Five key trends for #UK #manufacturing industry in next decade

"In line with other major economies, UK manufacturing has undergone a period of decline, yet continues to make a significant contribution to GDP. It remains vital for long term economic growth and sustainability. According to a 2012 study by McKinsey called ‘Manufacturing the future, the next era of global growth and innovation’, manufacturing generates up to 70 per cent of exports in major manufacturing economies, and up to 90 per cent of business R&D spending."
. . . . 
"There is considerable consistency with firms from different manufacturing sub-sectors expressing very similar concerns and plans for a range of external influences, including a volatile global economy, growing international competition, ever stricter legislation and sustainability targets, rising energy and raw material costs, the impact of new technologies, and business pressures to reduce complexity, boost efficiency, streamline operations and drive innovation."

Here are the top 5 trends that will impact the industry over the next ten years:

1.     Globalisation requires a new approach
Companies are moving closer to their customers and establishing a presence in regions with high growth potential or influence. / #Globalisation  

2.     Innovation and speed will be critical
According to PwC’s 2013 report ‘Preparing for Growth, manufacturers adopt new strategies for growth and competitive edge’, “survival in today’s global market and investing in the future requires organisations to innovate and be able to commercialise successful innovations quickly.” / #GrowIncome     #DriveInnovation  

3.     Portfolios and production lines will focus on profitable products
... shifting focus to a limited number of high-value, high-functionality products – those that generate the greatest revenue for the business. [...] Adopting new technology will help manufacturers bring their products to market faster than their competitors. / #OnDemand   #Production  

4.     IT and intelligence will have an inestimable impact
Improved enterprise resource planning software, the use of radio frequency identification (RFID) tags and enhanced production line automation and monitoring already boost efficiency and operations and will continue to have a significant impact on the manufacturing industry. [...] In addition, cloud-based technologies and software-as-a-service (SaaS) applications will underpin more collaborative, agile and mobile working practices. / #Collaboration   #InformationTechnology   #Mobile   #InternetofThings  

5.     Sustainability will be an industry-wide standard
"Energy costs are continuing to rise and there are increasing pressures to reduce environmental impact and waste. Over the course of the next decade many firms will be turning to newer, cleaner technologies to power their operations and support their services across the world. Energy management will become a key part of every manufacturer’s responsibilities." / #ConserveEnergy

Posted by +Dan Durrant 

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