A recent roundtable discussion hosted by Vendigital bought together 20 board members and industry leaders from across the rail sector to discuss the future of UK rail and what could be done differently going forward to plug the £8bn hole in the industry’s finances.
The event was held under Chatham House rules to enable an open and honest debate over what would be needed to achieve this huge financial challenge. It was clear from the discussion that significant change is needed in the sector, but that this change would not be without its challenges. Following the event, Vendigital has produced a paper summarising the topics discussed, which boiled down to the following 10 tips to help drive financial sustainability in UK rail.
| 1 | Creating a burning platform to act differently |
| 2 | Aligned objectives and the right incentives |
| 3 | Matching supply and demand |
| 4 | Joined up Output focused Decarbonisation plan |
| 5 | REAL focus on Passenger needs |
| 6 | Learning from other sectors – the value of Disruptors |
| 7 | Staff efficiency/productivity |
| 8 | New approach to Procurement |
| 9 | The industry needs ‘Freedom within the Frame’ |
| 10 | Get on with it and don’t wait for GBR! |
Phil Bulman, Partner of the transport and infrastructure sector at Vendigital, said: “Going into this discussion, we were acutely aware of the challenges within the industry, but the input of these senior stakeholders really highlighted not only the extent, but also the deeply ingrained nature of these challenges.”
Not only does the paper highlight these key areas and offer further insight into the current challenges and potential for improvements, but also sets the stage for ongoing discussions within the sector, which Vendigital has been keen to encourage through their content and insights.
As one senior leader commented during the event “the biggest challenge for us is not knowing what we need to do, it’s how we as businesses can remove the cultural barriers and conflicting business objectives that have limited our ability to implement the changes we know are needed. One thing is for sure, continuing as we are, is not an option.”
You can read the full paper here and sign up to receive more insights and thought leadership from Vendigital.
