The impact of innovation in the manufacturing sector has been proven to have a dramatic impact on companies’ bottom lines and competitiveness.
A recent report by PWC says that the most innovative companies in the sector saw a 38 per cent increase in revenues over the past three years, almost four times the growth of less innovative competitors.
As a starting point, companies may wish to recruit the right talent, seek business partners and introduce the technology to measure innovation benefits and progression.
Innovation
Although the benefits of innovation are often not apparent to the general public, there is no doubt that both agriculture and industry and construction have benefited greatly. The contribution of small to medium-sized companies is a major driving force. Development of new products in the metal bonding adhesive area such as those found at http://www.ct1ltd.com/product-applications/metal-to-metal-adhesive/ are a good example of this.
Looking ahead, top innovators are targeting growth of 6.9 per cent, and the least innovative group expects to achieve just half of that. Over a period of five years, this will create a huge gap. This will be driven by the increased revenue from new products, which those competitors who are not bringing products to the fore cannot match. The latter generated just 7 per cent of revenue from new products, which those competitors who are not bringing products to the fore cannot match. The latter generated just 7 per cent of revenue from new products, while top innovators found revenue boosted by over three times that figure.
Global growth has been responsible for post-recession growth, but innovation is increasingly becoming the most important factor in manufacturing growth.
Spectrum of industries
This was recognised late last year with the latest round of Innovate UK’s regular competition in celebrating manufacturing innovation. The strength of the sector was reflected when 130 organisations representing 63 projects benefited from an £18.4m investment from the organisation. These projects are primarily led by small to medium-sized companies with projects spread across a spectrum of industries from food packaging to textiles and the chemical and pharmaceutical industries.These projects are primarily led by small to medium-sized companies with projects spread across a spectrum of industries from food packaging to textiles and the chemical and pharmaceutical industries.
The quality and scope of the projects has been recognised in the industry, along with the fact that it reflects the appetite for change andinnovation within the sector in the face of pressure on markets. Ongoing investment in research and development has long been a problem for British industry, but the latest news and statistics innovation within the sector in the face of pressure on markets. Ongoing investment in research and development has long been a problem for British industry, but the latest news and statistics suggest that there is a growing interest in the financial returns on innovation.
