Manufacturing 2015: Innovation to shape future direction of the industry
THE effective use of new technology to improve both the manufacturing process and the finished products themselves will be crucial to the long term development of the industry, manufacturers have stressed.
TheBusinessDesk.com and international law firm Squire Patton Boggs have collaborated on a new report gauging levels of confidence within the manufacturing sector and what businesses in the region want to see happen over the course of the next 12 months.
To download a copy of the new report please click below:
To support the report, the partners collaborated on a survey asking firms how innovative they expected their own company – and the wider industry in general – to become over the next few years.
The majority (55%) of respondents said the effective use of new technology and the creation of innovative new processes and systems was likely to characterise the industry for some time to come.
A whole new university-led support structure has emerged in recent years to help manufacturers develop new ideas and concepts, while tax incentives to encourage firms with their research and development.
The West Midlands is home to some of the dynamic new developments with institutions such as the Warwick Manufacturing Group (WMG) helping to pioneer the technological innovations that will do much to shape the future of the industry.
Lightweight materials and composites, graphic simulations, increasing digital intelligence; all these are being developed regionally and helping to support firms which cannot commit resources themselves.
Simon Garbett (left), Partner, Squire Patton Boggs in Birmingham said when it came to increasing productivity – which remains one of the hot topics within the sector – all manufacturers had their own “puzzles to grapple with”.
“It is often a puzzle that they have to find the solution to themselves, on their own terms,” he said.
“This is one of the main reasons why we’re witnessing an increasing use of partnerships and joint ventures within the manufacturing sector – and this ultimately has the potential to make those companies stronger, more stable and sustainable – so long as these collaborations are both appropriate and properly formalised.”
He said the importance of continuous improvement of production processes, skills training, investment and R&D could not be overlooked.
“When it comes to achieving growth, embracing both technological innovations – such as smart and highly connected factories, 3D printing/additive manufacturing and digital manufacturing, lightweight materials and composites, robotics and use of drones and next-generation power sources to name but a few – and “appropriate” environmental practices, remains of fundamental importance,” he said.
“There’s a definite appetite among manufacturers to win increasing market share and I believe that embracing new and novel technology is undoubtedly delivering these efficiencies.
“Now is the time for manufacturers to ensure that they’ve looked seriously at how they can prepare their factories for tomorrow to harness emerging intelligent and connected technologies, as well as innovations which have the internet at their heart.”
Similarly, he said the whole process of cutting out production and supply chain waste, building transparent, ethical and sustainable lines of supply, as well as increasing use of process, data and diagnostic analytics in order to operate at an optimum level, was no less important.
“Quite apart from making good business sense, I’ve seen first-hand how this responsible approach retains and wins business.
“And, after all, that’s what it’s all about,” he said.
What is the situation like in other areas?
