Standards Have Major Impact on UK Economy and Innovation: Independent Study

The study finds that standards apparently have a broad impact on the economy that can be measured in dollars, innovation, and competitive advantage.

Standards boost U.K. productivity and improve performance, enhance innovation, and support the country’s domestic and international trade, according to the study, Benefits of Using Standards, undertaken by the independent research Centre for Economics and Business Research (Cebr) and commissioned by BSI, the British Standards Institute. According to the BSI statement, “the report is the most comprehensive study to date on the economic benefits of standards and looks at economic data from 1921-2013.” The analysts found that:

• $10.2 billion is contributed by standards to the U.K. economy

• 37.4% of productivity growth can be attributed to standards

• 28.4% of annual U.K. GDP growth can be attributed to standards, equivalent to $10.2 billion a year

• $7.58 billion of additional U.K. exports per year can be attributed to standards

The researchers concluded “that investing in standards pays dividends for organizations that use them and that standards always generate more benefits for companies than they cost to implement.”

Of the companies that responded to the survey, 84% say that standards enhance their reputations; 73% say that standards help address environmental problems; 89% say that standards contribute to the optimization of compliance with regulations, such as health and safety legislation; 50% say that standards encourage innovation through the knowledge sharing; and 70% say that standards contribute to improving their supply chain by improving supplier product and service quality.

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Master the Principles of Enterprise Engagement to Achieve Organizational Goals and Enhance Your Career

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Resources: The Brand Media Coalition, the only guide to the story-telling power of brands and where to source them for business, event, promotional gifting, and rewards and recognition. 2019 Enterprise Engagement Solution Provider Directory. The only directory of engagement solution providers covering all types of agencies and tactics as well as insights on how to select them.

Communities: The Enterprise Engagement Alliance and Advocate and the Brand Media Coalition free resource centers offering access to the latest research, news, and case studies; discounts, promotions, referrals, and commissions, when appropriate to third-party solution providers from participating coalition solution provider members.

In Print:

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Online:
•  10-minute short course: click here for a 10-minute introduction to Enterprise
•  Engagement and ISO standards on Coggno.com.
•  5-minute Audiopedia summary of the Enterprise Engagement field.

Services:
•  The International Center for Enterprise Engagement at TheICEE.org, offering: ISO 10018 certification for employers, solution providers, and Enterprise Engagement technology platforms; Human Resources and Human Capital audits for organizations seeking to benchmark their practices and related Advisory services for the hospitality field.
•  The Engagement Agency at EngagementAgency.net, offering: complete support services for employers, solution providers, and technology firms seeking to profit from formal engagement practices for themselves or their clients, including Brand and Capability audits for solution providers to make sure their products and services are up to date.
•  C-Suite Advisory Service—Education of boards, investors, and C-suite executives on the economics, framework, and implementation processes of Enterprise Engagement.
•  Speakers Bureau—Select the right speaker on any aspect of engagement for your next event.
•  Mergers and Acquisitions. The Engagement Agency’s Mergers and Acquisition group is aware of multiple companies seeking to purchase firms in the engagement field. Contact Michael Mazer in confidence if your company is potentially for sale at 303-320-3777.

Enterprise Engagement Benchmark Tools: The Enterprise Engagement Alliance offers three tools to help organizations profit from Engagement. Click here to access the tools.
•  ROI of Engagement Calculator. Use this tool to determine the potential return-on-investment of an engagement strategy.
•  EE Benchmark Indicator. Confidentially benchmark your organization’s Enterprise Engagement practices against organizations and best practices.
•  Compare Your Company’s Level of Engagement. Quickly compare your organization’s level of engagement to those of others based on the same criteria as the EEA’s Engaged Company Stock Index.
•  Gauge Your Personal Level of Engagement. This survey, donated by Horsepower, enables individuals to gauge their own personal levels of engagement.

For more information, contact Bruce Bolger at Bolger@TheEEA.org, 914-591-7600, ext. 230.

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