BSI the business standards organisation has published independent research from the Centre for Economic and Business Research (Cebr) demonstrating the economic benefits of standards to the UK and to individual UK businesses. The research shows that standards continue to play a crucial role in the UK economy.
BSI the business standards organisation has published independent research from the Centre for Economic and Business Research (Cebr) demonstrating the economic benefits of standards to the UK and to individual UK businesses. The research, which is an update to a DTI 2005 study, shows that standards continue to play a crucial role in the UK economy.
The report finds that standards contribute towards £8.2 billion of GDP growth, 28.4% of annual GDP growth and 37.4% of annual productivity growth in the UK. Furthermore standards support on average 3.2% of additional UK exports per year, worth £6.1bn in 2014.
The study also highlights that the most productive UK sectors are the most intensive users of standards, with aerospace and defence showing a productivity increase of 20.1% between 2005 and 2014 compared to 4.9% for the economy as a whole.
Through enhanced reputation and confidence in the quality of products and services, standards open up market access for businesses. Analysis of the survey findings found that standards also drive export performance. This as evidenced by an annual rise in exports of 3.2% across sectors, with a close to 10% rise in the food and drink manufacturing sector alone. This role in supporting international trade is valued at up to £6.1 billion for the UK economy. By providing transparent and transferable knowledge, and improving compatibility and interoperability standards are shown to be a catalyst for innovation.
The survey of 527 decision makers in business across the UK revealed significant benefits:
“Scott Teedman, Director of Standards at BSI said “It is very clear to see that standards are a key driving force in increasing productivity, enhancing export potential and raising the UK’s GDP. These are not simply bold statements but are backed up by independent research which has examined the habits of businesses of different sizes and sectors across the UK. The UK is a world leader in shaping best practise standards for business and industry that differentiate high performers from the rest of the market. The evidence shows that even in this tough economic climate, businesses who are willing to continually improve their processes, develop their people, and seek to provide assurance for their products and services, can and will grow – not just in terms of market share but also in terms of reputation and trust.”
Tags: Export, Economy, Organisational Performance