Industrial Economic Outlook 2018
Economic outlook for industry and manufacturing is good news for many
As always, adaptation, investment and re-invention is key to survival
7 July 2018
Digital Technologies
Smart Factories
Cloud-based commerce
Virtual and Augmented Reality
A summary of some key trends and findings:
CBI - Recovery in manufacturing order book is promising
Manufacturing order book remains strong
Output is up over the last 3 months, but it's a rollercoaster
Average selling prices expected to increase
Read the full trends survey here
Industry Week - Some predictions for manufacturing, including the Smart Factory
The Internet of Things (IoT) will dominate many of the digital integrations of operations and information technologies (what is the Internet of Things?)
Product design and development will increasingly involve direct collaboration and communication between manufacturer and consumer, using tools such as virtual reality and cloud-based crowdsourcing leading to 25% increase in product success rates
80% of supply chain interactions will happen across cloud-based commerce networks, dramatically improving participants' resilience and reducing the impact of supply disruptions by up to one-third
Read the full report here
PWC - Economic Insights and Manufacturing Trends Reports
UK economic growth will be modest at 1.3% in 2018 and 1.6% in 2019
Skills shorages not just in technical competencies. While the importance of STEM skills should not be underestimated, manufacturers will need to ensure they balance critical technology skills with innovation, creativity, empathy and leadership capabilities
AI and related technologies will create as many jobs as they will displace over the next 20 years, but with significant variations across industries and some predictable winners and losers in the jobs market:
Winners - Health; Professional, scientific and technical services; Education
Losers - Manufacturing; Transport and Logistics; Public Administration
Read the detail here andAnnual Manufacturing Report