Failures to effectively collaborate and connect with businesses has cost the UK economy as much as £30 billion.

A study by O2 and the Centre for Economic and Business Research (Cebr) has reported that the UK economy is suffering due to ineffective collaboration and communication within UK businesses.

The study found that while employment rates where improving, productivity was declining since the onset of the recession.

The report identified that large savings could be achieved by employing technologies to reduce time wastage including unnecessary traveling in favour of remote working, however a risk-averse culture has held companies back from effectively employing new technology.

Graham Brough, chief executive at the Centre for Economic and Business Research, said: “ICT technologies such as smartphones, mobile apps and cloud computing are starting to drive business productivity and restore the competitiveness of UK workers.”

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