The success of manufacturing in recent years has extended beyond stronger output growth and greater penetration in new export markets. Importantly, UK manufacturers have also made good progress in improving their productivity and closing the gap with competitors.
However, against the current economic backdrop of ongoing financial market turbulence and a significantly weaker outlook for global growth, how well placed is UK manufacturing to withstand the downturn?
Investment in IT and the implementation of lean manufacturing initiatives are supporting improvements in efficiency and business performance, which has put manufacturing on a surer footing going into this period of weaker economic growth.
It is equally important to ensure that manufacturing maintains its competitive advantages and is therefore well placed to harness the advantages of the recovery when it comes.
This latest piece of research by EEF and Infor shows that investing in IT solutions can support improvement across a range of manufacturing indicators. Similarly, lean manufacturing is now well established across large parts of manufacturing and is proven to deliver tangible improvements to the bottom line as well as to productivity.