In a similar way that COVID-19 has forced a new work from home dynamic, for many in the business services sector, it has also forced manufacturers to become more open to change and innovation…..
71% of manufacturers suggest that implementing new technologies, such as artificial intelligence, blockchain, internet of things and 5G would be beneficial to their operations.
In light of the pandemic, it’s a shame but not a surprise that the key barriers to manufacturers accessing these benefits includes lack of budget (40% stating this has stopped them investing), cyber security concerns, which is only natural given high profile breaches with associated fines and a lack of skill set internally.
It’s great to see the ‘Made Smarter -Technology Accelerator‘ has teamed up with major industry partners (Sainsburys, BAE Systems and Babcock) to set challenges and award start-up / scale up funding to those who can address those challenges.
For those more mature manufacturing businesses, where budget constraints prevent their innovation and investment, (particularly where tax may curtail advancement on existing facilities), we can help introduce you to a range of specialist equity and debt funders which can work alongside your existing day to day facilities.
Equally, if Cyber Security is a concern to you, Polestar woudl be delighted introduce you to experts in this space.
Onwards and upwards.
COVID-19 could prove to be a turning point when it comes to UK manufacturers implementing advanced technologies……….with 77% saying that the pandemic has made their business more open to change and innovation.