21 Jul 2015 18:54 IST

Now, internet discovered as cause for low productivity

Annual report on global productivity released by The Conference Board

Research group organisation The Conference Board announced in its 2015 report on global productivity, which cites the advent of technology in the workplace as hindering productivity. The report was backed up by analysis from the Wall Street Journal which found productivity in the US had halved between the 1990s and the 2000s.

“A detailed analysis of different metrics since the mid-2000s shows the primary problem with productivity is not inefficient workers,” said Bart van Ark, The Conference Board chief economist.

“Rather, companies and countries appear increasingly unable to translate investments in technology and innovation into timely gains in output.”

A 2013 study by Accenture estimated “that the 'Switching Economy' puts up to $5.9 trillion of revenue up for grabs for companies globally”. It is common knowledge that it is five to seven times more expensive to get a new customer than to keep an existing one. Organisations may be producing the product more efficiently, but keeping customers and producing sales is becoming more and more expensive and time-consuming.

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