When producing goods, it’s essential that every link in the supply chain works efficiently and effectively. You need to be confident that you’ve considered all areas of potential operational efficiency, as even slight variations in output can have a knock-on effect impacting quality, margin, price, speed to market, business reputation or the safety of workers.
The volume of information we can now access about the goods we manufacture is growing exponentially. If collected and analysed correctly, data can be valuable to every part of your business and to your customers. With this ‘data monetisation’, you could create new routes to market for your business, drive customer loyalty and support long-term growth.
Manufacturing is the third-largest industry to utilise the Internet of Things (IoT) in the UK,, and this is expected to increase in the next few years. Benefiting everything from the production line to when products are delivered to – and consumed by – end users, automation can help you better deploy your workforce and grow your product value.
The rapid growth in technology has led to a shift from selling products and services to selling ‘outcomes’ – enriched products that include services which can enhance how they’re used, grow brand loyalty and create new routes to market. But for businesses considering this approach, you need to ensure your business can support the move to an outcome-based model.
With the implementation of newer technologies, it’s vital to have access to the right STEM (science, technology, engineering and mathematics) skills in your business. Your working environment – both physical and cultural – will greatly influence how you acquire and grow skilled resources through apprenticeships, external recruitment and internal development.
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