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1、makeuk.orgUsing Data to Drive Manufacturing ProductivityInvestment Monitor 2024:In partnership withINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 2EXECUTIVE SUMMARYManufacturers will play a central role in that opportunity by investing and acting as a channel for national gro

2、wth,enabling the Government to achieve their mission for the UK to be the fastest growing economy in the G7.That goal is certainly achievable if manufacturing is set at the heart of any long-term industrial strategy.As many of us know,this vibrant industry continues to invest more than 30bn a year i

3、n capital assets and around 20bn in R&D,accounting for nearly half of the private sectors total spend on innovation.On top of this,manufacturers invest heavily in skills both in retraining existing workers and supporting the pipeline of future talent through apprenticeships.It is important we ensure

4、 business investment is adequately supported,and this research helps us pinpoint what we need to do next.Using the Investment Monitor Survey,we update and highlight what manufacturers investment priorities are over the next 12 months.This data can help us understand the direction of investment,which

5、 we can use to inform supporting industries like finance,to fuel those ambitions.This feature also includes a focus on the use and benefits of data analytics in the sector,as well as a look at the fund-raising aspect of investment.The survey highlights that more than half continue to prioritise inve

6、stment in plant and machinery and skills.However,investment in software,sustainability and R&D also rank high for businesses.As an interesting follow-up to Make UK and RSM UKs previous investment research,Long-term strategies are imperative to creating a competitive,predictable and stable economic e

7、nvironment for businesses.The new government has an incredible opportunity to reset the risk appetite of business and get investment flowing again.This means accelerating the digital transition through the mass adoption of industrial digital technologies,AI,data analytics,robotics,automation and mak

8、ing use of additive manufacturing techniques like 3D printing.Executive Summaryinvestment intensity in capital equipment expenditure has increased in the last two years indicating manufacturers are investing more in plant&machinery.This is a positive sign for the UK given business conditions are the

9、 most stable theyve been in over half a decade.Though,there are surprising differences between UK-owned and foreign-owned companies.But closing the productivity gap with our western competitors will not be easy.Over the last decade,as the fourth industrial revolution takes place,more organisations a

10、re using the power of data to discover efficiencies in the manufacturing process.The findings of this research shows that data analytics has penetrated every aspect of a manufacturing organisation,from the production process to all back-office functions like IT,finance and HR.Data is being used to a

11、ccelerate productivity and reduce costs.Though,the next opportunity lies in how we take this further,as most manufacturers are only using data analytics for about half,or less,of processes within each department,and only an average of about 10-20%have gone beyond this threshold.Government policy des

12、ign can play a crucial role in enabling further adoption of data analytics.The key themes identified by manufacturers largely echo the ideas proposed by our previous investment research,encouraging investment incentives to be designed with longevity,generosity and accessibility.The findings of this

13、survey show manufacturers want these ideas to extend to all types of incentives,which should be made simple,accessible and to stick for the long haul.In other words,the hallmarks of an industrial strategy.INVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 3CONTENTSCONTENTSExecuti

14、ve Summary 2Part 1 Investment Activity 4Investment priorities 4Investment intensity 5Investment intensity in plant&machinery over time 6Influence factors for investment 8Bringing it all together 9Part 2 Investment and Digital Analytics 10Advancing productivity with data power 10The benefits of data

15、analytics 13It always boils back down to people 14Data compatibility 16So what should manufacturers do to overcome the barriers?16Part 3 Investment and Financing 17Different methods of funding investments 18Funding research and development 19Barriers to accessing finance 20Part 4 Government Support

16、21Rule of three in policy-making 22Conclusion 23Recommendations 23RSM Viewpoint 24Making investments in digital technologies 5 key steps 254 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 1 INVESTMENT ACTIVITYPART 1INVESTMENT ACTIVITYINVESTMENT MONITOR 2024:USING DATA

17、 TO DRIVE MANUFACTURING PRODUCTIVITY 4Now that the dust has settled on the general election,manufacturers are looking forward as they prepare for the implementation of the UK Industrial Strategy,following its announcement at the recent Investment Summit.Manufacturers achieve productivity growth thro

18、ugh investment in capital,highly skilled labour,and taking risks on new ideas.More than half(53%)of manufacturers plan to prioritise investment in plant&machinery over the next 12 months,which would include equipment such as tooling machines,CNCs/PLCs,white goods and even office equipment such as co

19、mputers,chairs or desks.For manufacturers there is likely to be a greater focus on the productivity-enhancing capital equipment,which can be split into two categories.Either new investment to increase the capital stock of the business,or maintenance investment to update and replace depreciating asse

20、ts.The former can result in improved productivity which the previous government had sought to accelerate with use of incentives such as attractive capital allowances.Almost equal in priority is the investment in labour and skills(52%),specifically for production.The access of skills is one of the gr

21、eatest barriers to growth that manufacturers face today,so it is expected that businesses continue to invest in this area.Today,there are still over 60,000 vacancies in the sector,with 2.5 roles vacant for every 100 roles.1 Investment in labour can include both recruitment and retention as well as u

22、pskilling,training and apprenticeships to ensure a pipeline of future talent.Though,the Apprenticeship Levy has failed to meet its obligations to support training in new talent,with a nearly 40%decline in apprenticeship starts since the Levys inception in 2017.INVESTMENT PRIORITIES Chart 1:Manufactu

23、rers investment priorities in the next 12 months%share of responses1ONSSource:Make UK/RSM UK Investment Monitor Survey 2024Plant and MachineryLabour and Skills(production staff)Digital technologies and softwareSustainabilityR&D programmesAI technologiesLabour and Skills(non-production staff)Supply C

24、hain systemsNet zeroInternational expansion(Exports)New and improved buildingsStrategic acquisitions/supply-chain integrationInfrastructure(e.g.transportation systems,communication networks)International expansion(new plants overseas)OtherNone53%52%39%33%33%30%30%24%24%22%18%17%16%7%0%2%5 A HEALTHIE

25、R MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 1 INVESTMENT ACTIVITYINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 58.1%Investment in digital ranked relatively highly(third)amongst the list of priorities,which is somewhat unexpected,given R&D is usually

