Nexus Vehicle Rental has suggested that failure by fleets to invest in more advanced technology results in significantly increased expenditure on running costs. This follows a recent Trade Union Congress (TUC) study into UK spending in the public and private sectors. The study indicates that Britain ranks among the worst worldwide for investment in new technology. The findings prompted calls for Chancellor, Philip Hammond to boost investment and build efficient infrastructure while borrowing rates are low, blaming lack of investment for low UK productivity. UK capital investment was 16.6% of GDP in 2014, while the OECD average was 20.8%. Out of 34 total members of the Organisation for Economic Cooperation and Development (OECD), the United Kingdom also ranks lowest for transport equipment spending. However, Nexus Vehicle Rental advises that responsible fleet operators can do more to boost their businesses. Nexus reports indicate that they make regular savings of 20% through use of improved and digital technologies. IRIS _ their online booking and management system _ has allowed for gathering of real-time information leading to identification of costly under-utilised vehicles, for instance. David Brennan, Nexus CEO, said: 'With the cost of motoring expected to continue to increase against the backdrop of economic uncertainty it's now more important than ever for businesses to be operating as efficiently as they can, and one way to do this is by reducing fleet costs. 'The differences in costs between businesses that seek tech-enabled fleet solutions and those which don't are around a fifth of overall spend and many organisations are missing out on the potential to improve operating efficiency. 'As a nation, we rank way behind our neighbours in investment in technology due to a reluctance to increase spend but ultimately accessing innovative technology can make a major contribution to efficiency, using the analysis of trends and usage in turn to become more profitable.î With the uncertainty of 'Brexit' looming over the UK, planning for the future in terms of infrastructure and investment appears to be increasingly vital for British businesses.
