Factories need to gear up for fourth revolution

The majority of manufacturers based in Scotland are confident about Britain’s ability to compete in the international marketplace over the next five years, despite headwinds including Brexit.

New research from Barclays Corporate Banking reveals that 76 per cent of manufacturers are upbeat over the matter, with 42 per cent attributing their confidence to “fourth industrial revolution” technologies such as machine learning, sensors and big data.

Of those that have already invested, 54 per cent of manufacturers report that the adoption of those technologies has freed up staff to concentrate on more highly skilled work, while 51 per cent have seen improved productivity.

Jamie Grant, head of corporate banking for Barclays in Scotland, said: “Our research shows that manufacturers see the benefits of this cutting-edge technology, and many have started to match their intentions with investment.”

The study shows that the UK’S industrial heartlands, such as the West Midlands, stand to benefit the most.