26、one of the most important investments manufacturers make.Though only for 39%,the ranking of this priority sends a signal that the manufacturing sector is looking to accelerate the adoption of digital technologies and is willing to prioritise it ahead of innovation spend in the coming year.This is a

27、great opportunity for the industry to benefit from optimisation strategies that could lead to massive productivity gains.Previous Make UK research found that one in four manufacturers were still at the“conception”stage of digitalising,meaning they were beginning to explore different solutions for th

28、eir business.And nearly half were at the“evolution”phase indicating they were already implementing new digital solutions.2 Now,manufacturers need to take these investments forward and reach the“revolution”stage when digital technologies return efficiency and productivity gains.INVESTMENT INTENSITYIn

29、vesting covers a wide range of ideas.As the priorities highlight,most investments will take the form of actions to help manufacturers achieve their goals,from digitalisation to decarbonisation.However,in terms of cost,not all investments are equal as some can require substantial funds,expertise and

30、carry different risks.As a result,there is a difference in the share of a companys turnover that may be allocated to certain types of investments.Comparing investment in plant&machinery with R&D suggests that manufacturers spend more on capital equipment than innovation,as expected.The average for p

31、lant&machinery is currently 8.1%,an increase from the last time this survey question was posed(in 2022)and reported an average of 7.5%.This is positive as it suggests that investment intensity may have increased in the last two years.R&D,alternatively,is slightly less investment intensive with the a

32、verage manufacturer spending 6.5%of their turnover on innovation.The largest group of manufacturers(59%)sit within the 6%or less category.It is natural that the typical manufacturer would invest more in plant&machinery given the high cost nature of physical equipment,though in some cases this may be

33、 untrue as manufacturers in specific industries,like aerospace,pharmaceuticals or chemicals,may be substantially more R&D intensive.OF THEIR TURNOVER ON INNOVATIONChart 2:Investment expenditure as a share of turnover,plant&machinery vs R&D%share of responses for each categorySource:Make UK/RSM UK In

34、vestment Monitor Survey 20242Make UK/AWS,Demystifying Digitalisation(2023)50%No expenditureDont know7%19%22%24%22%16%13%13%15%11%7%5%4%2%1%1%3%3%5%5%n Plant&Machinery n R&DMANUFACTURERS SPENTOF THEIR TURNOVER ON PLANT&MACHINERYAND6.5%6 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MAN

35、UFACTURINGPART 1 INVESTMENT ACTIVITYINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 6INVESTMENT INTENSITY IN PLANT&MACHINERY OVER TIMEInvestment intensity as a share of turnover historically deviated around the 7%mark,which is consistent with national statistics that suggest t

36、he manufacturing investment intensity for capital is closer to 6%.3 However,the survey findings now show that investment intensity in plant&machinery investment has exceeded 8%for the first time in a decade,which is a positive sign that the sector is investing more in productivity enhancing capital

37、equipment.The need for new,energy efficient machinery and the rising interest in robotics and automation is fuelling investment in these areas.A more stable political environment,combined with the absence of unwelcome economic shocks(such as a pandemic or energy cost crisis)has given businesses more

38、 time and room to breathe.This has enabled sensible decision-making in the investment scene and resulted in greater capital expenditure.The collection of data for R&D intensity has only just begun but it will be interesting to see whether innovation spend takes a similar path.Yet,it should be acknow

39、ledged that the increased share of turnover spend may also reflect rising interest rates which have restricted access to finance,especially for SMEs.As a result,it is possible that manufacturers are dipping into a greater share of their turnover to meet their investment needs.Chart 3:Investment in p

40、lant&machinery as a share of turnover,weighted averagesSource:Make UK/RSM UK Investment monitor survey 2024,previous Investment monitor surveys3Make UK calculations of ONS data(Business Investment as a share of turnover)201420152016201720182022202420142015201620172018202220245.9%7.2%7.5%6.5%6.9%7.5%

41、8.1%7 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 1 INVESTMENT ACTIVITYINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 7UK-owned manufacturers bet more on the UK economyDoes the type of ownership of a business make a difference to investment

42、intensity?Breaking down the data for both plant&machinery and R&D we find surprising differences between companies that are wholly UK-owned,internationally-owned(with a UK presence)and UK owned(with international presence).The breakdown of this data draws out two main themes:UK-owned firms invest a

43、greater share of their turnover on capital and innovation than internationally-owned companies.Larger UK organisations,with a more international presence,are more investment intensive than both UK firms without an overseas presence of internationally-owned firms.Based on this data alone,from a polic

44、y perspective,it is worth considering whether the Government should put greater focus on understanding the benefits of foreign ownership and ensure that they do gain from the domestic economy.The survey findings here would argue in favour of UK ownership of UK manufacturers,as well as focussing scal

45、ing up efforts on those UK-owned benefits.That is,of course,if we want to see more businesses increasing their investment here.Chart 2a:Average investment expenditure(%share of turnover),broken down by ownership typeSource:Make UK/RSM UK Investment Monitor Survey 2024International company with UK su

46、bsidiaryUK company with international operationsUK company,based only in UK9%6%5%5%11%11%n Plant&Machinery n R&D8 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 1 INVESTMENT ACTIVITYINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 8INFLUENCE FACT

47、ORS FOR INVESTMENTCost,access to finance,skills,risk appetite,competition.There are many factors that can influence a business investment choices,and generally it is not always possible to dictate investment by pulling on policy levers.However,long-term strategies from Government can provide certain

48、ty and predictability for industry,and visions such as achieving net zero and becoming an AI superpower can incentivise greater investment in productive activities.The recently published Industrial Strategy Green paper has named Advanced Manufacturing as a key sector that will drive the UKs strategy

49、 going forward.This messaging will help manufacturers direct their investment in a more appropriate direction.For this reason,nearly six in ten manufacturers say that confidence in the domestic market is the most important factor which will influence their investment decisions,whether that is in pla

50、nt&machinery,innovation or labour.Confidence in economic conditions supersedes even the need to upgrade and/or replace equipment,which is important for 43%of businesses.However,there are other factors,including exporting conditions,the need to expand as well as Government incentives,such as capital

