Being born in 1996 and part of the millennial generation I have been able to witness first-hand the changes to retail and logistics over the years. I like many others probably spend too much of my wage on amazon prime, the platforms easy one swipe to buy application has made it easier than ever to part with my money, especially when it’s delivered the same day! Long gone are the days of non-tracked mail, at your fingertips you can buy and see your item’s journey live! Logistics is one of the biggest sectors, spanning several industries and employing 2.5m of people in the UK. We live in the digital age where customers expect more, demands such as quicker delivery, cheaper cost and visibility of the whole process.
So how does the industry implement technology to meet their demands? Software in logistics – a key area of digital innovation, improving internal systems and utilising blockchain and data. CRMs and ERPs are utilised to maximise productivity and efficiency. In such upgrading, developing or integration of this software are key to individual businesses getting ahead. Technology in logistics – the hardware and machinery. There is a big push to Logistics 4.0, firms moving to these standards utilise big data, cloud infrastructures and the internet of things (IoT) to improve tracking, reporting and overall efficiency. So what is R&D in logistics and why is it relevant? Logistics is a highly qualifying R&D sector, however, it is one of the least claiming industries. Due to the troubles of Brexit and Covid-19 many firms are looking to recuperate previous losses by exploring this avenue. Qualifying R&D in logistics sector Examples of activities which could be eligible for r&d tax incentives include:
Essentially if you are improving your software (CRM or ERP) systems, implementing new ones or integrating legacy systems there is a high chance you will be able to access R&D Tax credits with regards to the software element of your business. Furthermore if you are customising or modifying machinery to make your processes leaner or greener then it is likely you are improving your technology and also able to make an R&D claim. We have noted that our customers in this sector were previously unaware of their eligibility into the sector, however, once having a complimentary chat with our consultants they have explained how Bonham & Brook has realised their suitability to this incentive.