The Bank of England, has this week, released the quarterly Inflation Report signalling that output in the UK economy will remain lower than before the pre-financial crisis until late 2015. UK businesses need to ensure the efficiency of their operations to guarantee continued profitability and growth, says Siemens Enterprise Communications.
Sir Mervyn King, Governor of the Bank of England, said: “Just as growth in Q2 was depressed by one-off factors and gave a misleadingly weak picture of the economy, so growth in Q3 has been boosted by one-off factors and gives an overly optimistic impression of the underlying trend. Continuing the recent zig-zag pattern, output growth is likely to fall back sharply in Q4 as the boost from the Olympics in the summer is reversed. Indeed, output may shrink a little this quarter.”
With the UK destined to inhabit a “low growth” environment for the next few years, Siemens Enterprise Communications believes individual businesses must drive efficiencies to create operating savings and enable optimum employee productivity. With quantitative easing to boost demand unlikely to materialise in the foreseeable future, businesses will need to drive profitability from within.
Optimising assets to serve widely dispersed virtual teams cost-effectively is essential. Businesses must focus on the user-experience and create a workspace that encourages a mobile, flexible and agile workforce. Without a focus on a creating a work environment that unlocks the true potential of team performance, full productivity will not be achieved.
Trevor Connell, Managing Director, Siemens Enterprise Communications, commented: “The desktop PC is in decline as people are not tied to their desks. As such, businesses now embrace employees’ wishes to work outside of the traditional office. Therefore, the workplace of today must embrace the technology virtual teams need to remain productive while sitting at or away from their traditional desk. The office must encourage flexibility and allow virtual teams to interact and collaborate.
“Too many organisations are relying on legacy communication tools and traditional management. The businesses that enable employees to work in inspiring environments while ensuring the necessary management and support of virtual teams will remain profitable, even under immense economic pressure.”