Advances in Artificial Intelligence (AI) have been gaining momentum in recent years, and these digital advances that have been accumulating over the past four decades are seeing a new revolution propelling the business world to new heights. As digitally-led business becomes commonplace, the UK is determined to become a leader in the revolution; yet, despite this wish, many industries in the UK appear to be trailing behind.
From the government-commissioned report from Made Smarter, it is predicted that almost 200,000 jobs and almost £455bn could be invested into the British economy within the next ten years if the manufacturing industry unlocked their potential with the help of digital aids.
Britain currently has more than 200 SMEs that specialise in the AI field, putting it in the forefront of the European market. However, there are a number of factors that hold Britain back from entering the international competition, and these issues are particularly noticeable in the manufacturing market.
The report highlighted that many SMEs are failing to implement automated technology which is adversely hindering their productivity. Perhaps this is down to the lack of skills in digital engineering as the industry fails to create engaging education regarding the matter.
The Made Smarter report recommends points where the UK’s manufacturing industry can improve, including providing upskilling opportunities for workers. Despite, the lack of funding for Industrial Digital Technologies (IDT) start-ups, the report stresses that education is the first step in developing the industry.
This is echoed by the words of managing director of business finance provider LDF, Peter Alderson, who stated: “UK manufacturing has a real opportunity here to be a global player, but in order to do that, they need to turn their attentions to investing in new and more capable technologies. Access to funding will be a key lever for success, and this must be addressed.”
However, it is not just government funding that will help manufacturing companies evolve with the help of technology. It will also come from partnerships with universities and established organisations that will provide the basis for innovation and learning in a mutually-beneficial collaboration.
However, none of this will be possible without the awareness of digitalisation being fully-realised within industry leaders. According to the report, the SME community needs to adopt IDTs quicker – especially as it was found in a CBI survey that growth in manufacturing activity has slowed over the last four months.
It is down to organisations to reassess their business models to ensure they are working efficiently and utilising all the best tools available so that they can reach their potential. With the help of IT finance specialists, manufacturing firms can implement cost-effective software and systems that propel their company to the next level.
As more and more manufacturing companies adopt this way of working, our nation’s exports will subsequently increase. It is vital that the manufacturing industry evolves so that Britain is not left behind in the marketplace.
If you work in a manufacturing firm that needs IT consultancy services to understand all the products and services available to you and how they compare in terms of pricing and features, look no further than Expense Reduction Analysts. Our experienced IT consultancy team will work with you to understand your business objectives, identify what your business needs and where you can save money. Our commercial expertise, alongside our extensive technical knowledge, will be utilised to help you understand complex contracts and navigate the minefield of jargon to implement exactly what your business requires to evolve in the digital revolution. Get in touch with us today.
Article by: Simon Atkinson