced that it will help European businesses, included those in the UK, embrace this technology-based “fourth industrial revolution.” Start-ups reports that the EU commission has initiated a technology package to provide businesses with better access to technologies, with the aim of enhancing the global reputation of UK companies in the industrial, technological and research sectors.
As part of the package, the EU Commission will provide UK businesses with the means to improve access to the Internet-of-things (IoT), data analytics and cloud computing. Under the plan, there are four suggested areas of working. This includes bolstering collaboration between EU and UK high value manufacturing, as well as opening up scientific data generated by the Horizon 2020 initiative by default. The Commission’s package will make it easier for UK businesses to operate in a single market by introducing priorities for ICT standardisation, as well as modernising public administration.
Positive net effect
The UK government has announced that it will consider whether this package proves advantageous to British industry, before deciding whether to implement its provisions. On this, Business Minister Baroness Neville-Rolfe said: “The fourth industrial revolution will fundamentally change the way we do business in this country. As with previous industrial revolutions, the expectation must be that the net effect will be positive for almost everyone.”
If the UK votes to leave the EU in the upcoming referendum (often referred to as a ‘Brexit’), it is unlikely that British businesses will still stand to benefit from the Commission’s package. In a survey conducted by industry body Tech UK of its members, 70% of businesses questioned said that they oppose a Brexit. A similar number (76%) said that they believe EU membership allows companies to negotiate more effective trade deals with business in other countries within the organisation.
With the EU’s technology package, UK SMEs could receive the support required to make the most of their technological capabilities. In this increasingly digitised world, it is essential that British small businesses have the ability to access effective technology, to ensure they can capitalise on the country’s booming digital economy and promote business expansion. Kinex, a brand operated by Verastar, provides the commercial broadband services SMEs require to make their most of their technological capabilities, in order to streamline their operations.
Verastar
Verastar is a leading provider of essential business services to micro SMEs, operating under the following brands: kinex, Clear Business Water, Titan Telecom, Marble Telecom, Economy Gas and 118777 Limited. Our business model is focused on providing a spectrum of consolidated services that disrupt traditional markets and create great savings, efficiencies and value for our customers.
