Here at mooch, we work with many clients in the manufacturing industry. Our experience working with these clients and interest in the sector has prompted us to take a look at how the industry is currently performing and what else 2018 might have in store…
According to the Office of National Statistics (ONS), the British manufacturing sector produced its highest output at the end of 2017 since April 2008, reporting an increase in production for 7 consecutive months. This is the longest unbroken run in over 20 years.
With solid growth in the industry setting a reasonably bright outlook for 2018, we had a look at what else can be expected in the industry, which is thought to be going through a ‘technological revolution’ as more and more businesses invest in new, innovative technology.
Many larger businesses within the manufacturing industry are already making the step towards the concept of ‘Smart Factories’, and the ‘Internet of Things’, allowing machinery and devices to be connected to the Internet to communicate and gather real time data and feedback. It is thought that in 2018, smaller manufacturing businesses will follow and start to embrace some of these technologies to increase efficiencies and optimise processes.
As consumers continue to introduce artificial intelligence (AI) into their homes and everyday lives, it is predicted that the technology will also start to find its niche in the manufacturing industry. AI is thought to allow manufacturers to predict future trends and make decisions based on the interpretation of past data, rather than human subjectivity and guesswork.
Many other innovative technologies are already being piloted across the sector, such as 3D printing, automation, robotics and virtual reality. Many of these have been used in the industry for many years however, they begin to enter more established phases where capabilities are improving rapidly.
It is predicted that these technologies will continue to be embraced during 2018 as they begin to play a more influential role in the manufacturing industry to create more efficient systems and processes.
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