The Courier & Advertiser (Angus and Dundee)
Time to invest in next generation tech
The majority of Scottish manufacturers are confident in Britain’s ability to compete in the international marketplace over the next five years, according to a new report.
Research from Barclays Corporate Banking shows while 76% of manufacturers in Scotland have confidence in the international marketplace in the coming years, many are putting off investing in technology.
The report estimates 6,000 jobs would be created in Scotland in the next 10 years if manufacturers invest in smart factory technologies.
Barclays cautions that failure to adopt fourth industrial revolution technologies — which include machine learning, sensors and big data — will be a lost opportunity.
Scottish manufacturers’ main reasons for not investing now are concerns over investment return (38%) and capital expenditure (30%).
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.
“However, we are at a watershed,” he added.
“While the outlay may seem expensive for many at a time of uncertainty, the industry needs to raise its levels of investment in the skills and infrastructure needed to harness these new technologies and keep us more productive than other international manufacturing hubs.
“Businesses that make the leap will be rewarded.”
Mr Grant said that the weak value of the pound meant that now was a good time for manufacturers to invest in new technology.
He explained: “British manufacturing is going through another industrial revolution, but confidence alone does not translate into success and benefit.
“With sterling currently weaker and a robust appetite from domestic and international markets for British goods, the industry is in a strong position to take advantage of the opportunities investing in fourth industrial revolution technologies can bring.”