51、allowances or R&D tax credits,which improve the potential return on investments(ROIs)for different projects.For each business,the most important factor may be slightly different,but it is clear external conditions play a more prominent role than internal business conditions.Chart 4:Factors that will

52、 influence decisions to increase investment over the next 12 months%share of responsesSource:Make UK/RSM UK Investment Monitor Survey 202459%OF MANUFACTURERS SAY CONFIDENCE THAT DOMESTIC DEMAND HAS IMPROVED WILL INCREASE INVESTMENT Confidence that domestic demand has improvedNeed to replace/upgrade

53、equipmentConfidence in the export outlook has improvedExpanding into new areas of activityNew Government incentives making it more attractive to investEmerging capacity constraintsNeed to reduce labour(more automation)The tax environment is more supportive for investment nowGreater political certain

54、tyIncrease supply-chain resilienceMore internal finance available to fund investmentImproved supply chain decision making and insightImproved infrastructure networksMore external finance available to fund investmentCompetitor modernisationOtherDont know59%2%43%40%39%30%23%22%19%18%16%16%14%13%13%11%

55、1%9 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 1 INVESTMENT ACTIVITYBRINGING IT ALL TOGETHERPriorities for the medium term are clear for manufacturers.From a policy perspective,it is important that we dont pull the rug from under the feet of manufacturers with too

56、 many radical changes to existing incentives.This will help produce the domestic confidence manufacturers are looking for.The Government should commit to keeping full expensing of capital allowances in place,making R&D tax credits easier to use,and directly tackling disincentives like unfair busines

57、s rates.Despite the differences in investment intensity by organisation ownership,FDI will play a prominent role in achieving the Governments missions.Going forward,it is important we adapt our business environment to attract foreign investments of the highest quality which ultimately leads to great

58、er prosperity for the UK.All of this good work should be coupled with proper campaigning to ensure businesses are also aware of the wider support ecosystem that exists,such as public-private funded institutions like the Catapults,Innovate UK,the British Business Bank or Made Smarter.Collaboration be

59、tween these institutions can help accelerate the adoption of the technologies that will be key to economic progress.INVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 910 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGINVESTMENT MONITOR 2024:USING DATA

60、TO DRIVE MANUFACTURING PRODUCTIVITY 10PART 2 INVESTMENT AND DIGITAL ANALYTICSPART 2INVESTMENT AND DIGITAL ANALYTICSSince the onset of electronic telecommunication technologies in the late 1800s,to modern internet services,the volume and value of data that businesses and people produce has reached un

61、precedented levels.The value of that data broadly depends on how it is analysed and used to inform decisions such as investment choices,recruitment,marketing strategies,or resource management.Manufacturing businesses are a life spring for data which grants great opportunity for data analytic solutio

62、ns to provide support.Now many businesses are beginning to find unique ways to use the abundance of unstructured information they have to create both effectiveness and efficiency gains.The use and impact of data analytic technologies in the manufacturing sector is one of the key themes of the Invest

63、ment Monitor survey.Manufacturers make use of data analytic technologies in many different ways,from optimising the manufacturing process;planning stock levels across their supply chains;to developing social media campaigns and calculating return on investments for R&D.The applications are endless,t

64、hough many SMEs remain behind the curve when it comes to maximising adoption of these technologies.Despite this,an overwhelming majority of manufacturers(66%)say that data analytics have made an overall positive contribution to their business which suggests there is largely a welcoming response for

65、such technology amongst these businesses.These are exciting times for the world of data,worth more than 15bn to the UK4,and manufacturers are exploring data analytics for all functions of their businesses to maximise their benefits.When asking manufacturers in which areas they had implemented data a

66、nalytics,at least 50%said,encouragingly,all key departments had some level of data analytics built into their functionality.ADVANCING PRODUCTIVITY WITH DATA POWERChart 5:Has the use of data analytics made an overall positive contribution to your business?%share of responsesSource:Make UK/RSM UK Inve

67、stment Monitor Survey 202466%14%20%n Yes n No n Dont know 4Department for Business&Trade(Data analytics and artificial intelligence applications in Leeds City Region-great.gov.uk international)11 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 2 INVESTMENT AND DIGITAL

68、ANALYTICSFor most it varied anywhere from 1%and 49%of the particular area whether its in finance,IT or HR.One in four have implemented data analytics into 49-99%of the manufacturing process too,highlighting progress in the digitalisation journey.An illustration of data analytic examples in the manuf

69、acturing sector are also highlighted below.Furthermore,we asked manufacturers,of these varying functions,which have benefited the most from data analytic technologies.The results place the following in the top three:36%said the manufacturing process(quality management,material/product processing)31%

70、said marketing and sales(e.g.CRM)30%said back office(fiance,billing,invoicing,procurement etc.)Whilst there was a mixed response,the top three indicates that data analytics have positively impacted manufacturers across front,middle and back office functions.INVESTMENT MONITOR 2024:USING DATA TO DRIV

71、E MANUFACTURING PRODUCTIVITY 1112 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 12PART 2 INVESTMENT AND DIGITAL ANALYTICSQuality Management Systems(QMS)can enable manufacturers to ensure products meet

72、regulated standards,as well as support defect detection using machine learning techniques.Energy Management and Emissions control tools are a growing sector for data analytics as more manufacturers implement ESG strategies to reduce their carbon footprint.The emergence of AI is also creating new opp

73、ortunities in this area.Manufacturers can use Enterprise Resource planning(ERP)or Material Requirements planning(MRP)software to manage inputs/outputs.ERPs can connect MRPs to other parts of the business,such as energy management.Predictive maintenance software can help manage plant&machinery perfor

74、mance by using data to detect instances of repair/maintenance.This can significantly reduce repair costs,as well as extend the life of assets.Gamification of training is supported heavily by data analytics.Businesses can use data on user characteristics to tailor training schemes to maximise their i

75、mpact.So far,mainly training centres have used these techniques.Customer Relationship Management(CRM)is one of the most common software used by almost all businesses.Manufacturers can use it to manage customers/suppliers,collect data and identify opportunities for engagement.Chart 6:Data analytics p

76、enetration within various functions in a manufacturing business%share of responses showing what share of processes currently make use of data analyticsThe manufacturing process(quality management;material/product processing,finite scheduling)Marketing and sales(e.g.CRM)Supply chain management planni

