Strategic focus for the future lies within innovation, manufacturing executives say

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9th June 2015 13:22 - Industrial

The latest KPMG Global Manufacturing Outlook survey has discovered that strategic focus for the future, within manufacturing companies, is led by innovation and Strategic focus for the future lies within innovation, manufacturing executives saysupported by UK corporation taxes, such as Patent Box.

The report revealed that 48 per cent of the UK manufacturers surveyed said that strategic focus is being placed on innovation within their company. As well as this, only 2 per cent said that they believed UK taxes will be a challenge to their business in the coming 1-2 years.

The survey also revealed that approximately 50 per cent of the respondents plan to spend more than 6 per cent of revenue over the next 24 months, an increment of 21 per cent from the expenditure in the last 24 months.

Product development cycles have reduced from years to just a few months, with innovations such as 3D printing changing the manufacturing industry. However, for 64 per cent of manufacturers in the UK, 1 to 5 years is the time period for an innovation roadmap.

Head of the manufacturing sector at KPMG, Stephen Cooper, said of  the findings:

“UK manufacturers are keenly aware that innovation will be the key to future growth.

They also know that timelines are shrinking -the lead time from concept to commercialisation is dropping dramatically for those manufacturers hoping to remain competitive in today’s technology-driven business environment.

The UK has always been viewed as a leader in manufacturing innovation and there are clear signs that this will continue to be the case.

Encouraging tax rates, stable markets and growing investment in new technologies and advanced materials – such as graphene – continue to provide competitive advantages for UK manufacturers.”

In the UK, engineering talent is very strong but skills shortages are still an issue.

Of the manufacturing executives in the survey, 55 per cent indicated that they are investing in internal training in an attempt to tackle their own staff shortage. On the other hand, 52 per cent said the same of investing in apprentices.

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