THE ROAD AHEAD
NAVIGATING CHOPPY WATERS
THE ROAD AHEAD
Despite the challenging outlook , we ’ re seeing businesses across the sector developing strategies to cope with the issues facing them and remain competitive . One of these includes investing in technology . AI and robotics , for example , will enable firms to continue to upskill staff and drive efficiencies , helping to improve profitability . Their use in the production processes will also play a vital role in creating a more environmentally friendly sector .
NAVIGATING CHOPPY WATERS
With financial risk set to remain high for manufacturers across the global economy , particularly in the UK , it ’ s essential that measures are in place to deal with any potential risks . Partnering with a trade credit insurer can provide firms with insight and knowledge on both markets and trading partners that otherwise might have been out of reach , while their products protect against the potential impacts of both late and non-payments .
Closely tracking customers and the wider supply chain for signs of financial distress , such as a slowdown in payment terms or a sudden stream of credit checks , will also prove key . As manufacturers welcome in 2020 it ’ s vital they do all they can to strengthen against headwinds facing them that will enable them to look forward at the strategic investments in technology , talent and training that will drive growth in the future .
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