77、ng,forecasting and capacity planningManufacturing product design and developmentCustomer ExperienceBack-office:eg:Finance,billing invoicing,reconciliations,etc.ComplianceTransport and logisticsProcurement(supplier selection/performance management,inventory monitoring)Energy managementSkills training

78、HR:recruitment,payroll,staff managementSource:Make UK/RSM UK Investment Monitor Survey 202414%56%26%4%18%52%24%6%21%54%23%2%22%53%22%3%27%50%21%3%16%59%20%6%34%46%19%1%24%56%18%2%26%56%17%1%34%48%16%2%26%58%13%2%EXAMPLES OF DATA ANALYTICS USES ACROSS THE MANUFACTURING BUSINESSn None(0%)n Some(1-49%)

79、n Most(49-99%)n All(100%)INVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 13PART 2 INVESTMENT AND DIGITAL ANALYTICSThe benefits of data analytics are numerous and sometimes can be unexpected.For manufacturers,investment in any modern technologies must result in some positive re

80、turns,such as productivity increases,to be worthwhile.THE BENEFITS OF DATA ANALYTICSOF MANUFACTURERS HAVE BENEFITED FROM INVESTMENTS IN DATA ANALYTICS The majority of manufacturers cite exactly the type of efficiency gains that businesses look for in prospective investments.56%highlight more efficie

81、nt use of resources due to data analytics,followed by 49%pointing to improved productivity.Although not covered in detail,analytics supports both the identification of where to automate and make tactical improvements that are efficiency based,and,more importantly,analytics supports the decision supp

82、ort systems needed for those who need to plan and allocate often scarce capacity and resources.These are all about being more effective in the deployment and yield gained through both capital and resource utilisation.The rest of the benefits all relate to a form of efficiency gain covering other asp

83、ects such as profitability or quality.Only 7%of manufacturers have indicated that they have not invested in digital analytics.Nearly two in five(38%)manufacturers highlighted that the benefits exceeded their own expectations.This is an important point,particularly when reviewing investment projects,

84、as the element of uncertainty can go in either direction,despite many assuming risk comes with only negative connotations.More than half(58%)said the benefits were as they expected.This is,so far,really good news,but as reported earlier,most manufacturers have only implemented data analytics to arou

85、nd half of their business processes.This means there exists opportunities to expand on the adoption of data analytics and integrate them further into processes.One area that needs to be looked at more closely is how data analytics can fit within wider technological adoption,such as automation/roboti

86、cs,AI or energy efficiency and ensure that data collected in any one part of the business can be used to benefit other parts as well.The flow of data,the power of computing,and the decisions made to take advantage of such knowledge will be the key drivers to propelling productivity growth in the sec

87、tor.Chart 7:The benefits of data analytics%share of responsesSource:Make UK/RSM UK Investment Monitor Survey 202493%More efficient use of resourcesImproved productivityImproved labour efficiencyImproved qualityImproved profitabilityMake business leanerIncreased production flexibilityReduced maintena

88、nce costsImproved complianceIncreased visibility across our supply chainFaster time to marketDifferentiate from our competitorsReduced demand for technical skillsOtherWe have not invested in data analytics56%7%49%36%33%32%25%22%17%17%16%16%14%6%1%38%OF MANUFACTURERSSAID THE BENEFITS OF DATA ANALYTIC

89、S WERE BETTER THAN EXPECTED58%SAID THEY WEREAS EXPECTEDINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 14PART 2 INVESTMENT AND DIGITAL ANALYTICSData analytics is evidently widely accepted by the manufacturing community.The next step is pushing the limits of data analytics and

90、better integrating them into businesses so that manufacturers can gain those efficiency benefits highlighted.As with all types of investments,there may be barriers that restrict access,particularly in smaller businesses that may lack sufficient knowledge or capital to support those leaps of faith.Th

91、e top reason manufacturers have not been able to maximise the value of data analytics is a lack of digital skills.Programming,software,big data and engineering skills are critical to enabling the adoption of new digital technologies.The demand for such skillsets is growing in every sector from retai

92、l to construction and even banking and healthcare.Though there is little evidence on the true skills gap,it is estimated that there could be nearly 180,000 vacant roles that require data skills in the UK,more than twice the number of vacancies in the manufacturing sector5.Alongside the lack of skill

93、ed bodies,the existing stock of human capital with data skills mainly includes people who use primarily Microsoft Excel,with fewer people knowing how to make use of tools such as Power BI,Tableau or Python.It is estimated that workers in manufacturing spend up to three hours a day on data tasks,but

94、one third of that time is managed inefficiently due to low quality data skills6.Solving the skills challenge with a combination on retraining schemes and ensuring the education systems curriculums for young people are meeting the needs of a future work force will play a central role in accessing the

95、 opportunities that data brings.IT ALWAYS BOILS BACK DOWN TO PEOPLEChart 8:The main barriers that have limited a manufacturers ability to make full use of data analytics%share of responsesSource:Make UK/RSM UK Investment Monitor Survey 20245Data science skills in the UK workforce-POST(parliament.uk)

96、6Multiverse,Mapping the data skills gap,2024Lack of digital skillsData integration challenges with existing softwareHigh cost/insufficient budgetLack of expertise on how to use data to drive changeLack of digital or data strategyDifficult to bring employees onboardLack of confidence/trust in dataLac

97、k of data on return on investmentLack of concrete use cases/case studiesToo much choice of potential digital solutionsLack of business sponsor/support from senior leadershipNot enough choice of digital solutionsOtherNo challenges42%14%39%31%26%20%20%17%15%11%9%6%4%2%INVESTMENT MONITOR 2024:USING DAT

98、A TO DRIVE MANUFACTURING PRODUCTIVITY 15PART 2 INVESTMENT AND DIGITAL ANALYTICSIdentifying what comes first:The people or the technology?The surprising twist in how skills impact the adoption of data analytic technologies,is how the adoption of data analytics impacts the need for skills.Nearly three

99、 fifths of manufacturers say that adopting data analytics increases the need for high skill labour,whilst a similar share(54%)say the need for low skill staff will decrease.This suggests that overall,the net change in employment could be positive though it is difficult to say this with certainty.Acc

