The manufacturing sector is witnessing an unprecedented transformation, driven by technological advancements and a shifting global economic landscape. As we look ahead at 2024, several key trends are set to redefine the industry. This article explores these developments, offering insights into how they will influence the future of manufacturing while helping you stay relevant and competitive.
The UK is set to benefit from a £53m investment by the government to build five new digital manufacturing research centres. The funding has been made possible through the national Made Smarter programme. This collaboration between the UK government and industry supports the development and use of emerging technologies. But what is digital manufacturing and how can companies use it to their advantage?
The recent approval for the new nuclear plant at Hinckley Point had businesses across the region breathing a sigh of relief. Hundreds of companies locally and further afield pre-registered to become part of the supply chain solution for EDF Energy and its contractors with the aim of securing long term work in the region. With 90 major tier 1 contractors requiring further supply chain contracts of their own, the opportunities for businesses in and around the region are huge.
Many smaller local businesses took the step to improve their own staff development and training and internal processes with the aim of being ready and able to meet the demands of the project. The project which will take approximately 10 years to complete will provide more than 25000 jobs and have more than 5000 people working on site at any time. It is anticipated that it will provide 900 permanent jobs on completion.
Subcon 2016 is only a few weeks away now and with that in mind the organisers have asked some of their speakers their views and opinions on some key areas of manufacturing.
Not surprisingly, when asked about the biggest challenge facing the industry this year, 4 of the 7 said that they saw political and economic uncertainty as a major challenge in the coming months. The debate about staying or leaving the EU means that people are reconsidering longer term commitments and may even be delaying projects as they are unsure as to how they will be affected. Things will be clearer after the referendum in June, but there still may be longer term issues to consider depending on the outcome. It would be prudent for any business to consider the impact on them should the result be that the UK exits the EU. Of course it will take time for any exit policies and agreements to be put into place, but there’s likely to be some sort of immediate impact on existing contracts and projects. Should the vote be to stay in, then of course, things will settle back down, but it still may take a little time for that uncertainty to settle completely.
Your supply chain is your way of getting your goods or services to end consumers from obtaining raw materials to delivering the final product. The size of a supply chain will depend on the type of business you are. Small businesses may not have too many suppliers to deal with, where as a large or multi national company may have hundreds of suppliers to manage on a daily basis.
Supply chain management is all about optimising your business operations to ensure speed, efficiency and cost effectiveness. Today, ethical sourcing and sustainability also play a major part in decisions about supply chain partners. The wider economic and environmental issues are a factor for many companies when considering applicants to their supply chain, as well as how the applicant manages their own business. Your values and how you perform as a business is just as important as your ability to deliver an end product.
PRV Engineering recently became a rated supplier on the Chartered Institute of Purchasing and Supply Sustainability Index. This means PRV Engineering have demonstrated excellent sustainability in Economic, Environmental and Social terms.
The CIPS Sustainability Index gives a 360 view of the sustainability of a business and the Index allows for expedited relations between buyers and suppliers. Often similar questions will be asked of a buyer or supplier throughout the course of every deal, the answers to which may also be very similar. Recognition by the CIPS Sustainability Index assures both parties that the entity they’re dealing with is reputable and reliable.
Recent Comments