LEADERSHIP SHOWCASE
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“Manufacturing in the 21st century is no longer about mass-production , it involves the constant monitoring and modification of the production process ”
— Allan Graham , Managing Director , Duff & Phelps London
Graham has good reason to support this belief . “ According to the Office for National Statistics ( ONS ), that means the UK ’ s industrial sector has grown 1.4 % year-on-year since 1948 ,” he says . “ The ONS itself puts that down to a better-skilled workforce , a shift in production from low to high productivity goods , improvements in technology and increased investment in R & D ”.
For Graham , this idyllic picture is counterbalanced by the forward-looking and inter-related challenges manufacturers face in today ’ s market . “ The UK manufacturing sector is not as productive as some of our competitors . On every measurement , the UK productivity levels have been a consistent challenge over the past decade , and this is not just in the manufacturing sector , but services too . In recent months , this does appear to be reversing but it remains a major challenge all the same ”.
Competitiveness is at the core of this issue , as manufacturing in the UK is “ no longer predicated on producing huge sheets of steel at the lowest possible price ” but , rather , how to better implement technology and talent to produce better products for the world .
“ There is no doubt that there is a skills gap – anyone in the manufacturing sector will say the same . The UK Government Office for Science reported last year that a larger working
DECEMBER 2018