100、ording to the Made Smarter review,the impact of adopting industrial digital technologies(IDTs),which cover more than just data analytics,on jobs growth is about 1.5%-3%per annum,or a net gain of 175,000 jobs throughout the economy.And yet,the lack of skills is itself a barrier to adopting and using

101、digital analytic technologies.The impact of data analytics on jobs is likely to be less nuanced than,say robotics or automation which can directly replace roles.Data analytics instead can improve efficiency within existing tasks and enable workers to focus more on value-add activities,such as innova

102、tion,marketing or sales.Generally,it is not jobs that are replaced by technologies but specific,laborious tasks like data entry.In the case where jobs are replaced,however,it is not generally that those who were previously employed in“low skill”roles can easily transfer into the newly vacant“high sk

103、ill”roles.In such circumstances,retraining programmes become a key policy consideration for Government,something it would need to consider closely if it is to appropriately incentivise a digital revolution.Chart 9:Impact on hiring needs due to the adoption of data analyticsSource:Make UK/RSM UK Inve

104、stmaent Monitor Survey 2024Low skillHigh skilln Increase n Decrease n No change 19%27%54%58%10%32%INVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 16PART 2 INVESTMENT AND DIGITAL ANALYTICSThe second barrier disabling progress in data analytics is the lack of integration with ex

105、isting software.Manufacturers use many different types of solutions for different areas of the business,such as specific software for accounting and billing which will likely differ to the programmes used to manage supply chains or health and safety.Most data analytic programmes typically tap into a

106、 small number of platforms,such as Microsoft,Google,or AWS which,in theory,should enable different data products to mix with each other.The problem is many SMEs,nearly three quarters,continue to rely on legacy systems to operate machinery,which make it more difficult for modern solutions to integrat

107、e without a full house system upgrade.7 Furthermore,the lack of awareness or understanding of how these products work can make integration challenges worse.In this case,skills become an issue again as knowledge of how to integrate such software is often the trade of an expert.DATA COMPATIBILITY7Into

108、ware,“Why Is Disconnected Data Holding Your Business Back?”,2023Learn from success stories,seek advice and explore every nook and cranny to make sure all avenues have been considered.As part of this report,RSM UK have created a simple five-step process that can help any manufacturing business take t

109、hat next step on their digitalisation journey,whether they are only at the beginning or already experienced.This can be found on page 25.SO WHAT SHOULD MANUFACTURERS DO TO OVERCOME THE BARRIERS?17 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 3 INVESTMENT AND FINANCI

110、NGPART 3INVESTMENT AND FINANCINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 17Following 14 back-to-back increases in interest rates since 2021,there was a growing concern that access to finance would become more restricted for businesses,particularly for smaller businesses

111、 that may have challenging liquidity positions or lack awareness of where to seek additional support.However,finance is recognised to play a hugely important role for investment,with 70%of manufacturers highlighting that they would have invested less,or none,if access to finance was reduced.8Fortuna

112、tely,over half(58%)surveyed said that raising funds for investment has been very or somewhat easy.Overall,it is positive to see that many manufacturers are active in fundraising for investments,which can support investment in plant&machinery,R&D or even adopting data analytics.Chart 10:The ease of r

113、aising funds for investment%share of responses8Make UK/NatWest,Finance:Opening Doors to Investment in Manufacturing(2024)Source:Make UK/RSM UK Investment Monitor Survey 2024A key ingredient in the investment cycle is how business access and use finance to support their capital expenditures.Finance i

114、s critical to enable the adoption of data analytics as well as purchasing plant&machinery or developing new products.n Very easy n Somewhat easy n Somewhat difficult n Very difficult n My business doesnt raise finance for investment projects 15%15%4%23%44%18 A HEALTHIER MANUFACTURING WORKFORCE WELLB

115、EING AND WORK IN UK MANUFACTURINGPART 3 INVESTMENT AND FINANCINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 189Make UK/NatWest,Finance:Opening Doors to Investment in Manufacturing(2024)10Make UK/RSM,Investment Health(2022)DIFFERENT METHODS OF FUNDING INVESTMENTSManufacture

116、rs can access many different types of finance to fund specific projects.Previous Make UK research found that the most common investment that requires access to finance is capital equipment(i.e.plant&machinery),which leads naturally to most manufacturers using asset finance(39%)and debt(27%)for inves

117、tment.9Plant&machinery can be divided into different categories,which cover Basic,Advanced and Long-term capital.The types of finance that are most likely to be used can differ based on the type of investment10.As the survey findings illustrate below.The data finds manufacturers use short-term credi

118、t more to invest in basic capital,but as the size of the investment grows into advanced or long-term fixed capital,businesses become more reliant on more material external finance(such as loans,equity,or cash injections from parent organisations).These results are as expected for manufacturers.Chart

119、 11:Methods used to fund different types of plant&machinerySource:Make UK/RSM UK Investment Monitor Survey 2024Credit cardsUsing personal cashOverdraft facilityUsing past business profitsBorrowing from private/alternative lenders(cash flow loans)Raising funds through equityBorrowing against receivab

120、les(from banks or specialist lenders)Applying for grantsCash injection from parent organisationBorrowing from banks(cash flow loans)n Basic capital(puters and equipment for staff)n Advanced capital(e.g.onsite machinery for production and processing)n Long-term fixed capital(factory space,warehouses

121、etc.)64%29%7%64%25%11%53%30%17%49%37%14%35%49%16%34%41%26%32%39%29%27%50%22%26%40%34%20%46%33%46%OF MANUFACTURERS BORROW FROM BANKS TO INVEST IN PLANT&MACHINERY64%PREFER TO USE PERSONAL CASH TO INVEST IN BASIC EQUIPMENT34%RELY ON CASH INJECTIONS FROM PARENT ORGANISATIONS TO INVEST IN FACILITIES19 A

122、HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 3 INVESTMENT AND FINANCINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 1911HMRC,Research&Development Tax Credits Statistics(2023)FUNDING RESEARCH AND DEVELOPMENTThe findings differ to the types of

