Is Brexit our only worry?
Make no mistake, Brexit will have an impact on UK Manufacturing, but that alone is not the only threat and so we must look at ways to remain internationally competitive and relevant in a market which is constantly evolving, say The Manufacturer.
Since the public voted in favour of leaving the EU in 2016, Brexit is inescapable – it’s everywhere we look, on every newspaper front page and in every news bulletin. UK manufacturers have been rattled, the thought of tariff-free trade being extinguished is a valid threat, but it is certainly not the only one.
When life gives you lemons…
Brexit is happening and the long-term prognosis is largely unknown, but what is clear is that UK manufacturing shouldn’t be so absorbed in Brexit that they give up. It’s no use to simply sit back and let Brexit wash over us and wait to see what it leaves behind – whilst we do this the rest of the world is busy progressing and re-shaping.
The Manufacturer suggests that ‘technology and innovation through digital transformation should be more of a focus than Brexit’ – in other words, whilst we’re busy packing our big EU sized bags, technology is already moving forward without us.
UK Manufacturing is not dead in the water – in fact, recent statistics place the UK as the ninth largest manufacturing nation, with manufacturing making up 45% of UK exports, totalling £275bn. We’re players in a global game and with a little reshuffle and a very British ‘pull your socks up’ chat in the mirror, there is every potential for the UK to stay in the top 10.
In short, The Manufacturer suggests creating new value with customers – new products, services and revenue streams. And the foundation of all of this will rely heavily on building a strong digital presence – where technology innovations are understood and translated. Using Big Data and advanced analytics to stay ahead of the curve, IoT to transform supply chains, AI and automation to enhance human capabilities and Blockchain to create clever and more reliable supply chains – UK Manufacturing can more than hold its own on the global stage.