2024 is poised to be a pivotal year for British manufacturing with our key prediction being strategic investments in technology aimed at enhancing efficiency and streamlining production processes. Industries worldwide have been nervously balancing uncertain economies and geopolitics and are now keen to invest in areas that strengthen their bottom line.
According to a recent report from business advisory firm BDO, “Britain’s manufacturers have seen output surge three times faster than orders in the last quarter, with business confidence indicators also starting to show the first signs of a more stable economic backdrop after years of global and domestic uncertainty.” So the manufacturing sector is gearing up for growth in 2024 with a keen focus on optimisation.
The Manufacturing Outlook report for 2024 published by Deloitte, predicts that “technology is poised to play a significant role in supporting manufacturers in taking on the challenges they may face in 2024. With a persistent search for efficiency and focus on building resilience across the organization, many manufacturers look to continue to pursue their digital transformation objectives” The report highlights a notable trend among industry leaders, who recognize that embracing cutting-edge technologies and refining operational processes are paramount to staying competitive in today’s global market.
One of the key areas of investment driving this shift is the adoption of Industry 4.0 technologies. Smart manufacturing, data analytics, and the Internet of Things (IoT) are becoming key talking points of modern manufacturing facilities. These technologies enable real-time monitoring, predictive maintenance, and data-driven decision-making, contributing to a more agile and responsive production environment.
The reduction of wastage has been a key driver in many of the purchasing decisions that we have seen over the last year. By implementing technologies that offer precision control of production lines within steel plants or brick manufacturers, excess wastage is reduced as well as the added advantage of poor quality reduction.
Energy efficiency will also be a key driver throughout the coming year and it is clear that a commitment to a reduction in energy wastage will only be achieved through technological innovation and smart process monitoring. Embracing this shift is not just a response to current challenges but a strategic move towards a future where the manufacturing sector stands resilient and ready for whatever comes its way.