123、finance manufacturers would use to fund R&D and innovation spend.Types of finance manufacturers tend to use for R&D%share of responsesOwn finance56%R&Dtax credits46%Grants/subsidies39%Cash injections from investors20%Debtfinance16%Equityfinance7%The main difference between investment in plant&machin

124、ery and R&D is that the latter carries greater risk.When a manufacturer invests in R&D,often the greatest share of costs is accumulated by the research element.This is the process where ideas are brainstormed,experimentations occur,and products are tested through trials and errors.As a result,many i

125、deas may even fail and never see the light of day.Once a winning idea has been discovered with a proof of concept,the development stage can begin.Because of this it is incredibly important for state support to encourage investing in innovation.R&D tax credits are a major support mechanism for manufa

126、cturers,who account for 47%of all R&D expenditures.In 2022,manufacturers claimed over 1.7bn in R&D tax credits,making them the second largest claimant in the UK11.This demonstrates how much this sector relies on such support,and so it is critical that Government policy is aligned to ensure these inc

127、entives continue to be accessed by manufacturers.That said,just 46%of respondents rely on it.20 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGPART 3 INVESTMENT AND FINANCINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 20BARRIERS TO ACCESSING FINA

128、NCE Challenges faced when accessing finance in the last 12 months%share of responsesThere will always be some challenge to accessing finance,and the biggest one for manufacturers is higher interest rates.Though,interest rates are on their way down so more businesses may expect to find access to fina

129、nce improves overtime.Other factors,such as strict lending criteria,or complex application processes will be a bigger problem for smaller businesses.These issues are unlikely to be solved even if interest rates were lowered.Source:Make UK/RSM UK Investment Monitor Survey 2024Lack of awareness7%Diffi

130、culties convincing investors to provide cash9%Lack of good credit history5%High interest rates30%Weaker earnings performance21%Insufficientcollateral10%Complexapplicationprocess12%Strictlendingcriteria21%Barriers to accessing finance38%OF MANUFACTURERS FACED NO CHALLENGES ACCESSING FINANCE IN THE LA

131、ST 12 MONTHS21 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 21PART 4 GOVERNMENT SUPPORTPART 4GOVERNMENT SUPPORTThe findings of this survey make clear that manufacturers have bold investment plans,and

132、are accepting digital technologies,such as data analytics,with open arms.There is a significant opportunity to help businesses along this journey by ensuring that Government policy is creating a supportive business environment.Recent developments to capital allowances in the UK have been far more en

133、couraging than in any decade prior.Following the announcement that the 1 million threshold for the Annual Investment Allowance would be made permanent,the previous Government also introduced full expensing(100%)of capital allowances to replace the unprecedented super-deduction policy.It showed that

134、the Government was beginning to understand the value of being generous by creating policies that serve long-term growth agendas and are accessible to a wide variety of businesses.This change alone put the UK in the top five amongst OECD countries for how we treated capital expenditure by businesses.

135、These changes should be applauded,but we must avoid assuming the job is done.To retain the UKs competitive advantage in tax reliefs for capital allowances it is imperative we continue to advance the policy so that it can serve more businesses and generate the investment needed to boost productivity.

136、Policy changes that manufacturers believe will help further incentivise investment activity%share of responsesSource:Make UK/RSM UK Investment Monitor Survey 202443%want enhanced deductions introduced for R&D tax credits,such as additional reliefs for projects that may reduce carbon emissions or acc

137、elerate digitalisation43%want business rates reform so that it no longer penalises investment in capital equipment23%want improved access to export finance for SMEs46%want full expensing capital allowances to be expanded and allow for leasing and second-hand machinery53%want capital allowances to be

138、 easier to use to access reliefs for software investments that improve efficiency and sustainability56%want the Government to reduce corporation tax22 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 22PA

139、RT 4 GOVERNMENT SUPPORTIn 2022,Make UK and RSM developed the Principles of Capital Investment Incentive Design,these were:Longevity,Generosity,Accessibility.In the latest survey findings,we see similar themes continue to be highlighted by manufacturers,which can help give policy makers direction on

140、implementing an industrial strategy.RULE OF THREE IN POLICY-MAKINGOutside of cutting Corporation Tax,which is the most preferred policy change,manufacturers want capital allowances to be simplified and easier to use.For example,according to the Capital Allowances Manual,software can be considered as

141、“plant”under certain conditions even if there is no physical asset.Many manufacturers do not know this,and therefore are unaware of the potential to use capital allowances to accelerate the digital revolution.Improving information and clarification of such details can support investment in the manuf

142、acturing sector.The same applies to R&D tax credits,which are known to be quite complex.Many manufacturers(43%)would like to see R&D tax credits also made to be more generous,especially if certain innovation tasks could yield positive benefits that progress the sustainability or decarbonisation chal

143、lenge.By making such policies both simple and rewarding,we can enable manufacturers to have the confidence they need to invest in what matters.MAKE IT SIMPLEA large share(46%)wants full expensing of capital allowances to be expanded and allow for the leasing of plant and machinery assets.Following t

144、he announcement that full expensing would be made permanent,the Treasury indicated there would be consultation on the schemes expansion to leasing.Research shows that a small proportion of manufacturers,about 15%,prefer to lease than buy brand new and this is especially true for smaller businesses12

145、.By expanding the policy,whilst also making it easier to understand,we can ensure that no manufacturer is left behind.Additionally,it is not the Governments role to decide whether a business should buy or lease equipment.Therefore,to maximise the efficiency of capital allowances,manufacturers should

146、 be entrusted to make the right choices for themselves.This thought process should apply to any policy lever pulled to incentivise growth and investment whether it is capital allowances,Corporation Tax,R&D tax credits or even business rates.A fair system is critical for prosperity.For example,23%of

147、manufacturers also want export finance to be easier to access,another area of concern for SMEs.Many Make UK members have highlighted that accessing export finance has become extremely challenging for small businesses recently,and with less than one in four manufacturers currently exporting,13 there

148、is an accessibility challenge that clearly needs to be solved.MAKE IT ACCESSIBLELongevity was previously identified as a key ingredient in the investment process.14 Short-term,piecemeal supports that look great on paper did little to motivate manufacturers to make serious investments that could driv

