27 Nov 2008
The European Commission (EC) has called for "smart actions" to aid European economic recovery, and said that increased investment in technology is essential to drive growth.
Speaking during a press conference in Brussels yesterday, EC president José Manuel Barroso said that technology plays a prominent role in the organisation's European economic recovery plan.
Barroso highlighted the importance of rapid deployment of digital technologies, and said that implementing high-speed internet connections is "as important as building the railways in the 19th century".
Specific IT-related measures suggested by the EC include acceleration of investments in high-speed networks, as well as an additional commitment of €5bn for trans-European energy interconnections and broadband infrastructure projects.
"The plan sets out a comprehensive longer-term strategy based on smart investment now and in the future, and is based on investment both in people and in business, including investment in skills, energy efficiency, infrastructure, interconnectivity, innovation and clean technology," said Barroso.
"This is how we ensure that the short-term fiscal stimulus is also a platform for sustainable growth and jobs in the future. It shall reach all across the board of the economy, from the auto industry to the construction sector."
The IT-based proposals to make Europe more competitive, and to take advantage when global growth returns, were praised by the European Information & Communications Technology Industry Association (EICTA).
"We are glad that the Commission has understood that the internet and the digital revolution need real political commitment and fiscal incentives to ensure a rapid return to growth and prosperity in Europe," said Mark MacGann, director general at EICTA.
Technology should quite rightly be on the list of "smart actions" to aid Europe's financial recovery. The critical cash-flow crisis is largely a paper versus electronic payments issue. Businesses could very effectively address cash-flow problems using electronic funds transfers (EFT) and with more banks likely to adopt corporate faster payments facilities and with SEPA just around the corner, now is the time to get adequate IT in place.
Each year in the UK, there are 4 million hours wasted on writing cheques, which highlights the false economy of relying on this outdated process instead of switching to financial software that could avert this stress and potential ruin.
Combine this with statistics such as, 60 per cent of SMEs experiencing problems with late payments and 40 per cent of business owners using their own money to keep a company afloat, the need for companies to embrace electronic payments becomes more apparent.
Electronic financial packages provide solutions that allow for same-day payments, increase efficiency, reduce transaction costs and decrease data errors. Business owners can relax, knowing that monthly payments will automatically be collected by Direct Debit (DD) on a date agreed at the outset of negotiations. From the start of contract, the business owner is in control of collecting payments, eliminating the need for endless cheque chasing.
Astonishing numbers of business owners are still entrenched in archaic processes that hinder business and add to the already bleak international picture of a recession.
Yours sincerely,
Adrian Stafford-Jones
Managing Director
Albany Software
http://www.albany.co.uk
Posted by: Adrian Stafford-Jones 28 Nov 2008
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