Majority of British firms to increase innovation spending following Brexit

Latest-generation time and attendance and workforce management systems could be among the best choices for British firms looking to increase their innovation spending in the wake of Brexit, a recent CBI survey has been able to find.

The poll of over 800 businesses found that that 70% of respondents plan to increase or maintain their innovation spending following the vote to leave the EU. Last year business invested almost £21bn on innovation, allowing British firms to develop cutting-edge products and services, attract global investment and expand internationally.

Further findings suggest 44% of firms believe that the main benefits of automation are increased productivity, an improved product or service (24%) and higher customer satisfaction (15%). Additionally, with increased automation expected over the next ten years, companies believe that they will need more highly skilled staff (48%) and that automation may replace some roles (49%).

In order to support businesses’ ambition to make the UK an innovation powerhouse, the CBI is calling on Government to commit to a long term-target of 3% public and private spend on R&D.

Looking ahead to the upcoming EU negotiations, firms have a number of top priorities that will enable them to innovate in the future – access to skills (66%), tariff-free access for goods (41%) and keeping common regulatory standards (38%).
Carolyn Fairbairn, CBI Director-General, said:

“The UK will need to work hard to become the front-runner in global innovation, creating a pioneering economic role for itself in the world that drives prosperity in every corner of the UK.

“Innovation is the nucleus of future economic and social development, so it’s encouraging that seven out of ten firms will keep up – or even raise – their spending on new technologies and work practices to grow their business.”

Time and Attendance Systems – the perfect investment to ensure long-term sustainable growth

Companies facing improved domestic and overseas demand should also consider implementing solid and reliable Time and Attendance systems, which will provide them with the necessary tools for optimizing their workforce management processes and are vital for assuring a sustainable, long-term growth.

This is specifically the area where Tensor plc can leverage its extensive experience in the field to your benefit, our range of workforce management products and solutions being able to meet any customer’s needs and requirements, regardless of their size.

If you’d like to find out more about the Tensor workforce management solutions, just contact our team or Book a Demo, we’ll be more than happy to answer all of your questions and queries.