149、e genuine growth.This lesson became clear to Government eventually,and with an industrial strategy on the horizon,the new Government has a perfect opportunity to take these ideas forward.It is the Governments role to set the national agenda and make it clear what the UKs ambitions are.Whether it be

150、a net zero economy or an AI superpower,by setting a clear objective we can mobilise manufacturers to invest in the areas that will lead to better jobs growth,higher productivity,and improved well-being for society.MAKE IT STICK12Make UK/RSM,Investment Health(2022)13ONS14Make UK/RSM,Investment Health

151、(2022)23 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 23PART 4 GOVERNMENT SUPPORTThe approach we take to solving the investment challenge will be key in solving many other challenges.Other western nat

152、ions are more open to this idea,as we have seen in Europe with the release of the Draghi report and the USs Inflation Reduction Act.The UK must demonstrate that it is a key player in the race to create the solutions that will help us decarbonise and digitalise.The industrial strategy will be a part

153、of that story,and as the results of this survey show,manufacturers are ready to invest and capitalise on the power of data.Data gives businesses power.When analysed,the insights of data can open opportunities that were not previously visible to managers.As we now know,data analytics is clearly impor

154、tant to manufacturers,but we can go further with the right incentives and create a supportive business environment.With the right tools,data analytics can improve supply chain resilience,find energy efficiencies,and even support the training of staff.It is imperative that we take advantage of a calm

155、er economic climate to push business investment further.This must include taking capital allowances and R&D tax credits further,looking at the apprenticeship system,and pushing the boundaries of trade so British made goods can go global.Capital equipment,R&D and labour will always be priority,but it

156、s sometimes the smaller steps we take that have the greatest impact.Using the power of data to drive productivity growth is that next step.CONCLUSIONCapital Investment Support Simplify access to capital allowances so more manufacturers can use it for a wider variety of investments,including software

157、 and digital.Expand full expensing of capital allowances to allow for the leasing of equipment,as well as upcycled/refurbished second-hand machinery to support sustainability.R&D Introduce enhanced deductions to R&D tax credits for specific classes of innovation investment,such as those for accelera

158、ting decarbonisation or digitalisation.Review the changes made to R&D tax credits in 2023,and revise the changes that negatively impacted support for SMEs.Keep the commitment to roll out the Made Smarter adoption programme to the remaining English nations.Labour/Skills Ring fence Apprenticeship Levy

159、 funds,and ensure funding bands are reviewed to appropriately fund training courses.Ensure there is sufficient flexibility within the Levy to allow for access to shorter/modular courses.This will help to address the reskilling challenge,particularly for digital skills.RECOMMENDATIONS24 A HEALTHIER M

160、ANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGVIEWPOINTRSM VIEWPOINTINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 24The industry already invests nearly half of the private sectors total spend on innovation with around 30bn a year in capital assets and 20bn in

161、R&D.So,the labour government has strong foundations to build upon and its only right that the focus is on embedding an industrial strategy,providing further confidence to the industry and,in the long run,stimulating even greater investment.The push towards automation and digitisationWhile investment

162、s in plant and machinery,skills and R&D will always rank highly on the list of investment priorities for manufacturers,one of the key messages that jumps off the page within this report is the extent to which investments in digital technologies are being prioritised.This shift isnt just about modern

163、ising operationsits about fundamentally transforming the way manufacturers approach production,resource management,and innovation,and it appears investments in data analytics are taking centre stage.Investment in Skills and Workforce DevelopmentOf course,one of the major barriers to broader adoption

164、 of digital technologies remains a lack of digital skills,and its therefore encouraging to see the emphasis manufacturers are placing on workforce investments.The gap in high-level digital skills presents a challenge,but it also represents an opportunity for businesses to invest in training and deve

165、lopment programs that will enable them to harness the full benefits of digital transformation.In addition to upskilling current employees,manufacturers continue to invest in apprenticeships and recruitment to ensure they maintain a steady pipeline of talent.The manufacturing sector has endured its f

166、air share of turbulence in recent times.Geopolitical tensions,supply chain challenges,slow demand,and inflationary pressures have all played their part in the sector lagging behind the UKs general economic recovery.To this backdrop,its hugely encouraging to see such clear investment intentions outli

167、ned within our Investment Monitor.Financing Challenges and OpportunitiesWhile improving economic conditions have bolstered manufacturers confidence,27%of survey respondents cited difficulties in raising finance.Helping our clients navigate these challenges has become more and more important as the m

168、yriad of financing options continues to shift and as testing market conditions have complicated matters further.The importance of investment incentive schemes should not be overlooked as a source of capital too.We regularly assist our clients with their innovation and capital tax relief claims,dispe

169、lling myths that they do not undertake any qualifying activities,or that its too difficult to make a successful claim.In our experience,businesses taking a proactive approach to exploring multiple avenues of finance are more likely to secure the capital they need to invest in growth and innovation.T

170、he futureOur 2024 Investment Monitor survey shows that manufacturers are cautiously optimistic about the year ahead.With a focus on digital technologies,skills development,and strategic investments,the industry is positioning itself to lead in innovation and productivity-but it needs support.Embeddi

171、ng an industrial strategy that delivers long-term and sustainable growth right across the UK must be the focus for Government,with greater collaboration taking place between industry,Government and the finance sector one of the most crucial components.Mike Thornton,Head of Manufacturing,RSM1515https

172、:/ A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGVIEWPOINTINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 25The impact of data analytics extends beyond the production floor to back-office functions such as finance,HR,and supply chain management and

173、our findings indicate most manufacturers have only implemented data analytics to around half of their business processes,meaning there is still more to do if they are to make full use of these technologies.We are certainly seeing increasing adoption taking place across our manufacturing clients,and

174、for those business that are yet to take that leap,we believe there are 5 clear steps for manufacturers to consider.Step 1 Vision,Strategy,and Operating Model This step will help companies address any anxieties with the beginning of the digitalisation journey,by defining goals that consider budgeting

175、,resource allocation,and timelines as well as the target(or future)operating model they need to deliver the vision.We call this the WHY and WHAT in their problem statement.Step 2 Insight and Data DiscoveryAt this step a business should ask questions around WHICH processes need to be improved and aro

