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UK Manufacturing: Fit for the future ?


Manufacturing is seen as the bedrock of the British and global economy. NatWest relationship director Antony White takes a look at some of the key issues and opportunities following the release of the company’s ‘Future Fit’ report into the sector…


Medium-sized manufacturers are the ‘engine room’ of the UK’s manufacturing sector. But this incredibly important and influential group can sometimes be overlooked and left to navigate the intricacies of the manufacturing world alone.


That’s why we embarked on a year-long research programme into the industry – Future Fit – which includes a survey of nearly 300 medium-sized UK manufacturers (businesses within the £5 million-£50m revenue bracket) as well as in-depth interviews with industry leaders.


Results show a sector whose future success is challenged by:


• Disconnects between the demands of ‘Industry 4.0’ and manufacturers’ planned responses.


• Global invisibility. • Slow take-up of technology. • Unsupportive ecosystems. • Outdated business models.


Following the analysis of the research, we can see that there’s a real opportunity for robust support – particularly around mentorship and ecosystem connectivity.


THE BUSINESS MAGAZINE – SOLENT & SOUTH COAST – MAY 2016


This, we believe, will help UK manufacturers to thrive in a new and emerging global landscape.


We found that many of the manufacturers surveyed don’t have a clear picture of the international and national competitive landscape now and into the future. There’s also a reluctance around adopting new technology or they feel that it’s difficult to keep up with new innovations.


On top of this, many owners don’t have a clear business plan to cope with such challenges with a surprising 14% having no business plan at all.


While we know we have some great manufacturing businesses in this country, it’s clear that this segment needs more cohesive support in order to compete on a global scale. If we want the UK manufacturing sector to remain globally competitive as we build toward the next industrial revolution it’s important that all stakeholders galvanise efforts to support these businesses.


We work closely with our partners Lombard who also provide support to manufacturers throughout the UK, and we are a key partner in the Growth Builder programme for scale- up businesses. This is a good start, but we,


www.businessmag.co.uk


and other stakeholders, need to do more to challenge how we support manufacturers and be innovative in our approach.


Only by working with our customers to transform our business will we be able to support them to transform theirs to take advantage of a new age of manufacturing.


NatWest has more than 200 specialist manufacturing relationship managers independently accredited by the Chartered Banker Institute. Its southern team – led by relationship director Antony White – works closely with customers to help them future- proof their businesses. They can provide a range of support – from helping them achieve their exports ambitions and identifying potential markets locally and internationally, to ensuring that premises are energy efficient.


For further information, or a full copy of the report, contact Antony White.


Details:


Antony White antony.white@rbs.co.uk


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