LEADERSHIP
THE GLOBAL OUTLOOK for the manufacturing sector remains positive this year . Although global manufacturing experienced a mild deceleration in the rate of output expansion , the overall result was nonetheless a rise in output for the thirty-second consecutive month in July . An industry survey in the US also indicated that 88.5 percent of local manufacturers feel they are somewhat or very optimistic about their own company ’ s outlook in 2015 . In Britain , manufacturing output is expected to grow at a rate of 1.5 percent this year , according to the manufacturers ’ organisation EEF . As investment is strongly linked to productivity for any manufacturer ’ s business model , the EEF ’ s annual Investment Monitor report has found that 95 percent of British manufacturers surveyed are planning to invest to improve their productivity over the next two years . In particular , about
80 percent of them plan to invest in plant and machinery , followed by investment in skills ( 72 percent ) and investment in innovation ( 33 percent ).
With shortening technological cycle times and the rapid pace of technology development , investment in up-todate technology is an increasingly important priority for manufacturers . Advancements in additive manufacturing such as the further development of 3D printing products that can now be highly customised to end-user requirements , as well as next stage developments like the printing of integrated electronic components , are taking the industry by storm . In the recent past , and following the economic crisis , many manufacturers felt compelled to put their investment plans on hold . Sweating the existing equipment , however , can clearly harm manufacturers ’ competitiveness . A report from the Confederation of British Industry posited that lack of
‘ With shortening technological cycle times and the rapid pace of technology development , investment in up-to-date technology is an increasingly important priority for manufacturers ’
8 O ctober 2015