Researchers at KPMG have found British manufacturers are prioritising education and digital technology investment.
Its UK Manufacturing Executive survey found 70 per cent of chief executives are hoping for financial support from the Government to help them increase investment in technologies, such as artificial intelligence, advanced robotics and augmented reality.
65 per cent of manufacturers also wanted more funding for education, saying productivity could be increased if they could access a better educated workforce.
Stephen Cooper, UK Head of Industrial Manufacturing at KPMG, said: “The majority of UK manufacturing executives named financial support for R&D as a top priority from the Government to help them boost their competitiveness and prepare for the digitalisation of manufacturing. Clearly there’s an appetite to embrace emerging technologies, as highlighted in the recent industrial strategy green paper. The UK has an opportunity to position itself as a globally attractive and competitive base for advanced manufacturing.
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Little lad learning about robots.
“At the same time, with the gap between supply and demand of STEM talent in manufacturing set to widen, government, industry and educators will need to act quickly to ensure the manufacturing sector is equipped with the right skills for digitalisation. Digital scientists, digital engineers, digital architects, cyber security engineers – none of these existed 20 years ago. Having access to the right skills and investment will be crucial to ensure Britain’s manufacturing sector unlocks its full potential and remains fit to compete on the international stage.”
If faced with rising costs, 65 per cent of the 205 respondents plan to make up for these by either saving costs elsewhere, or by absorbing them, while 35 per cent expect to pass these on to the customer.
“A focus on openness to foreign investment, access to talent, engagement with new markets, a positive regulatory and legal environment, as well as a coherent industrial strategy will drive the UK to new levels of competitiveness and ensure manufacturers are ready to capitalise on Industry 4.0. It’s time for a rethink,” concluded Cooper.