176、und what tools and data they will need and what outcomes are expected as a result of the investment.This should form part of a portfolio of changes to their operating model in terms of digitising areas such as manufacturing processes,back office or customer service areas.Ultimately the portfolio wil

177、l come about from the difference to what they have today to determine what changes in systems require updates and what the future re-imagination of these areas could be through the application of technology and data.Sometimes this can start by identifying a small problem which we often term a digita

178、l use-case,that could be solved with a new or replacement digital and data solution.Step 3 Establishing Government and Support Processes to Secure Success Identify the people who will have ownership of responsibilities(IT manager,head of procurement,head of operations etc.)This will require evaluati

179、ng your understanding of data and establishing data management practices.Such as data collection,storage,analysis,and ensuring a cyber secure infrastructure is in place.It may also require building knowledge of regulations and standards to ensure businesses do not contravene in any areas(e.g.GDPR).S

180、tep 4 Transformation,Implementation and ExecutionSuccessful implementation requires managing how people will need to embrace and make the shift on the transformation journey needed around future data and technology needs.Often this requires change management,which involves providing support,training

181、 and communication to employees to make sure they understand the benefits of digital solutions.For example,gather data directly from shop floor staff to build insights that can lead to operational change and demonstrate how data insights can be used to enable this.Additionally,a company can create a

182、 series of change workshops that involve employees directly in the digitalisation journey.Step 5 Optimisation and InnovationKeep track of progress.For example,once a new technology has been piloted,a manufacturer should consider whether replication of this technology would be appropriate in other ar

183、eas of a business or expansion into the current process.This requires understanding ROIs and the benefits of wider adoption which may not be the same in all departments of a business.These decisions should be taken by leaders with input from shop floor staff.Joel Segal,Head of Business Transformatio

184、n,RSM1616https:/ INVESTMENTS IN DIGITAL TECHNOLOGIES 5 KEY STEPS26 A HEALTHIER MANUFACTURING WORKFORCE WELLBEING AND WORK IN UK MANUFACTURINGABOUTMake UK,The Manufacturers Organisation,is the representative voice of UK manufacturing,with offices in London,every English region and Wales.Collectively

185、we represent 20,000 companies of all sizes,from start-ups to multinationals,across engineering,manufacturing,technology and the wider industrial sector.Everything we do from providing essential business support and training to championing the manufacturing industry in the UK and internationally is d

186、esigned to help British manufacturers compete,innovate and grow.From HR and employment law,health and safety to environmental and productivity improvement,our advice,expertise and influence enables businesses to remain safe,compliant and future-focused.makeuk.orgMakeUKCampaigns#BackingManufacturingF

187、or more information,please contact:Fhaheen Khan Senior Economistfkhanmakeuk.orgMake UK Central PolicyMakeUKCentralPolicymakeuk.orgINVESTMENT MONITOR 2024:USING DATA TO DRIVE MANUFACTURING PRODUCTIVITY 26RSM UK is a leading audit,tax and consulting firm to the middle market with 5,420 partners and st

188、aff operating from 31 locations throughout the UK.For the year ending 31 March 2024,RSM generated revenues in excess of 543m.RSM UK is a member firm of RSM International-the sixth largest network of assurance,tax and consulting firms globally.The network spans more than 120 countries,over 800 office

189、s and more than 64,000 people,with global revenues of$9.4 billion(US).As an integrated team,they share skills,insight and resources,as well as a client-centric,collaborative approach thats based on a deep understanding of clients businesses.This is how they empower their clients to move forward with

190、 confidence and realise their full potential.Manufacturing is one of RSMs key sectors,providing services to more than 1500 manufacturing businesses each year.Their experience in the sector has been built up over many years by serving the needs of their manufacturing clients and providing proactive s

191、olutions to their compliance and business advisory requirements.RSM understands the complexity of the demands the industry is facing,whether its managing supply chain disruption,productivity challenges,labour shortages,environmental pressures,or making investments in digital technologies.RSM also fo

192、cusses on specific sub-sectors within the manufacturing industry to improve their service to clients.These include:aerospace and defence,automotive and food and drink.They have national sub sector groups that regularly provide insights and events for these parts of the manufacturing sector.Combining

193、 their industry knowledge,deep resources and personalised service,they offer solutions to help their clients achieve their objectives.For further information,please visit the RSM website or opt in for their manufacturing mailings.To speak with RSM about the challenges and opportunities that your man

194、ufacturing business is currently facing,please contact:Mike ThorntonHead of Manufacturing,RSM UK+44 7725 258094 Joel SegalHead of Business Transformation,RSM UK+44 7590 makeuk.orgMake UK is a trading name of EEF Limited Registered Office:Broadway House,Tothill Street,London,SW1H 9NQ.Registered in En

195、gland and Wales No.059501722024 Make UKPROCESS INNOVATION:BRINGING MANUFACTURERS TO THE FRONTIERMake UK champions and celebrates British manufacturing and manufacturers.We stimulate success for manufacturing businesses,allowing them to meet their objectives and goals.We empower individuals and we in

196、spire the next generation.Together,we build a platform for the evolution of UK manufacturing.We are the catalyst for the evolution of UK manufacturing.We enable manufacturers to connect,share and solve problems together.We do this through regional and national meetings,groups,events and advisory boa

197、rds.We are determined to create the most supportive environment for UK manufacturers to thrive,innovate and compete.We provide our members with a voice,presenting the issues that are most important,and working hard to ensure UK Manufacturing performs and grows,now and for the future.To find out more

198、 about this report,contact:Name SurnameJob Titleemailmakeuk.orgName SurnameJob Titleemailmakeuk.orgName SurnameJob Titleemailmakeuk.orgQueens Park Queens Way North Team Valley Trading Estate GatesheadTyne and Wear NE11 0NX t:0191 497 3240e:enquiriesmakeuk.org makeuk.orgMake Business is a trading name of EEF Ltd,an employers association regulated under part II of the Trade Union and Labour Relations(Consolidation)Act 1992.EEF Limited.Registered Office.Broadway House,Tothill Street,London,SW1H 9NQ.Registered in England and Wales.No.05950172.FK.21.10.24